In 2023, the global protein ingredients market reached a valuation of USD 61.0 billion, with projections indicating a climb to USD 85.6 billion by 2028, boasting a Compound Annual Growth Rate (CAGR) of 7.0%. Protein ingredients, derived from various sources including plants, animals, insects, and microbes, are coveted for their high protein concentrations. They serve diverse industries such as food & beverages, feed, cosmetics & personal care, and pharmaceuticals. The market is poised for significant expansion, fueled by the increasing importance of protein-rich diets.
Rising Demand for Liquid Protein Ingredients
The liquid segment within the protein ingredients market is anticipated to witness substantial growth during the forecast period. This surge is attributed to the soaring demand for Ready-to-Drink (RTD) beverages, as highlighted in a September 2022 Forbes article. Liquid protein ingredients offer ease of mixing, homogeneous blending, and uniform texture enhancement, particularly in beverages and cosmetics & personal care products. The demographic trends of rising and aging populations further propel the demand for easily consumable products, especially catering to infants and the elderly, thus augmenting the liquid form segment.
Expanding Applications in Cosmetics and Personal Care
By 2028, the cosmetics and personal care products segment is expected to command a significant market share within the protein ingredients market. Proteins play a vital role in this industry, offering moisture-retention properties in skincare formulations and conditioning attributes in haircare products. Collagen, renowned for its skin benefits, remains a popular protein ingredient in cosmetics. The surge in disposable incomes and consumer expenditures on premium personal care items drive substantial growth and demand for protein ingredients in this sector.
Dominance of Europe in the Protein Ingredients Market
Europe emerges as a dominant force in the protein ingredients market, boasting a value of USD 21.4 billion in 2023. The region benefits from developed economies, robust disposable incomes, and heightened consumer awareness. Moreover, governmental initiatives and investments further propel market growth. Despite the prevalence of a meat-based diet, trends such as veganism and the quest for alternative protein sources like plants and insects fuel market expansion in the region.
Key Players Shaping the Industry
Prominent players such as Kerry Group plc (Ireland), Arla Foods amba (Denmark), Roquette Freres (France), and Cosucra (Belgium) are headquartered within this market, exerting significant positive influence on the industry ecosystem.
