Protein Ingredient Market size worth $43.3 billion by 2024: Global Market Insights, Inc.
Protein Ingredient Market size to reach USD 43.3 billion by 2024; according to a new research report by Global Market Insights, Inc.
Rising consumer preference for healthy foods accompanied by increase in purchasing power has driven global protein ingredient market size growth in food & beverage industry. FDA and EU approval for these ingredients across a host of applications and strong buyer acceptance should drive industry demand.
U.S. protein ingredient market has seen dynamic evolution in recent times, backed by strong innovation and product launch trends. The regional food & beverage application was already valued at over USD 4 billion in 2015.
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Soy protein ingredients market remains the largest plant-based industry avenue, with over 56% demand share in 2015. Issues with soybean supply owing to its multiple application scope will impact protein ingredients market price trend.
Diabetes, cardiovascular health, obesity, and muscle building are the key potential benefits offered by these products. Egg proteins may face issues with respect to market penetration due to high consumer sensitivity to wheat glucans which is likely to affect product demand.
Animal and dairy sources include meat, fish, gelatin, milk, and egg, Plant sources are majorly extracted from pea, rice, soy, wheat, and canola. Technology innovation has led to the ability to extract isolates, concentrates and hydrolysates. Increasing consumer awareness pertaining to functional foods and dietary supplements should stimulate market growth.
Pea protein ingredient market may observe highest gains, growing at over 14.5% CAGR up to 2024. The product comprises an array of essential amino acids and are rich in lysine and arginine which should drive demand in infant formulations.
U.S., Canada, Russia, China, and India were the major dry pea producers; in terms of wheat production, China, India, the U.S., Russia and France led the industry. Wheat being a staple cereal across the food industry may face supply issues for protein extraction applications.Animal feed applications include aquaculture and pet foods; aquaculture applications may witness highest growth, with an estimated gain of 10.8% up to 2024.
Browse key industry insights spread across 175 pages with 372 market data tables & 34 figures& charts from the report, “Protein Ingredient Market Size By Product [Animal/Dairy proteins (Milk Protein Concentrates/Isolates, Egg Protein, Whey Protein Concentrates, Whey Protein Isolates, Whey Protein Hydrolysates, Casein/Caseinates, Gelatin), Plant Proteins (Wheat, Soy Protein Isolates, Soy Protein Concentrates, Canola, Pea, Textured Soy Protein)],By Application [Infant Formulation, Personal Care & Cosmetics, Food & Beverages, Animal Feed (Pet Food, Aquaculture), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, China, India, Japan, Australia, South Korea, Indonesia, Malaysia, Thailand, Brazil, Saudi Arabia, UAE), Application Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- Protein ingredient market size may exceed 7 tons by 2024, increasing consumer health concerns due to issues such as diabetes and cardiovascular diseases are key trending factors driving demand.
- Europe, with food & beverage industry growth in Germany, France & UK, was valued at over USD 7 billion in 2015. Personal care & cosmetics may witness highest growth due to rise in consumer preference towards healthy products.
- Bakery applications led the wheat protein ingredient market application landscape and was worth over USD 390 million in 2015. North America was the major contributor and is predicted to grow at over 5%.
- In revenue terms, soy protein concentrates dominated the plant protein ingredient market size and was valued at over USD 2 billion in 2015. Increase in application employability in pet foods for calves and pigs to replace milk should fuel product demand.
- Gelatin ingredients in Asia Pacific may grow significantly and surpass 80 kilo tons by 2024.
- Global protein ingredients market share is consolidated due to presence of limited industry players. DuPont, ADM, Bunge, Mead Johnson and Cargill were the key dominating companies.