The Global Protein Ingredients Market was estimated at USD 41.49 Bn in 2020 and is expected to grow with a CAGR of 10.9% during the forecast period.
The protein ingredients market is majorly growing owing to the increasing product application in the sports industry across the globe. The sports-nutrition industry is significantly growing which is in turn pushing the market for dairy ingredients, such as casein, milk proteins, and whey protein among others. These dairy ingredients offer the required nutritional value to sports food products, thereby, contributing to their increasing usage in several supplements. For instance, whey is increasingly being used as a crucial ingredient in main sports nutrition products due to its properties including high quality, superior amino acids content, and high absorption among others. Therefore, the rising use of lactose and whey ingredients, both in the nutritional sectors and processed food, has helped the market grow. Moreover, the incorporation of dairy proteins, such as milk proteins and whey proteins help in decreasing stress and reducing cortisol concentration levels. Therefore, growing awareness among the people to become fit, enhance immunity, and remain in shape is expected to immensely drive the product demand in the protein ingredients market in the coming years.
Further, key market players have shifted their focus on strategies such as adopting new technologies for introducing innovative products along with improving supply chain management. They are increasing their investments in research and development and are coming up with new and innovative flavors for their products to attract more customers. For instance, in August 2020, BigMuscles Nutrition (India), a leading nutritional supplement brand announced the launch of its new product “Frotein”. Frotein is a fruit plus protein, which country’s first fruit flavored protein powder that is available in five flavors including orange, mango, guava, orange mango, and pineapple. Hence, the rising investment by these key market players for introducing new and innovative products is expected to offer growth opportunities in the protein ingredients industry.
Based on region, the Asia-Pacific region is growing with the fastest CAGR in the protein ingredients market and is projected to exhibit high growth during the forecast period. This high growth rate is mainly attributed to the rapidly growing population along with increasing awareness regarding maintaining health among consumers in this region. According to the UN Department of Economic and Social Affairs, China and India are the two most populous countries across the globe, comprising 19% and 18% of the world population. Moreover, the easy availability of raw materials in China makes it one of the largest producers of animal & plant-based products. Further, the growing popularity of packaged foods and drinks is another major factor contributing to surging product demand in several emerging nations in the region including South Korea, Indonesia, Malaysia, China, and India. Other factors such as growing urbanization, increasing sustainable food protein sources along with advancement in food processing technologies are also driving the demand for protein ingredients products in the region. All these aforementioned factors are responsible for boosting protein ingredients market demand in the region.
The key market players in the Protein Ingredients industry are: