The global protein ingredients market is estimated to be valued at USD 61.0 billion in 2023. It is projected to reach USD 85.6 billion by 2028, recording a CAGR of 7.0% during the forecast period. Protein ingredients are produced by processing plant, animal, insect, and microbial sources to obtain high protein concentrations which can find applications in the food & beverages, feed, cosmetics & personal care, and pharma industries. The protein ingredients market is projected to grow at a significant rate with the rising significance of protein-rich diet.
By form, liquid segment is projected to grow at a significant rate in the protein ingredients market during the forecast period
According to an article published in Forbes in September 2022, demand for RTD beverages is skyrocketing, fueling the demand for protein ingredients in liquid form. Liquid protein ingredients are easier to mix, blend homogenously, and provide a uniform texture to the products, particularly in the beverages and cosmetics & personal care product applications. With the rising and aging population, the demand for easy consumable products for infants and elderly are in great demand. This is also contributing to drive the liquid form segment in the protein ingredients market.
By application, cosmetics and personal care products segment is projected to hold a significant market size in the protein ingredients market by 2028
Proteins find a huge application in cosmetics and personal care industry. They are used in skin-care formulations due to their moisture-imparting properties and in hair-care products due to their conditioning properties. Collagen is one of the most popular sources of protein ingredients used in cosmetics industry due to its benefits for skin. With the rise in disposable incomes, and consumer spending on high-end personal care products, the demand and high growth for protein ingredients in this application industry is inevitable.
Europe is estimated to dominate the protein ingredients market with a value of USD 21.4 Billion in 2023.
Europe is a strong market in the protein ingredients industry which is estimated to be the largest market in terms of value in 2023. The region enjoys macroeconomic benefits such as developed economies, high disposable incomes, and consumer awareness. Apart from them market specific developments such as government initiatives and investments are contributing to the growth of the industry. Europeans have a predominantly meat-based diet. However, veganism trends, and high demand for alternative protein sources in the form of plants and insects is also driving the market in the region.
The key players headquartered in this market include Kerry Group plc (Ireland), Arla Foods amba (Denmark), Roquette Freres (France) and Cosucra (Belgium). They are further contributing to the industry ecosystem positively.
