South 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 South America dairy protein market was valued USD 1.6 billion in 2017, and is projected to reach USD 2.21 billion by 2023 registering a CAGR of 4.8%, 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 in South America are awareness of health and well being in region. With lifestyle diseases and obesity incidences on the rise, manufacturers of dairy proteins are motivated to innovate and deliver products meeting the discerning needs of health-conscious consumers. In recent times, people have gained 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, globally, the dramatically rising senior population is looking to combat healthcare costs and age-related muscle loss.
The South American dairy protein market has been segmented based on the ingredients, applications and region. The ingredients market consists of whey protein concentrates and isolates, milk protein concentrates and isolates, casein and caseinates as the major products. The South America dairy protein market share of whey dairy protein is largely followed by casein and others. Whey powder, whey proteins, and whey protein fractions accounted for a South America market value of approximately USD 1.02 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 percentage of food and drink products launched with a slimming claim in the past five years, that includes whey protein, is trending upwards.
Growing population, higher income, and changing psychographics in region drive the dairy protein market growth in South America. The consumption of benzoic acid is relatively higher in the Asia-Pacific region, which is expected to boost market advancements. In 2016, Brazil dominated the market and accounted for more than 50% of the total volume and value and is expected to witness significant growth during the forecast period. Mexico was the second largest region.