According to a recent report by Future Market Insights, a market research and competitive intelligence provider, protein ingredients market is estimated to be valued at US$ 85,886.80 million in 2024. As per Future Market Insights (FMI), the overall market value is expected to reach a valuation of US$ 164,376.9 million by 2034, rising at a CAGR of 6.70% for 2022 to 2032.
Among many of the growth drivers, the use of plant- and dairy-based protein ingredients in the production of insecticides, fertilizers, paper coatings, printing inks, and paper is expected to boost protein ingredient sales during the forecast period.
Aside from that, the food and beverage industry accounts for a sizable portion of the protein ingredients market’s revenue. Protein manufacturers are developing new isolates and concentrate, increasing the use of protein ingredients in dairy products, dietary supplements, bakery products, confectionery, infant formula, and other products.
The growing demand for plant-based protein alternatives, combined with consumer interest in foods that promote health and well-being, is expected to open up new opportunities in the Protein Ingredients Market. Protein components are suitable for nutraceutical applications because they contain essential amino acids that have therapeutic properties.
Key Takeaways from Market Study
- Because of the consistency of consumer spending in the United States, the protein ingredient market will continue to grow steadily, and changes in America’s food safety laws will focus more on preventing food contamination, driving protein ingredient growth.
- The government of the United Kingdom promotes healthy eating and lifestyle among its citizens and this drives the protein ingredient market.
- The Food and Beverage industry in Spain is steadily expanding, increasing the demand for high-quality protein supplements.
- Because of its low growth and attractive prices, Japan, a high-income country, has a significant share of the protein ingredients market.
- The Australian protein market will grow at a CAGR of 6.70% during the forecast period (2024-2034).
“As a result of the world’s rapid population growth and rising consumer awareness about nutrition and health, the global protein ingredients industry is rapidly expanding,”says Nandini Roy Choudhury, Client Partner at Future Market Insights
Who is winning?
Players in the protein ingredients market have adopted business expansion and product launch as key development strategies in order to increase their market share, increase profitability, and remain competitive.
- In January 2019, Ingredion, Inc. announced a USD 185 million investment to expand their plant protein ingredient plant in Canada and Vanscoy, Saskatchewan in an effort to increase the company’s production capabilities, which are expected to capture the protein ingredients market during the forecast period.
Among the key players profiled in the report are Cargill, ADM, DuPont, Kerry Group, Omega Protein Corporation, Friesland, Mead Johnson Nutrition Company, Fonterra Co-operative Group, Kewpie Corporation, and Bunge Limited.
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Market Segments Covered in Protein Ingredients Industry Analysis
By Product Type:
- Animal Protein
- Whey Protein
- Casein and Caseinates
- Milk Protein
- Egg Protein
- Gelatin
- Plant Protein
- Soy Protein
- Wheat Protein
- Pea Protein
- Other Plant Proteins
By Application:
- Supplements and Nutritional Powder
- Beverages
- Protein and Nutritional Bars
- Bakery and confectionery
- Breakfast Cereals
- Meat and Meat Products
- Dairy Products
- Infant Nutrition
- Animal Feed
- Other Applications
By Form:
- Isolates
- Concentrates
- Other Forms
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & 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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