The Global Whey Protein Market was estimated at USD 9.84 Bn in 2020 and is expected to grow with a CAGR of 10.5% during the forecast period.
The whey protein market is majorly growing owing to numerous health benefits associated with the consumption of whey protein products. Consumption of whey protein helps promote fat loss, build muscles, repair muscle tissues, lower cholesterol, and blood pressure levels, reduce inflammation and stress preventing diseases, and promote overall health. Additionally, the incorporation of whey proteins also helps in decreasing stress and reducing cortisol concentration levels. Moreover, the increasing spread of the COVID-19 virus has also resulted in increasing concerns among consumers regarding maintaining health. According to World Obesity Federation, out of the 2.5 Mn deaths reported from COVID-19 by the end of February 2021, 2.2 Mn were in nations where more than half the population is classified as overweight. This has resulted in increasing awareness among individuals regarding maintaining health and reducing weight. As whey protein is rich in leucine, gets easily absorbed, and gives a feeling of satiety, it plays a crucial role in reducing the weight of an individual who consumes it regularly.
Furthermore, the increasing product application in the personal care industry across the globe is another major factor boosting the growth in the whey protein industry. The product has significant use in the formulation several of personal care products such as skincare and hair care products owing to its skin-conditioning, skin-hydrating, and hair conditioning properties. Therefore, whey protein is utilized in producing several products such as wave sets, hair conditioners, hair colors and dyes, eye care, shampoos, and body & face moisturizing products. Hence growing demand for these personal care products is expected to drive the demand in the whey protein market. Also, whey protein possesses anti-hypertensive and anti-bacterial properties, thereby has wide application applications in the food industry for preparing cereals, snacks, chocolates, beverages, dairy products, bakery items, and infant formula. Owing to all these factors, the whey protein market is expected to exhibit significant growth in the forecast period.
Based on region, the Asia-Pacific region is expected to be the fastest-growing region in the whey protein market. The growth in this region is mainly attributed to the rapid growth in the population along with increasing urbanization in several developing nations in the region including Indonesia, Malaysia, China, and India. The rising disposable income in these economies has resulted in increased intake of food supplements, change in lifestyle, growing awareness regarding protein supplements, and the high scope of personal care and sports nutrition. Additionally, the growing prevalence of chronic diseases such as obesity, cardiovascular diseases, Type-2 diabetes, asthma, and cancer has led to an increase in the demand for nutrient-rich products among consumers. Further, advancements in food processing technologies are also responsible for boosting the whey market growth in the region. Hence, all these aforementioned factors are expected to contribute to surging the growth in the whey protein industry during the forecast period.
Key Findings:
The key market players in the whey protein industry are:
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