According to a recent report by Future Market Insights, a market research and competitive intelligence provider, the global functional proteins market is anticipated to be worth USD 6.6 billion in 2022 and USD 9.8 billion by 2032, with a CAGR of 6.6 percent expected over the forecast period.
The market for plant-based proteins is expanding as customers increasingly gravitate towards plant-based proteins rather than animal-based ones. Plant-based proteins are becoming more and more necessary as an alternative functional ingredient due to growing trends in veganism, environmental sustainability, and animal compassion. It follows that a plethora of development and investment opportunities are expected to arise from the market’s anticipated rapid growth and high demand for plant-based proteins.
On the other hand, sales and consumption of animal-based proteins are being restrained due to the growing demand for plant-based proteins, which is slowing the industry’s overall growth. Further impeding the business’s progress are the exorbitant costs associated with research and development as well as the strict rules imposed by government.
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Changing lifestyles, westernization, increased research and development endeavors by big corporations, particularly in developing economies, and an ever-increasing worldwide population are some of the major factors influencing the market growth. Improving distribution channels, increasing technological advancements in manufacturing technology, recent advancements in protein powder manufacturing to promote health benefits, ever-increasing growth of the retail sector in developing economies, and changing consumer tastes and preferences will all contribute to market value growth.
Key Takeaways from Market Study
- Because of the high prevalence of chronic diseases, North America is expected to dominate the market throughout the projection period. People are turning to dairy proteins such as poultry eggs and milk to meet their nutritional demands, consequently, whey protein concentrates are becoming more popular as well. The market is also growing due to the rising popularity of sports nutrition and weight control nutrition.
- Due to rising disposable income and the growing consumption of functional foods and dietary supplements in this region, Asia Pacific will have the greatest share of the market, accounting for roughly 38% of total revenue.
- Plant protein will grow at an average annual rate of 12.3 percent for the forecast period. The prompt availability of raw materials contributes to the ease with which they can be produced. The rise of the plant protein market has been fueled by the increased production of soy and other natural resources.
- When it comes to product type, the whey protein concentrates segment had the biggest market share. As compared to hydrolysates and isolates, the factors for our target segment’s stupendous growth can be linked to their ease of availability and manufacturing, as well as their reduced cost.
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“Recent advances in protein powder manufacturing to enhance health benefits such as fat loss and muscle gain present a profitable potential for market players throughout the forecast period.” says a lead analyst at Future Market Insights.
Who is Winning?
Functional proteins are becoming a desirable product with increasing consumer income levels and associated economic development due to the health benefits associated with them, as well as the customers’ ability to afford them.
For example, pea protein was added to Cargill’s European ingredient portfolio in late 2020. Cargill was able to get entry to the pea protein market as a result of this product launch.
Some of the leading companies offering functional proteins industry are InVivo, Cargill, Roquette Frères, Omega Protein Corporation, DowDuPont, Amway, AMCO Proteins, Herbalife International Inc., and Abbott Nutrition.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the functional proteins industry presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on functional proteins industry based on product type (hydrolysates, whey protein concentrates, whey protein isolates, casein and caseinates, soy protein, and others), form (dry and liquid), source (animal {dairy, egg, and gelatin}, plant {soy, wheat, and vegetable}), application (food, beverages, dietary supplements, and animal nutrition), distribution channel (direct and indirect {pharmacy stores, e-retailers, specialty stores, and supermarkets}) across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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Frequently Asked Questions
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Author by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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