Functional Protein Market is Anticipated to Witness High Growth Owing to Rising Health and Wellness Trends
The functional protein market comprises products such as plant-based protein, specialty protein, and other forms of protein that provide additional health benefits. Functional protein ingredients are increasingly being added to food and beverages for their nutritional value, texture, and ability to help consumers achieve their health and fitness goals. The growing trend towards preventive healthcare and consumption of health-promoting foods has substantially driven the demand for high-protein and nutritious ingredients.
The Global Functional Protein Market Size is estimated to be valued at US$ 5.6 Bn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the functional protein market include ADM, Cargill, Ingredion, Arla Foods, Roquette, BASF, Glanbia, Fonterra, DSM, FrieslandCampina, Essentia Protein Solutions, Amai Proteins, Mycorena, Merit Functional Foods, Plantible Foods, BENEO, ProtiFarm, and Omega Protein. These players are engaged in new product development and capacity expansion to strengthen their market position.
The key opportunities in the functional protein market include growing demand for plant-based proteins and convenient packaged foods. The global expansion of major players through acquisitions and partnerships will also aid the market growth. Cargill recently acquired Danish manufacturer EWOS to bolster its aquaculture business. Merit Functional Foods raised USD 175 million in funding to build a new pea protein production facility in Canada.
Asia Pacific represents a lucrative expansion opportunity with the rising health-conscious consumer base and growing protein deficiency in the region. Countries like India, China, and Japan are expected to witness high demand for functional protein ingredients in the coming years. Players are investing in marketing and distribution networks across Asia to capitalize on these opportunities.
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