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The global functional proteins market is set to surpass a valuation of US$ 10.9 Bn during the forecast period (2019-2029), as projected by a new report by Future Market Insights (FMI). Leading market players are leveraging the increased consumption of animal-based proteins in multiple applications including sports nutrition, and healthcare. The trend is further supported by rising consumer awareness about diets, chronic disease, and tech upgrades in the industry."Higher consumer understanding about balanced diets and boosting human body nutrition is expected to remain a major driving force in the near future," states the FMI report.
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Functional Proteins Market: Key Findings
The whey concentrate segment will hold major market share, while whey isolates are projected to display a higher growth rate through the forecast period.
Functional protein powders will make up the lion's share of the global market.
Plant based functional proteins account for major market share. Animal based options to rise at a higher CAGR
Asia Pacific will account for most gains made in the functional proteins market during the forecast period.
North America will display substantial CAGR for the functional proteins market, driven by demand for low calorie foods.
Functional Proteins Market: Key Driving Factors
Rising demand in sports and fitness nutrition applications for isolate and concentrate production is a key growth driver for the market.
Health benefits of muscle gain and fat loss is generating highly profitable opportunities for manufacturers.
Collective consumer awareness about lifestyle and diet are increasing the adoption rate of functional proteins.
Government nutritional policies, particularly in developing regions, will increase sales.
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Functional Proteins Market - Key Restraints
Strict regulations associated with animal based functional proteins is a key factor hampering the growth of the functional proteins market.
High costs associated with research and development activities are hampering the development of the market.
The Covid-19 Impact
The rising levels of consumer health awareness, particularly among working professionals and sportsmen, is expected to support the consumption of functional proteins. The trend is likely to be augmented by the coronavirus outbreak, with the increasing demand for medical nutrition advancements in developed and developing nations.
Countries which have been hit hard by coronavirus are likely to display higher demand for functional proteins. Changes in consumption patterns during the outbreak is likely to support applications in foods, beverages, and nutritional supplements in the near future. The demand for functional foods and nutraceuticals, and a fall in consumption of poultry, meat and seafood is expected to contribute to demand.
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Competition Landscape of Functional Proteins Market
Some of the key players in the global functional proteins landscape include, but are not limited to, Carbery Group, Kerry Group Plc, Armor Proteines, Glanbia plc, Barentz, Arla Foods, Havero Hoogwegt, Fonterra Cooperative Group, Koninklijke DSM N.V., Milk Specialties Global, Archer Daniel Midland Company, Frieslandcampina, World Food Processing, Saputo Ingredients, Axiom Foods Inc., AMCO Proteins, Gelita AG, Abbott Nutrition, Hilmar Ingredients, and Cargill Inc. Leading market players remain focused on multiple strategies including facility expansions, product launches, collaborations, and others to bolster market growth.
More About the Report
This Future Market Insights study of 300 pages offers actionable insights on the functional proteins market. The market analysis is based on type (whey concentrate, casein protein, hydrolyzed protein, egg albumin, soy protein, whey isolates, and milk protein isolate), source (animal and plant), form (powder and liquid), and application (animal nutrition, functional food, functional beverages, and dietary supplements) across seven regions (Latin America, North America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/functional-proteins-market
Release ID: 89006329
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