The Milk Proteins Market had a global size of USD 3,409.5 Million in 2021 and is projected to experience a compound annual growth rate (CAGR) of 5.4% throughout the forecast period. The growth is being fueled by an increase in health-conscious individuals, especially sports enthusiasts and fitness-conscious people, who are seeking protein-rich diets. Milk Proteins are an ideal choice for these individuals as they are low in lactose, making them more palatable for lactose intolerant individuals or those allergic to dairy sugars.
Additionally, Milk Proteins are considered an excellent source of protein for sports nutrition solutions and muscle-building sessions. The market’s growth is also supported by major companies investing in research and development (R&D) activities, strategic involvements, and product launches. For example, Arla Foods Ingredients recently introduced a novel dry-blend protein in February 2021 that is claimed to assist infant formula manufacturers in lowering costs without compromising quality or safety.
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Major Companies:
Arla Foods Amba, Kerry Group plc, Lactalis International, Fonterra Co-operative Group Limited, Amco Proteins, Cabot Creamery, Dana Dairy Group, Saputo Inc., Hoogwegt, Nestlé.
Various Factors Milk Proteins Market:
- Health-conscious population: As more people become health-conscious, there is an increasing demand for protein-rich diets. Milk Proteins are considered an excellent source of protein and are becoming a popular choice among sports enthusiasts and fitness-conscious individuals.
- Lactose intolerance: Lactose intolerant individuals or those allergic to dairy sugars find it challenging to consume dairy-based protein products. Milk Proteins, which are naturally low in lactose, provide an alternative source of protein for such individuals.
- Sports nutrition solutions: Milk Proteins are widely used in sports nutrition solutions and muscle-building sessions as they are considered an ideal source of protein. They are biologically complete and easy to incorporate into formulas.
- Research and development (R&D): Major companies in the Milk Proteins market are investing in R&D activities to develop new and innovative products that meet the changing consumer demands. This has led to the introduction of several new products, which is driving market growth.
- Product launches: Companies are launching new products, expanding their product portfolios, and making strategic involvements to gain a competitive advantage in the market. These activities are supporting market revenue growth.
Key Takeaways:
End-use Insights:
The global Milk Proteins market is segmented based on end-use into dietary supplements, emulsifiers, dairy products, sports nutrition, bakery & confectionery, and others. Over the forecast period, the dietary supplements segment is expected to account for a significantly large revenue share. The sales of dietary supplements have been increasing rapidly, especially after the COVID-19 pandemic, and this trend is expected to continue. The fitness-conscious population is the target consumer for dietary supplements. The increasing awareness regarding the link between inner health and aesthetic appeal among Millennials and GenZ population, and the importance of maintaining a healthy gut and collagen levels for good skin and elasticity are driving the demand for dietary supplements. The trend of looking toned and flawless is significant for this generation, but they lack the time to achieve these goals, making them receptive to options and experimentation, which is driving the growth of this segment.
Distribution Channel Outlook:
Based on distribution channel, the global Milk Proteins market is segmented into offline stores and online stores. The online stores segment is expected to register the fastest revenue growth rate over the forecast period. This is attributed to factors such as no additional costs on warehousing as products can be shipped directly from sellers, convenience, doorstep service, low product costs, discounts, and availability of a diverse range of products for selection. Online shopping is used by 79% of Americans to save money, and 82% of Americans read online reviews and ratings before making a purchase, which significantly contributes to the revenue growth of this segment.
Application Insights:
The global Milk Proteins market is segmented based on application into packaged goods, infant formula, nutritional products, and others. Over the forecast period, the packaged goods segment is expected to account for a major revenue share. The increasing health-conscious and hygiene-conscious population is driving revenue growth in this segment. Milk Proteins are widely used in the production of cheese, cream cheese, yogurt, fermented cheese, baby formulas, health drinks, and other packaged products. Packaging provides several benefits, including no fear of contamination, retaining hygienic qualities, and ease of use. These factors are significantly driving revenue growth in this segment.
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