Global Protein Ingredients Market: Snapshot
The global market for protein ingredients has been witnessing an exponential proliferation over the last few years, thanks to the rising popularity of soy and pea proteins among consumers. The rising demand for eggs and dairy products is also supporting the growth of this market considerably. Over the coming years, the increasing consumer demand for ‘purer’ products with low processing is influencing the development of new products such as micellar casein and native whey, which is likely to drive this market substantially.
Apart from this, the rising uptake of protein ingredients in food and beverage products and the growing preference of consumers for fortified foods and foods enriched with protein ingredients is also projected to add to the progress of this market in the near future. However, the relatively lower consumption of plant proteins and the increasing concerns over the harmful effects of gelatin may limit the progress of this market over the next few years.
The opportunity in the global market for protein ingredients is projected to expand significantly at the CAGR of 6.50% between 2017 and 2027, rising from a value of US$31.8 bn in 2016 to US$64.35 bn by the end of 2027.
On the basis of the type of product, the global protein ingredients market is classified into plant and animal proteins. Holding 80% of the overall market animal protein led the global market in 2016 and is anticipated to maintain this over the forthcoming years, thanks to the rising consumption of eggs and dairy products across the world. The high prices of eggs and dairy products are also supporting this segment in registering high growth.
Soy, wheat, and pea are the key plant proteins available across the world while whey protein, casein and caseinates, egg protein, and gelatin are major animal proteins. Among these, the demand for soy protein is likely to increase at an exceptional rate in the years to come, owing the augmenting usage of soy isolate, concentrates, and texturized vegetable proteins.
Based on the form, the market is categorized into isolate and concentrate. Protein concentrates account for a higher share than isolates and are expected to continue likely this over the next few years, thanks to their wide base of consumer application.
North America to Retain Lead in Global Protein Ingredients Market
Regionally, the Middle East and Africa, North America, Latin America, Europe, and Asia Pacific are considered as the main segments of the worldwide market for protein ingredients. North America led the overall market in 2016 with a revenue contribution of US$11.96 bn. Analysts expect the scenario to remain so in the near future. The increasing health consciousness and awareness about the positive effect of protein consumption on health is anticipated to boost this regional market over the next few years.
Europe is another thriving regional market for protein ingredients. However, owing to maturation, it is likely to lose some shares to Asia Pacific and Latin America in the years to come. Asia Pacific, on the other hand, is expected to be proved highly lucrative for market players in the near future due to the increasing industrial growth, rising disposable income, and the growing population.
Solae LLC, Archer Daniels Midland Co., Cargill Inc., Glanbia Plc, FrieslandCampina DMV B.V., Kerry Group Plc, Arla Food Ingredients, ROQUETTE FRERES S.A., Davisco Foods International Inc., and Sterling Biotech Ltd. are some of the leading vendors of protein ingredients across the world.