Global Dairy Protein Market - Growth, Trends, and Forecast (2018-2023)
Dairy proteins have a unique combination of high nutritional value combined with excellent functionality. Increasing consumer awareness, especially for functional foods and dietary supplements, has been a critical factor for market development in recent times. The global dairy protein market was valued at USD 15.04 billion in 2017, and is projected to reach USD 19.88 billion by 2023, growing at a CAGR of 5.8% during forecast period.
Dairy proteins are now being used in a variety of novel and tasty applications to help consumers achieve the benefits of higher-protein diets, such as satiety, weight management, and muscle health. The major factors that are driving the dairy protein industry are awareness of health and well-being. With lifestyle diseases and obesity incidences on the rise, manufacturers of dairy proteins are motivated to innovate and deliver products meeting the different needs of health-conscious consumers. In recent times, people have gained a clearer understanding of the link between nutrition and health, and are looking for food & beverage products that can support their health goals. At the same time, the dramatically increasing senior population is looking to combat healthcare costs and age-related muscle loss.
The global dairy protein market has been segmented based on the ingredients, applications, and regions. The ingredients market consists of whey protein concentrates and isolates, milk protein concentrates and isolates, and casein and caseinates as the major products. The global market share of whey dairy protein is followed by casein and others. Whey powder, whey proteins, and whey protein fractions accounted for approximately USD 5.4 billion in 2014 and are forecasted to grow rapidly in the coming years.
Based on the application of dairy proteins, the various sectors are food & beverage, infant formulations, personal care, and animal feed. The food & beverage industry is expanding and innovating continuously, in line with the benefits of dairy protein. They provide ideal nutrition for the functional food & beverages, thus meeting the modern-day demand. Dairy proteins, which contains all essential amino acids necessary to build and maintain muscles, are found mainly in meat and dairy. The percentage of food and drink products containing whey protein is increasing.
Europe and North America have the major share of dairy protein market due to the awareness and easy availability of products. However, Asia-Pacific is expected to become a major market due to the increase in population and awareness about health benefits. Asia-Pacific is expected to grow at a CAGR of 6.2% during the forecast period.