Meticulous Research® – leading global market research company published a research report titled “Protein Ingredients Market by Type (Animal Protein, Plant Protein, Insect Protein, Microbial Protein), Form (Dry, Liquid), Application (Food and Beverages, Animal Feed, Nutritional Supplements, Pharmaceuticals, Cosmetics) - Global Forecast to 2028”.
According to this latest publication from Meticulous Research®, the global protein ingredients market is expected to grow at a CAGR of 8.0% from 2021 to 2028 to reach $79.7 billion by 2028. This market is majorly driven by the factors, such as growth of the functional food & beverage market, advancement in ingredients technologies such as microencapsulation, rising demand for livestock products, and increasing awareness about the benefits of protein and growing demand for protein rich diet. Additionally, growing potential of insect and plant proteins, emerging economies such as southeast Asia, Latin America, and the Middle East & Africa, and increasing inclination towards vegan diet provides significant growth opportunities for protein ingredient manufacturers in the coming years. However, fluctuating raw material prices and high cost of protein ingredients such as insect protein, algal protein, and among others are expected to restrict the growth of the market to some extent. On the other hand, increasing soy-free and gluten-free trend poses a great challenge to the global protein ingredient manufacturers.
The global protein ingredients market study presents historical market data in terms of value (2018 and 2020), estimated current data (2021), and forecasts for 2028. The market is segmented based on type, form, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on type, the global protein ingredients market is mainly segmented into animal, plant, insect, and microbial protein ingredients. The animal protein segment is estimated to account for the largest share of the overall protein ingredients market in 2021. The leading position of this segment is mainly attributed to its foremost usage in a larger number of end-use applications such as functional food, infant nutrition, and protein supplements; its better nutritional contour than other protein ingredients; and comparatively lower prices than novel protein ingredients. However, insect protein ingredient segment is expected to grow at the fastest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the growing demand for the environment friendly protein rich food, rising investment in edible insect farming, and altering attitudes towards insects as a food.
Based on form, the global protein ingredients market is segmented into dry and liquid form. The dry protein ingredient segment is estimated to account for the largest share of the overall protein ingredients market in 2021. The major share of this segment is mainly attributed their higher demand with ease in handling & transport, cost effectiveness, ability to avoid costly formulation mistakes, and competence to maintain the stability of the ingredient. This segment is also expected to grow at the fastest CAGR during the forecast period.
Based on application, the global protein ingredients market is mainly segmented into food and beverages, animal feed, nutrition and health supplements, pharmaceuticals, personal care and cosmetics, and others. The food and beverage segment is estimated to account for the largest share of the overall protein ingredients market in 2021. The large share of this segment is mainly attributed to increasing consumer preference for novel foods and ingredients, growing awareness and demand for protein rich food products, versatile functionality, compatibility with vegetarian and vegan lifestyles, and rising clean label trend. However, nutrition and health supplements segment is expected to witness a rapid growth during the forecast period. The rapid growth of this market is mainly attributed to changing lifestyle, growing health & wellness trend, and increasing nutrient-savvy consumers.
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Geographic Review :
Geographically, Europe is estimated to account for the largest share of the overall protein ingredients market in 2021. The prominent position of the Europe in protein ingredients market is primarily attributed to the changing food consumption pattern in favor of functional food, well-established food and beverage industry, rising concerns over animal-based products and protein, increasing vegan population, growing preference to functional as well as nutritional ingredients, increasing demand for healthy & nutritional products, and growing health & wellness trend. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The rapid growth of this region is mainly due to the rising population and urbanization, industrial growth, sustainable food protein sources, advancement in food processing technologies, changing economies, and growing interest in protein rich vegetarian foods and diets.
The key players operating in the global protein ingredients market are Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), E.I. Dupont De Nemours and Company (U.S.), Kerry Group (Ireland), Roquette Freres (France), Arla Foods amba (Denmark), Fonterra Co-Operative Group Limited (New Zealand), Royal FrieslandCampina N.V. (The Netherlands), AMCO Proteins (U.S.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), Glanbia plc (Ireland), GELITA AG (Germany), CHS Inc. (U.S.), Kewpie Corporation (Japan), Omega Protein Corporation (U.S.), Hilmar Ingredients (U.S.), AgriProtein (South Africa), Crespel & Deiters GmbH & co. kg (Germany), Ÿnsect (France), Farbest Brands (U.S.), Enterra Feed Corporation (Canada), Sotexpro (France), Protix (The Netherlands), Now Foods (U.S.), Entomo Farms (Canada), Cosucra Groupe Warcoing SA (Belgium), DIC Corporation (Japan), Taiwan Chlorella Manufacturing Company (Taiwan), Tianjin Norland Biotech Co., Ltd. (China), Cyanotech Corporation (U.S.), MycoTechnology Inc. (U.S.), and 3Fbio Ltd. (U.K.).
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