Protein Ingredients Market is Expected to Grow $85.6 billion – Says MarketsandMarkets

Chicago, Oct. 27, 2023 (GLOBE NEWSWIRE) — How much is the protein ingredients market worth?

The protein ingredients market size is predicted to grow at a CAGR of 7.0% between 2023 and 2028, reaching a value of $85.6 billion by 2028 from a projection of $61.0 billion in 2023.

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Protein Ingredients Market Scope:

Who are the top protein ingredients market manufacturers?

The key players headquartered in this market include Kerry Group plc (Ireland), Arla Foods amba (Denmark), Roquette Freres (France) and Cosucra (Belgium). They are further contributing to the industry ecosystem positively.

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Which are the growing segments of the protein ingredients market?

The feed segment by application in protein ingredients market is relatively small in comparison to the food & beverages segment by application

Protein ingredient-based feed is relatively less commercialized than protein ingredient-based food & beverages for human consumption in the market. This is because the demand for protein ingredients-based products for human consumption is high. The market for animal end-user segment is at a very nascent stage, and the importance of healthy animal diet rich in proteins has just started gaining momentum in the market. However, with the global rise in demand for clean, AGP-free (Antibiotic Growth Promoters), meat products such as beef, pork, and chicken, the significance of animal diet is also rising, and so is the importance for nutrient-rich feed and its production. This is further pushing the players to manufacture products to cater to the interests of the gradually growing market because of which players in the market are manufacturing protein ingredients that cater to the feed industry.

By form, liquid segment is projected to grow at a significant rate in the protein ingredients market during the forecast period

According to an article published in Forbes in September 2022, demand for RTD beverages is skyrocketing, fueling the demand for protein ingredients in liquid form. Liquid protein ingredients are easier to mix, blend homogenously, and provide a uniform texture to the products, particularly in the beverages and cosmetics & personal care product applications. With the rising and aging population, the demand for easy consumable products for infants and elderly are in great demand. This is also contributing to drive the liquid form segment in the protein ingredients market.

By application, cosmetics and personal care products segment is projected to hold a significant market size in the protein ingredients market by 2028

Proteins find a huge application in cosmetics and personal care industry. They are used in skin-care formulations due to their moisture-imparting properties and in hair-care products due to their conditioning properties. Collagen is one of the most popular sources of protein ingredients used in cosmetics industry due to its benefits for skin. With the rise in disposable incomes, and consumer spending on high-end personal care products, the demand and high growth for protein ingredients in this application industry is inevitable.

What are the drivers and opportunities of protein ingredients market?

Drivers: Increase in demand for proteins as nutritional and functional ingredients post COVID-19

As per a research article published in October 2022, titled – ‘Impact of COVID-19 pandemic on consumer behavioral intention,’ there was a significant link found between the consumption of nutritious meals and consumer purchasing habits. It also stated that consumers are more focused on their health, security, and safety post-pandemic. Increasing awareness among people to strengthen their immune system to prevent themselves from being infected easily compels them to maintain a healthy lifestyle and proper diet. Thus, COVID-19 is expected to boost the demand for protein ingredients at a much higher rate in the global market.

Opportunities: Growing potential of dairy and plant proteins

There is a huge potential for the growing protein ingredients market in the near future, especially dairy and plant proteins. Dairy protein suppliers can continue to benefit from the trend toward more functional products and the increased consumer interest in the nutritional value of products. The growth of plant-sourced protein ingredients is being supported by growing vegan trends because of sustainability and animal cruelty concerns. It is also being aided by the Islamic nations across the globe (they avoid animal proteins, especially gelatin, prepared from pork), while other countries such as India and Nepal avoid animal proteins prepared from beef, owing to the issues relating to cultural and religious aspects. Thus, the skyrocketing potential in dynamic dairy and plant protein industries is proving to be a big opportunity for players in the market.

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Which region will dominate the protein ingredients market?

Europe is a strong market in the protein ingredients industry 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.

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With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analyses and profiling of additional market players (up to five)

Geographic Analysis

• Further breakdown of the Rest of Europe region for protein ingredients market into Belgium, Netherlands, Russia, and other EU and non-EU countries.
• Further breakdown of the Asia Pacific region for the market into Thailand, Vietnam, Indonesia, South Korea, Malaysia, and the Philippines.
• Further breakdown of the Rest of South America region for the market into Colombia, Venezuela, Chile, and Peru.
• Further breakdown of other countries in the RoW market for protein ingredients into Middle East and Africa