The 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. Some macroeconomic and microeconomic elements that have been prevalent in some important countries have had an impact on the global protein ingredients market. In terms of value sales, this would be strong enough to significantly influence the protein ingredients market growth during the predicted period. The rise in consumer awareness, health consciousness, demand for protein alternatives and high-end personal care products, changing lifestyles, and consumption patterns to drive the demand in the protein ingredients market.
Plant-based protein source in the protein ingredients market is projected to grow a significant CAGR of 6.8% during the forecast period
The growth of plant-based protein market is being contributed by the rise in demand for alternative protein sources worldwide. The rise is a result of growing vegan trends across the globe. Moreover, plant-based proteins are a cheaper source of protein with similar protein content and thus find high popularity in developing regions. Consumer interest in plant-based protein sources is also a result of their health concerns regarding consumption of high animal-based meat that contributes to the ever rising prevalence of chronic diseases. Many cosmetics brands manufacture animal-cruelty free products these days, which are gaining huge popularity in the protein ingredients industry. Their growing production is also adding up to the growth of plant-based proteins.
During the forecast period, the insect-based protein segment by source is expected to grow at the fastest CAGR of 33.4%.
It is being assumed that the animal sources of protein will be insufficient to cater the exponentially rising demand for protein worldwide. Thus, there is a huge space for alternative protein market. One of the alternative sources which is growing at a very fast rate is the insect-based protein source. High protein content, easy availability, and low cost of raw materials is driving the protein ingredients market size for insects as a protein source. Moreover, consumer curiosity and high investments in this segment, especially in the developed regions is driving their market.
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 global protein ingredients market 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.
Top protein ingredients companies include Kerry Group plc (Ireland), Arla Foods amba (Denmark), Roquette Freres (France) and Cosucra (Belgium). They are further contributing to the industry ecosystem positively.
