The global functional protein market size is estimated to reach USD 9.48 billion 2030 and is projected to grow at a CAGR of 5.3% from 2024 to 2030. Rising importance of protein-fortified convenience foods as a result of extensive advertising campaigns by nutraceutical suppliers in e-commerce portals and electronics media is expected to have a substantial impact. Furthermore, the increasing market penetration of powdered drink mixes as a result of product innovation by companies including General Foods Corporation is expected to play a crucial role in promoting the functional proteins consumption in the near future.

Whey protein isolates (WPI) accounted for 26.1% of global industry share in 2016. The segment is expected to witness significant gains owing to the introduction of the product forms in vanilla and chocolate flavors on a global level. Furthermore, increasing awareness towards enhancing muscular strength among athletes as well as gym professionals in emerging markets including Mexico, South Africa, China, and India is expected to broaden the application scope of WPI as sports nutrition goods over the next eight years.

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Functional Protein Market Report Highlights

·        Functional beverage segment is expected to witness the fastest CAGR over the forecast period. Rising importance of protein shakes for weight management amongst working class professionals as a result of endorsement by fitness experts to use functional beverage is expected to expand the industry size.

·        Dry form held the largest revenue share in 2023. Rising R&D spending towards the processing of spray-dried serum (SDS), spray-dried plasma (SDP) and globulin concentrate which are processed to use as colostrum supplements or replacers for feeding calves is expected to open the new avenues.

·        Asia Pacific is projected to witness high revenue growth at a CAGR of 36.8% in 2023. Significant gains in functional food & beverage production in China, India, and Malaysia as a result of favorable government policies including the reduction in import duties of consumables or equipment, to promote the foreign investments is expected to play a fundamental role in increase the fortification of functional nutrition ingredients.

Key Functional Protein Company Insights

Some key companies in the functional protein market include Abbott Nutrition; Kerry Group; and Fonterra Co-operative Group.

Abbott Nutrition offers a broad spectrum of products under various categories such as based on age, feeding route, product form (bar, liquid, powder), and dietary considerations. They offer medical food recipes catering to the needs of individuals with specific conditions.

Kerry Group offers functional foods in the dairy and non-dairy segment. Its broad spectrum of products includes plant-based as well as dairy-based food solutions, readymade and frozen foods, and meat and meat-based foods. Besides human consumption needs, they also operate in the animal and pet nutrition segment.

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Key Functional Protein Companies:

The following are the leading companies in the functional protein market. These companies collectively hold the largest market share and dictate industry trends.

·        Abbott Nutrition

·        Amway Corporation

·        Archer Daniels Midland Company

·        Arla Foods Ingredients Group P/S

·        Cargill, Incorporated

·        DuPont de Nemours, Inc.

·        Fonterra Co-operative Group

·        FrieslandCampina

·        Glanbia plc

·        Kerry Group

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