The global protein ingredients market size is projected to grow from USD 49.8 billion in 2019 to USD 70.7 billion by 2025, at a CAGR of 6.0% during the forecast period. The protein ingredients market is driven by factors such as the increasing demand for protein functionalities, awareness about healthy diet & nutritional food, new technological development in the protein ingredients industry, growth in demand for superior personal care and healthcare products, and increase in consumption of animal by-products, which are in turn supported by the economic growth, technological advancements, and consumer preference for functional products. However, factors such as stringent government regulations on animal-sourced protein are expected to restrain the market growth of animal protein.
The dry segment is estimated to dominate the market for protein ingredients, among the forms, in 2019. Dry form is preferred by manufacturers of food & beverage, feed, and pharmaceutical products, because it is characterized by better stability and ease of handling & storage, as compared to the liquid form. Furthermore, they have a longer shelf life compared to the liquid form.
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The plant segment is projected to the fastest growing in terms of the source during the forecast period. This is attributed to changing consumer preferences from meat to plant-based protein. Further, plant-based protein ingredients are a major source of protein for vegans worldwide. High nutritional profile, low carbon footprint, and low price of plant-sourced protein are driving the consumption of these proteins. Plant-based protein is also gaining an increasing level of importance due to its lower environmental impact by reducing energy consumption, emissions, land usage, and water consumption.
In terms of geographic coverage, the protein ingredients market has been segmented into five regions, namely, North America, Europe, Asia Pacific, South America, and RoW. Asia Pacific is projected to be the fastest-growing segment during the forecast period, due to rise in demand for healthy food products. Additionally, the growing population in this region specifically in countries such as China and India, is expected to drive the demand for protein ingredients.
Growing demand especially of dairy proteins due to their wide range of functional properties, including thickening & emulsification, gelling, foaming, heat stabilization, and flavor/color development is likely to create growth opportunities for the protein ingredients market. Additionally, demand of soy protein has a sustainable protein source derived from plant is expected to fuel the market growth.
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The major protein ingredients players include Cargill (US), ADM (US), DowDuPont (US), Kerry Group (Ireland), Omega Protein Corporation (US), Friesland (Netherlands), Fonterra (New Zealand), Arla Foods (Denmark), AMCO (US), Roquette (France), Gelita AG (Germany), Kewpie Corporation (Japan), AGARNA (Austria), AMCO Proteins (US), Hilmar Ingredients (US), Axiom Foods (US), and Burcon Nutrascience (Canada). Expansions formed the most dominant strategy adopted by major players, followed by acquisitions. This has helped them to increase their presence in different regions and increase their product portfolio.
