The milk protein market forecast is poised for steady growth, with forecasts predicting an increase from US$ 11.83 billion in 2024 to US$ 16.34 billion by 2034, at a CAGR of 3.3%. Milk protein, a key component in various food and beverage products, is witnessing rising demand driven by increasing consumer awareness of physical fitness and health-related dietary choices.
Consumer trends towards protein-rich diets, particularly among young adults focused on muscle toning, are driving demand for milk protein products. Additionally, the use of milk protein compounds for personalized nutrition and therapeutic purposes is fueling market growth. The market is also benefiting from the growing prevalence of lactose intolerance, with milk protein serving as an alternative to traditional dairy products.
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Several factors contribute to the growth of the milk protein market:
- Health and Wellness Trends: Increasing consumer focus on health and wellness is driving demand for milk protein products as consumers seek high-quality protein sources.
- Applications in Food Industry: The use of milk protein in bakery, confectionery, and functional food products is expanding, creating growth opportunities for manufacturers.
- Technological Advancements: Innovations in product formulation and technology are enhancing the shelf-life of milk protein products, increasing market accessibility and growth prospects.
- Geopolitical Factors: Supply chain disruptions and geopolitical issues impact product distribution and availability, posing challenges for market growth.
Key Takeaways from the Market Study
- The powdered form milk proteins are widely used and preferred, which causes their market share to increase drastically. It will likely hold 30.3% by 2024.
- The forecasted milk protein market growth is estimated to surpass the historical figure, helping new marketers explore different opportunities in the market. The forecasted and historical CAGRs are 3.3% and 3.05%, respectively.
- The Indian market is, by far, the market having the highest growth rate. It advances moderately at a CAGR of 6.7%.
- The United States of America will likely progress at a CAGR of 3.2%, the lowest among all.
“Disrupted supply chains create a critical market challenge for the milk protein market, which affects the forecasted market size,” says Nandini Roy Choudhury, Client Partner at Future Market Insights.
Competitive Landscape
The competitive landscape of the milk protein market is governed by a large market share secured by key players. They expand using different market expansion modes, including strategic acquisitions, mergers, product launches, and partnerships.
However, the threat of new entrants affects their propulsion, reducing the growth rate. The following key developments were seen recently in the market: –
In February 2024, Cargill, Inc. extended a strategic partnership deal with ENOUGH. This partnership aims to deliver sustainable protein alternatives to consumers. Subsequently, the resources of these organizations will augment their portfolio, bolstering their market positions.
In March 2024, Saputo, Inc. signed a 15-year virtual power purchase agreement (VPPA). The organization aims to propel towards sustainability with the assistance of Schneider Electric. The power acquisition will help the enterprise generate 206,300 MWh of power.
Key Companies Profiled
- Cargill Inc.
- Saputo Inc.
- Glanbia, Plc.
- Kerry Group Plc.
- Arla Foods
- Fonterra Co-Operative Group Limited
- ROYAL FRIESLANDCAMPINA N.V.
- Nestlé
- Idaho Milk Products
- Others
Key Takeaways for Investors:
- Steady Market Growth: The milk protein market offers steady growth potential, driven by increasing consumer demand for protein-rich dietary choices and expanding applications in the food industry.
- Investment Opportunities: Investing in leading milk protein manufacturers presents opportunities for investors to capitalize on the growing market demand and innovation standards in the industry.
- Geographical Insights: Exploring investment opportunities in regions like Asia-Pacific, Europe, and North America, where milk protein brand investment opportunities are diverse, can provide strategic growth avenues for investors.
- Product Innovation: Companies investing in product innovation and technological advancements can gain a competitive edge in the market, catering to evolving consumer preferences and market trends.
- Market Expansion Strategies: Market expansion through acquisitions, mergers, collaborations, and partnerships can help companies penetrate new markets and strengthen their competitive position in the milk protein market.
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Milk Protein Market- Key Segments
Product Type:
- Concentrates
- Hydrolyzed
- Isolates
- Others
Form:
- Powder
- Liquid
- Paste/Spreadable
- Others
Application:
- Food & Beverages
- Nutraceuticals & Dietary Supplements
- Pharmaceutical
- Cosmetics & Personal Care
- Infant Formula
- Pet Care Industry
- Others
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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