The global protein ingredients market is poised for remarkable growth, driven by evolving consumer preferences and an increasing demand for health-oriented food products. According to Transparency Market Research, this market is set to expand at a compound annual growth rate (CAGR) of 7% from 2019 to 2029. The market, valued at USD 42.6 billion in 2019, is projected to reach USD 84 billion by the end of the forecast period. This growth is fueled by factors such as the rising popularity of soy protein products, an upsurge in the demand for convenience foods enriched with additional nutrients, and a growing preference for fortified food items.
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Dominance of the Animal Protein Segment
Within the protein ingredients market, the animal protein segment has consistently led, accounting for more than 80% of the market share in recent years. This dominance is largely due to the high consumption of dairy products and eggs, which are primary sources of animal protein. The product offerings in this segment include casein and caseinates, egg protein, whey protein, milk protein, and gelatin. The widespread usage of these products in various applications has solidified their leading position.
On the other hand, plant-based proteins are also gaining traction, particularly soy protein. The increasing use of texturized vegetable proteins, soy isolates, and soy concentrates is expected to create significant opportunities in the plant protein sector. This shift is driven by the rising awareness of the health benefits associated with plant-based diets and the growing trend towards veganism and vegetarianism.
Diverse Applications Across Industries
Protein ingredients find applications in a wide array of industries. These include beverages, bakery and confectionery, meat and meat products, infant nutrition, supplements and nutritional powders, protein and nutritional bars, breakfast cereals, dairy products, and animal feed. This versatility underscores the crucial role of protein ingredients in modern food manufacturing, catering to the diverse nutritional needs of consumers.
In terms of product form, protein concentrates are expected to experience higher demand compared to protein isolates. Concentrates offer a more cost-effective solution with adequate protein content, making them a popular choice among manufacturers.
Regional Insights: North America Leads the Way
Geographically, North America has emerged as the dominant region in the protein ingredients market. In 2016, the region accounted for over USD 12 billion in revenue. This dominance is attributed to the highly developed food and beverage industry and the increasing spending capacity of consumers in the region. Moreover, the growing awareness about the health benefits of protein consumption is further propelling the market growth in North America.
Europe also holds a significant position in the global market, driven by the presence of numerous multinational players and a robust food processing industry. Meanwhile, emerging regions such as Latin America and Asia Pacific are anticipated to offer substantial growth opportunities. The rising disposable incomes, urbanization, and shifting dietary preferences in these regions are key factors contributing to market expansion.
Key Players in the Market
The global protein ingredients market is characterized by the presence of several key players who contribute to the market's competitive landscape. Notable companies include Glanbia PLC, Solae LLC, Cargill PLC, Archer Daniels Midland Co., and Kerry Group PLC. These companies are actively involved in product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position and expand their product portfolio.
About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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