According to the latest report by IMARC Group, titled “Protein Ingredients: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global protein ingredients market reached a value of US$ 41 Billion in 2017. Proteins are large molecules of amino acids which supports in building and repairing of tissues. As proteins help in improving the overall functioning of the body, they are regarded as the building blocks of life. In addition to this, proteins are beneficial in regulating weight, reducing muscle loss and enhancing physical strength. Apart from this, protein ingredients aid in maintaining an adequate level of proteins in the human body, thereby keeping it fit and healthy in the longer run. This has added to their increasing popularity across the world, particularly in the health and wellness industry for the production of dietary supplements and other food products.
In the recent years, the adoption of protein-rich diet has accelerated on account of growing inclination of consumers towards healthy food products. This shift can be accredited to factors like rising cases of obesity and diabetes as well as advancing demand for superior health care products. In addition to this, expanding awareness about functional food products and dietary supplements is contributing towards the growth of the global protein ingredients market. Apart from this, increasing number of health clubs coupled with ascending demand for soy proteins in food applications like dairy products, sports nutrition and snacks is further supporting the growth of the market. Some of the other growth inducing factors include mounting populating, rapid urbanisation and flourishing food and beverages industry particularly in the emerging regions. Looking forward, the market value is projected to exceed US$ 55 Billion by 2023, expanding at a CAGR of more than 5% during 2018-2023.
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Market Summary:
- Based on type, the market has been segmented as animal proteins and plant proteins. At present, animal proteins exhibit a clear dominance in the market and they are classified as egg protein, whey protein, gelatin, casein and milk protein concentrates/isolates. On the other hand, plant proteins are divided into wheat protein, soy protein, pea protein and others.
- On the basis of application, food and beverages represent the largest segment due to changing eating patterns, particularly in the emerging regions. Food and beverages is followed by personal care and cosmetics, pharmaceuticals and animal feed.
- Region-wise, the market has been segmented into Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. Amongst these, Europe is the leading market, accounting for the majority of the global share.
- The competitive landscape of the market has also been examined with some of the key players being Cargill, Incorporated; Archer-Daniels-Midland Company; Kerry Group; Omega Protein Corporation; and Mead Johnson.
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