The global protein ingredients market is witnessing remarkable growth, driven by a convergence of factors such as increasing consumer awareness regarding health and wellness, rising demand for convenience foods, and a surge in preference for fortified food products. According to the latest market research report by Transparency Market Research, the market is poised to exhibit a robust development rate of 7% during the forecast period from 2019 to 2029, with an estimated valuation reaching US$ 84 billion by 2029.
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Key Players and Market Developments
Few of the leading incumbent players and manufacturers participating within the global protein ingredients market are Glanbia PLC, Solae LLC, Cargill PLC, Archer Daniels Midland Co., and Kerry Group PLC, among others.
Animal Protein Segment Takes the Helm: Within the protein ingredients market, both animal and plant-based proteins play pivotal roles. However, recent trends indicate that the animal protein segment has maintained its dominance, holding over 80% of the total market share. This dominance can be attributed to the growing consumption of dairy products and eggs globally. Nonetheless, the plant-based protein segment, fueled by the rising popularity of soy protein products, is poised for significant growth, driven by increased demand for texturized vegetable proteins, soy isolates, and soy concentrates.
Applications and Product Forms: Protein ingredients find applications across various industries including beverages, bakery and confectionery, meat and meat products, infant nutrition, supplements, nutritional powder, protein and nutritional bars, breakfast cereals, dairy products, and animal feed. Additionally, the market is segmented based on the form of the product, primarily into concentrates and isolates. Protein concentrate products are anticipated to witness higher demand compared to isolates in the near future.
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Regional Insights:
North America: Leading the charge in the global protein ingredients market, North America accounted for over US$ 12 billion in revenue in 2019. This dominance is fueled by a highly developed food and beverage industry coupled with increased consumer spending capacity. Moreover, growing awareness regarding the health benefits of protein consumption is bolstering market growth in the region.
Europe: Another significant region in the global protein ingredients market, Europe benefits from the presence of numerous multinational players. This region is poised for substantial growth owing to advancements in food processing technologies and increasing consumer inclination towards healthy food options.
Asia Pacific and Latin America: Emerging as key regions in the global protein ingredients market, Asia Pacific and Latin America offer ample opportunities for international industry players. Rapid urbanization, changing dietary habits, and increasing disposable incomes are driving market growth in these regions.
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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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