The Wheat Protein Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Wheat Protein Global Market Report 2024, The wheat protein market size has grown strongly in recent years. It will grow from $3.27 billion in 2023 to $3.48 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to traditional use in food and bakery products, high nutritional value and protein content, increased consumer demand for protein-enriched foods, growth in meat alternatives and vegetarian diets, expansion of food processing and bakery industry.
The wheat protein market size is expected to see strong growth in the next few years. It will grow to $4.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to growing emphasis on clean label and natural ingredients, expansion of gluten-free and allergen-friendly product market, research and development for enhanced functional properties, focus on sustainable sourcing and production practices, increasing demand in emerging economies. Major trends in the forecast period include technological advancements in wheat protein extraction, gluten-free wheat protein alternatives, plant-based protein enrichment in snacks and convenience foods, textured wheat protein for meat alternatives, wheat protein in personal care and cosmetics.
The increasing demand for substitutes for animal protein and dairy products is significantly contributing to the growth of the wheat protein market going forward. The popularity of vegan protein sources and the wide availability of vegan proteins in retail and food stores around the world make it an easy alternative for customers to choose plant-based proteins instead of animal-based, which has led to a shift of consumers from animal products to plant products. For instance, in 2021, according to the Health and Nutrition Survey (IFIC), conducted by the International Food Information Council, a US-based non-profit organization, around one-quarter of adults consume more plant-based food compared to animal-based food in 2020. Furthermore, For instance, according to Good Food Institute, a US-based non-profit organization to promote plant-based and cell-based alternatives to animal products, sales of plant-based foods increased three times more quickly than those of non-plant-based meals as compared to its previous years in the year 2021 in the US. Therefore, increasing demand for substitutes for animal-based proteins and dairy products is driving the growth of the wheat protein market.
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The wheat protein market covered in this report is segmented –
1) By Product Type: Gluten, Protein Isolate, Textured Protein, Hydrolyzed Protein, Other Product Types
2) By Form: Dry, Liquid
3) By Nature: Organic, Conventional
4) By Application: Dairy, Bakery and Snacks, Animal Feed, Confectionary, Processed Meat, Nutritional Supplements, Other Application
Strategic partnerships have emerged as a key trend gaining popularity in the wheat protein market. Major companies operating in the wheat protein sector are focused on partnerships to meet consumer demand. For instance, in 2021, Archer Daniels Midland (ADM), a US-based company offering a full portfolio of textured soy, wheat, and pea proteins, partnered with Farmers Business Network (FBN), a US-based company that uses a platform to measure and verify the carbon score of grain and other crops. This partnership helps to combine ADM’s worldwide scale and expertise with FBN’s cutting-edge digital farm commerce and data-analytics capabilities to find possibilities to boost farmer profitability, improve sustainable farming practices, and provide farmers with convenience and product accessibility. Furthermore, in 2020, Beyond Meat, a US-based company that provides plant-based meat, partnered with Roquette, a French-based company that offers a wide range of proteins from plants, including pea protein, wheat protein, corn gluten meal, and potato protein. This collaboration builds on a ten-year relationship and significantly increases the amount of pea protein Roquette supplies to Beyond Meat over the next three years compared to what was previously delivered.
The wheat protein market report table of contents includes:
1. Executive Summary
2. Wheat Protein Market Characteristics
3. Wheat Protein Market Trends And Strategies
4. Wheat Protein Market – Macro Economic Scenario
5. Global Wheat Protein Market Size and Growth
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26. South America Wheat Protein Market
27. Brazil Wheat Protein Market
28. Middle East Wheat Protein Market
29. Africa Wheat Protein Market
30. Wheat Protein Market Competitive Landscape And Company Profiles
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