North America Dairy Protein Market - Growth, Trends, and Forecast (2018 - 2023)
Dairy proteins have a unique combination of high nutritional values 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 North America dairy protein market was valued at USD 2.07 billion in 2017, and is projected to reach USD 3.14 billion by 2023 register a CAGR of 5.6%, during forecast period.
In mature markets, such as North America, several broad trends are creating growth opportunities for products high in protein. The red meat diet is diminishing in significance due to a major population shifting towards vegan diet and less meat intake, therefore driving dairy protein market in North America in an upward trajectory. The health benefits associated with dairy attracts athletes and individuals who exercise regularly. At the same time, it also attracts people who are looking for ways to help manage their weight. Even, the aged population of America is aiding the market growth in America. However, the availability of plant protein and stringent import regulations restraint the market growth.
The North American 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, casein and caseinates, as the major products. The North American market share of whey dairy protein is largely followed by casein and others. Whey powder, whey proteins and whey protein fractions accounted for a global market value of approximately USD 6.8 billion in 2016 and it is 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 to name a few. The benefits associated with dairy protein, food & beverage industries are expanding and innovating continuously. They provide ideal nutrition and application source for the functional food & beverages, therefore, meeting the modern day demand. Considering the complete protein, which contains all essential amino acids necessary to build and maintain muscles, are found mainly in animal sources of protein, including meat, and dairy.
The US holds the major share of dairy protein market due to the awareness and easy availability of products. However, Mexico is the major growing market in the years to come due to the increase in population and awareness about health benefits is expected to register a CAGR of 6.2%, during the forecast period.