The protein ingredients market was valued at USD 41.4 billion in 2016 and is projected to grow at a CAGR of 6.0% from 2017, to reach a value of USD 58.5 billion by 2022. The growing consumption of protein ingredients is driven by the increasing demand for protein functionalities, awareness about healthy diet and nutritional food, new technological developments, growing demand for superior personal care and healthcare products, and increasing consumption of animal by-products.
Based on source, the market has been segmented into animal and plant. The animal protein segment dominated the market in 2016. Animal protein sources are complete proteins, as they contain all essential amino acids; while plant protein sources lack one or more essential amino acids. They are largely preferred by consumers because of their nutritional profile, which is better than plant protein; dominant use in major end-use applications such as functional beverages; and the difficulty of substituting egg and gelatin in bakery and confectionery applications.
In terms of application, the food & beverages segment dominated the market in 2016. The growing health consciousness has led to the increased focus of consumers on healthy diets and nutritious food. Thus, the demand for functional and healthy food is on the rise. Besides their nutritional properties, proteins are widely used for their functional properties, which include texturing, emulsifying, solubility, stabilizing, and binding. These functional properties enable manufacturers to lower their raw material costs, as they act as substitutes to some food additives, and are used to impart specific properties. As a result, protein ingredients are witnessing a high level of consumption and demand from segments such as bakery, dairy, dietary supplements, infant formula, beverages, and other food products.
Asia-Pacific is projected to be the fastest-growing market for protein ingredients during the forecast period. This growth can be attributed to the increasing population, government back up, and support by a range of local and global organizations and associations to improve health and diet standards. The rapid economic growth in the region is expected to propel high demand for protein ingredients, especially in China, India, and the Southeast Asian countries. The growing health consciousness has resulted in consumers shifting their focus to healthy diets. The improvement in the economic conditions of consumers has also benefited the Asia-Pacific cosmetics and personal care industry, as these improved economic conditions drive consumer interest in skincare, hair care, and other cosmetic products. The use of protein ingredients in the cosmetics and personal care industry has grown significantly, as consumers are demanding superior products.
Key participants in the protein ingredients market are the protein ingredient manufacturers, suppliers, and regulatory bodies. The key players that are profiled in the report include Cargill (U.S.), Archer Daniels Midland Company (ADM) (U.S.), E. I. du Pont de Nemours and Company (U.S.), Kerry Group plc (Ireland), Omega Protein Corporation (U.S.), Fonterra Co-operative Group Ltd. (New Zealand), Arla Foods (Denmark), Kewpie Corporation (Japan), AMCO Proteins (U.S.), GELITA AG (Germany), and Hilmar Ingredients (U.S.).
