Protein Ingredients Market worth 58.49 Billion USD by 2022
The report "Protein Ingredients Market by Source (Animal and Plant), Application (Food & Beverage, Animal Feed, Cosmetics & Personal Care, and Pharmaceuticals), and Region - Forecast to 2022", is poised to grow at a significant rate in terms of value, which is evident from the on-going innovations & developments of end-use products in the industry. Growing consumer preference for healthy food, rising concerns about animal health & nutrition, and a rise in demand for superior personal and health care products are the factors majorly driving the protein ingredients market, worldwide.
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The market for protein ingredients, in terms of value, is projected to reach USD 58.49 Billion by 2022, at a CAGR of 6.0% from 2017.
Animal protein segment projected to have a higher CAGR in the protein ingredients market
In 2016, the animal protein segment accounted for the largest share, by source, in the protein ingredients market in terms of value and volume. It is also projected to grow at the highest CAGR from 2017 to 2022. Animal sources are widely used to derive protein ingredients, worldwide. The large share of animal protein is attributed to its better nutritional profile compared to plant protein, its dominant usage in major end-use applications such as functional beverages, sports nutrition, and difficulty in substituting egg and gelatin in bakery and confectionery applications.
Food & beverages: The dominant application segment in the protein ingredients market
In 2016, the food & beverage segment accounted for the largest share in the protein ingredients market in terms of value, and is projected to grow at a competitive CAGR from 2017 to 2022. Growing health consciousness among consumers has led to increasing focus on healthy diets and inclination of consumers towards nutritious food. Thus, the demand for functional and healthy food is on the rise. Besides 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.
Pharmaceuticals segment is projected to have the highest CAGR in the protein ingredients market
On the basis of application, the pharmaceuticals segment is projected to grow at the highest CAGR from 2017 to 2022, in terms of value. Proteins are essential amino acids that help the human body boost its immunity, and help build and repair tissues. They are the building blocks for bones, muscles, cartilage, skin, and blood. Proteins are thus, an important component in the pharmaceutical and healthcare industries, due to their high efficiency and convenience.
The Asia-Pacific is projected to be the fastest-growing regional market for protein ingredients
The Asia-Pacific region is projected to be the fastest-growing market for protein ingredients market, owing to its growing economy with a large population base ready to spend on functional food and the rapidly growing consumer markets of China, India, and Japan.
Growing health consciousness among consumers has resulted in consumers shifting their focus towards healthy diets, supported by the improving economic conditions in this region, which have led to consumers demanding premium food products with higher/better nutritional value. Also, the Asia-Pacific region is the largest consumer of animal feed compared to any other region across the globe owing to the high livestock population in the region.
This report studies marketing and development strategies, along with the product portfolios of leading companies such as Cargill (U.S.), Archer Daniels Midland Company (ADM) (U.S.), E. I. du Pont de Nemours and Company (U.S.), Kerry Group plc (Ireland), and Omega Protein Corporation (U.S.). Other players studied include 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.).
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