According to MarketsandMarkets, the global functional proteins market size is estimated to be valued at USD 4.6 billion in 2020 and projected to reach USD 6.1 billion by 2025, recording a CAGR of 5.6% during the forecast period. The market is strongly driven by shifting consumer preferences, rising health awareness, growing millenial population, and increase in supplementary income among consumers. The convergence of major industry trends is giving rise to new opportunities for key players in the industry. Changing lifestyles and high prevalence of chronic diseases are the key factors driving the demand for functional proteins. The growing positive outlook towards sports nutrition would also positively impact the functional proteins market.
Report Objectives:
- Determining and projecting the size of the functional proteins market, with respect to type, application, form, source, and regional markets, over a five-year period, ranging from 2020 to 2025
- Identifying the attractive opportunities in the market by determining the largest and fastest-growing segments across the region
- Providing detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- Providing the regulatory framework for major countries related to the functional proteins market
- Analyzing the micro-markets, with respect to individual growth trends, prospects, and their contribution to the total market
- Identifying and profiling the key players in the functional proteins market
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Drivers : Rise in prevalence of chronic lifestyle diseases to drive the market growth
Consumers across regions have become more health-conscious and are focussing on adopting a healthier balanced diet. This shift in consumer preferences has risen on account of the high degree of chronic diseases prevailing in the population. Diseases like diabetes, cholesterol anomalies, and obesity are key factors that are projected to drive the overall functional proteins market.
The millenial population is increasingly adopting functional food products into their diets as these products suit their lifestyle and complement their hectic schedules in an ample way, thus increasing the demand for functional proteins. Furthermore, with rising income levels of consumers and subsequent economic development, functional proteins have become a sought-after product owing to the health benefits associated as well as the consumers’ ability to purchase them.
The functional food segment, by application, is projected to witness significant growth during the forecast period.
The deficiency of proteins in adults is one of the key factors that have led to the rise in the consumption of functional food products among adults. This deficiency is mainly due to the untimely schedules and hectic lifestyles of comsumers, which leads to unhealthy eating habits and irregular diets. As a result, there is a demand for healthy, on-the-go functional food products which significantly reduce consumption time while providing essential nutrition.
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North America is projected to account for the largest market during the forecast period
North America is projected to dominate the market during the forecast period owing to the high prevalence of chronic diseases in countries such as the US. Whey protein concentrates are gaining traction as consumers are shifting to dairy proteins to fulfil their nutritional requirements. Emerging markets in economies such as the Asia Pacific countries are going to be potential markets for the functional protein manufacturers.
Key Market Players:
Key players in this market include ADM (US), DuPont (US), Cargill (US), Ingredion (US), Arla Foods (UK), Roquette (France), BASF (Germany), Glanbia (Ireland), Fonterra (New Zealand), DSM (Netherlands), FrieslandCampina (Netherlands), Essentia Protein Solutions (UK), Amai Proteins (Israel), Mycorena (Sweden), Merit Functional Foods (Canada), Plantible Foods (US), BENEO (Germany), ProtiFarm (Gelderland), Omega Protein (US)
