Protein Ingredients Market

Protein Ingredients Market: By Source, Form, Application, and Region

Market Synopsis

Global Protein Ingredients market is valued at USD 58.47 Billion in 2022 and is projected to attain a market size of USD 95.31 Billion by 2030 at a CAGR of 6.30% during the forecast period, 2022–2028.

The global demand for Protein Ingredients is expected to grow at a CAGR of 6.3% during the forecast period. Wherein, the highest growth is predicted in the plant source, which will represent 55% of total market revenue by 2028. The human food sector has been identified as a strong growing market with increasing health concerns about obesity and heart disease due to high-fat diets leading consumers to seek more protein alternatives. In addition to this, the global demand for Protein Ingredients from the pharmaceutical industry is expected to grow at a healthy CAGR due to an increase in pharmaceutical manufacturing facilities.

Increasing Health-Conscious Population and Rising Focus on Convenience to Drive Growth of Protein Ingredient Market

The need for convenience has led consumers to seek out ways to eat healthy; therefore ready-to-eat protein snacks are gaining popularity. Snack bars, which are easy to carry and rich in protein content have received increasing demand from athletes as they help build muscle mass. As a result, manufacturers now offer various flavors of these snack bars.

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There is an increased need for sourcing sustainable food products with minimal environmental impact due to growing awareness among consumers worldwide. Hence the demand for organic ingredients has been increasing over the past few years thus affecting growth of this market. However, production of organic ingredients is costlier than regular ingredients thus limiting further revenue generation during the forecast period. Manufacturers are focusing on using locally sourced raw materials that can reduce transportation costs and environmental footprint by decreasing emissions resulting from transportation of raw materials. Moreover, availability of local raw materials may help in narrowing the gap between supply and demand for Protein Ingredients .

Increasing Prices of Raw Material to Challenge Growth of Protein Ingredients Market

Although the market is continuously growing, there are some challenges that may hinder growth. The high costs of raw materials have made it more expensive to produce Protein Ingredients thereby reducing demand for these product lines. Moreover, lack of awareness about health benefits associated with protein foods is another factor affecting the growth of the market. On the other hand, new product development will further drive innovation and new technologies that can be introduced into products to reduce cost of production while maintaining flavor, texture, nutritional content and improving shelf life.

Segmentation

The market is segmented on the basis of application and source. On the basis of application the market is segmented into, food & beverages, animal feed, cosmetics & personal care, and others. Based on source, animal and plant.

Global market it witnessing growing demand for Protein Ingredients in food industry, especially for fulfilling nutritional needs of athletes, people with allergies or eating disorders, diabetes patients who need to follow a special diet; as well as the growing popularity of veganism worldwide.

As many athletes require additional proteins due to intense training sessions (e.g. bodybuilders) and others suffer from illnesses that prevent them from consuming animal-based foods (e.g. vegetarians), manufacturers are constantly looking for new sources of proteins which would be easy to use to make dietary supplements or even completely replace animal-derived food products (e.g. meat). The most popular source is soybean, but other plant-derived proteins such as oat, wheat and pea are also used. One of the major trends in food industry is a shift towards veganism that deprives people from foods derived from animals or their byproducts. According to Polish Vegans Association, there are over 1 million vegans in Poland and about 5% of population don't eat meat and milk products. This trend encourages manufacturers to produce more vegan meals which may be often based on soy protein.

Asia Pacific to Dominate Protein Ingredients Market

Asia Pacific has emerged at the forefront of protein ingredient products with China leading revenue generation due to presence of numerous manufacturers involved in production activity across different regions. Europe follows closely behind, driven by increased raw material imports from countries such as Russia and other Eastern European nations which have rich reserves of proteins making this region highly suitable for large scale production of Protein Ingredients . The presence of large manufacturers in North America is expected to contribute towards increased revenue generation during the forecast period.

Other countries such as Brazil, South Africa, Australia and Argentina are also expected to play a major role in the global Protein Ingredients market throughout the forecast period due to their rich reserves of cereal crops that can be used to produce proteins required for production of these products. However, high costs associated with production could hinder growth during the forecast period.

Key Players

ADM (US), Cargill (US), Kerry Group (Ireland), DuPont (US), Omega Protein Corporation (US), FrieslandCampina (Netherlands), Kewpie Corporation (Japan), Arla Foods (Denmark), Roquette (France), Gelita AG (Germany), Fonterra Co-operative Group Limited (New Zealand), AGRANA (Austria), Hilmar Ingredients (US), AMCO Proteins (US), Axiom Foods (US), Rousselot (Netherlands), Burcon Nutrascience (Canada), Foodchem International Corporation (China), Reliance Private Label Supplements (US), and A&B Ingredients (US) are some of the major players in the market.

The Protein Ingredients is Segmented as Follows: