The global Protein Ingredients Market was valued at USD 52.5 billion in 2020 and is anticipated to reach a valuation of USD 90.79 billion by 2030, amplifying at a CAGR of 5.98% over 2022-2030.
Protein is a type of macronutrient which is known as the building block of a human body. It is present in almost all the living organisms and consists of biological components such as antibodies, hormones, and enzymes. Protein is predominantly found in animal and plant based products including seafood, diary items, meat, nuts, beans, and legumes, among others.
Protein ingredients market- Growth propellants and challenges
Escalating demand for protein functionalities, rising cognizance about the importance of healthy diet, and high consumption of animal by-products are primarily aiding industry expansion. Alongside, technological developments and widespread adoption of protein ingredients across cosmetics & self-care industries owing to their numerous benefits are augmenting market outlook.
Furthermore, rising efforts of industry players to facilitate the production of high quality protein and surging vegan and vegetarian population across the globe are positively swaying the market dynamics. As per reliable sources, nearly 8.5 million tons of plant protein products were produced in 2018 and the number is expected to exceed 15 million tons by 2025.
On the contrary, strict government regulations associated with the labelling and inclusion of protein ingredients across various verticals is hindering the market development.
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Segmental assessment of the industry sphere
Based on application
- cosmetic & personal care
- food & beverages
- pharmaceuticals
- feed
The food & beverage segment is poised to showcase lucrative growth trends attributing to escalating demand for functional and health food due to surging prevalence of lifestyle diseases like obesity.
By form
- Dry
- Liquid
The dry segment is expected to witness notable gains over the estimated timeline as dry form of protein ingredients offer ease of handling & storage along with high stability.
By source
- Animal (dairy protein, egg protein, and gelatin)
- Plant (soy protein, wheat protein, and vegetable protein)
- Among these, the animal segment is projected to capture a significant market share owing to its high nutritional profile.
Expounding the geographical ambit of worldwide protein ingredients industry
North America, Asia Pacific, Europe, Latin America, and Middle East & Africa are the major regions constituting the geographical ambit of this business vertical. Europe presently dominates the market in terms of revenue share due to high protein consumption, rising prevalence of chronic and lifestyle diseases, and growing trend of veganism across the region.
Similarly, North America is poised to showcase lucrative expansion trends over 2022-2030 attributing to presence of prominent industry leaders and escalating demand for high-performance protein based products.
Competitive hierarchy of the marketplace
The prominent players operating in the competitive gamut of the industry are Reliance Private Label Supplements, Kerry Group plc, Fonterra Co-operative Group Limited, Omega Protein Corporation, Cargill, Inc., Gelita AG, Roquette Freres, Kewpie Corporation, Arla Foods amba, Axiom Foods, Inc., Burcon Nutrascience Corporation, Hilmar Ingredients, Rousselot, Inc., Royal FrieslandCampina N.V., Foodchem International Corporation, AMCO Proteins, and A & B Ingredients, Inc.
Notably, Cargill, Inc., and Procter & Gamble in May 2020 joined hands to develop an innovation that enables the use of renewable crops to make everyday goods. This was predominantly aimed at the reduction of carbon footprints from numerous industries.
In November 2017, ADM announced the launch of its new range of wheat protein concentrates named Nutriance.
Apart from that, other industry participants are incorporating innovative strategies including product launches, mergers & acquisitions, collaborations, and partnerships to tap into emerging markets and gain major revenue shares in the ensuing years.
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