Global Protein Ingredient Market Forecast 2017-2024
The global protein ingredient market is fast growing and is expected to grow at a CAGR of 3.87 % for the forecast period of 2017-2024. It is estimated to be worth 6101.5-kilo tons by the year 2024. A rising awareness about the benefits of healthy dietary supplements, a growing scope in the food and beverages as well as the cosmetic sector and an increase in disposable income of consumers from the developing countries have all contributed to an increase in demand of the protein ingredient market.
The protein ingredient market is segmented on the basis of: the type of feedstock, type of form and lastly on the different type of applications. On the basis of the type of feedstock, the global protein ingredients market is further subdivided into wheat, pea, soy, egg, canola, pork, casein, whey, milk, beef, and others with Whey and soy currently have the largest market share in global market. In terms of form, the powder form of protein ingredients holds the largest market share and it is expected to continue its dominance during the forecast period as compared to other forms like ready to drink, capsules, bars, tablets and others. The various applications of the protein ingredients market are observed in various sectors like functional foods, sports nutrition, meat additives, confectionery & other food products, and pharmaceuticals. The innovative marketing strategies by major companies, increasing preferences for protein ingredients by consumers, rising awareness regarding functional properties of foods and beverages containing the protein ingredients, a rise in the disposable incomes of the consumers and the technological advancements in the field of protein ingredients research are the major drivers for the global protein ingredient market.
The global protein ingredient market is spread throughout the North-America, Asia-Pacific, Europe and Rest of the world which includes regions like Brazil, Egypt, South Africa and others. At present, Europe has the largest share in the global market because of a rise in demand for high protein products in the European market. However, the North American market is expected to surpass it in the coming years. The Asia-Pacific market too is expected to grow fast during the forecast period as it has an advantage in terms of higher availability of disposable income from the consumers as well as a wide range of protein feedstock due to diverse agro-climatic zones in regions such as India, China, Thailand, and Australia.
The major players in the global protein ingredient market are Solae, Nutripea, Archer Daniels Midland Company, Linyi Shansong Biological Products Co Ltd, Shandong Sinoglory Health Food Company, Ltd, , Crown Protein, Solbar, Ltd, Harbin Hi-Tech Soybean Food Co., Ltd., Gushen Biological Technology Group Co., Ltd Shandong Yuwang Industrial Co., Ltd And Shandong Sinoglory Health Food Co., Ltd. Most of the independent protein ingredient producers strategize to collaborate with new emerging companies to in order to explore new markets for their sales and distribution and in turn gain advantage in the whole value chain of the global protein ingredient market.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook