The global protein ingredients market is witnessing a significant surge, driven by various factors such as the rising popularity of soy protein products, increasing demand for convenience foods with added nutrients, and a growing preference for fortified food products. According to a recent market research report by Transparency Market Research, the market is poised to exhibit a remarkable growth rate of 7% during the forecast period from 2019 to 2029, reaching an evaluation of US$ 84 billion by 2029 from US$ 42.6 billion in 2019.
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Dominance of Animal Protein Segment: Within the protein ingredients market, products are categorized into plant protein (e.g., wheat protein, pea protein, soy protein) and animal protein (e.g., casein, egg protein, whey protein). Notably, the animal protein segment has been the frontrunner, holding over 80% of the market share. This dominance is attributed to the increasing consumption of dairy products and eggs globally. However, the plant-based proteins domain, particularly soy protein, is poised for significant growth, driven by the rising usage of texturized vegetable proteins, soy isolates, and soy concentrates.
Applications and Forms: Protein ingredients find applications across various sectors including beverages, bakery and confectionery, meat products, infant nutrition, supplements, nutritional powder, protein bars, breakfast cereals, dairy products, and animal feed. Moreover, the market is segmented based on the form of the product into concentrates and isolates, with concentrates expected to witness higher demand compared to isolates in the near future.
Regional Insights: Geographically, North America has emerged as the leading regional market for protein ingredients, accounting for over US$ 12 billion in revenue in 2019. This dominance is attributed to a well-established food and beverage industry and increasing consumer awareness regarding the health benefits of protein consumption. Europe also holds a significant position in the market due to the presence of multinational players. Additionally, Latin America and Asia Pacific present promising growth opportunities for industry players, owing to evolving consumer preferences and expanding food industries in these regions.
Key Players: Several leading players and manufacturers are actively participating in the global protein ingredients market, including Glanbia PLC, Solae LLC, Cargill PLC, Archer Daniels Midland Co., and Kerry Group PLC, among others. These players are focusing on strategic initiatives such as mergers, acquisitions, and product innovations to strengthen their market position and expand their global footprint.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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