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Market Definition:The global protein ingredients market is expected to exhibit a steady 3.87% CAGR by volume from 2017 to 2022, according to the latest research report from Market Research Future (MRFR). The global protein ingredients market is expected to rise to an overall volume of 5,547.12 kilotons by 2022, according to MRFR.
Market Overview and Growth Factors:
Protein ingredients have become an increasingly important part of the food and beverage sector in recent years due to the increasing demand from the fitness-conscious demographic looking to consume pure protein products, as well as the increasing attention being paid to the source of the protein and the increasing emphasis on plant-based proteins. The increasing disposable income of consumers in developed countries has led to an increasing demand for protein powders, shakes, and other fitness and nutrition-based protein products. This is likely to be a key driver for the protein ingredients market over the forecast period, as the popularity of exercising and working out to remain fit is likely to grow among urban demographics in developed and developing countries alike. Urban areas in developing countries are likely to emerge as a key consumer of protein ingredients in the coming years.
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The increasing demand for plant-based proteins is likely to be a key factor in the growth of the protein ingredients market over the forecast period. The increasing demand for plant-based proteins from consumers is driven by the increasing awareness about the adverse environmental impact caused by the meat and poultry industry. Many urban consumers, particularly in the upper economic classes, are getting affected by the information, which they have not encountered before. This has caused a definite increase in the interest in plant-based proteins, with major food retailers as well as fast food companies making haste to introduce plant-based protein products to make the most of the consumer rush for these products. This is likely to remain a favored competitive strategy for players in the protein ingredients market over the forecast period, as consumer support for plant-based proteins is likely to increase, especially with the development of plant-based protein products that offer the texture of conventional meat products.
Competitive Analysis:
Leading players in the global Protein Ingredients Market include Nutripea, Solbar, Gushen Biological Technology Group Co. Ltd., Shandong Sinoglory Health Food Co. Ltd., Shandong Yuwang Industrial Co. Ltd., Solae, and Archer Daniels Midland Co.
In May 2019, Burcon NutraScience Corporation, a leading producer and developer of plant-based protein products, announced a joint venture with an investor group to open a new commercial production facility for pea protein and canola protein in Western Canada. The plant is expected to become operational by 2020, processing around 20,000 tonnes of peas per year, to start with. The plant will cater to Burcon’s Peazazz, Peazac, Supertein, Puratein, and Nutratein brands of protein products.
Segmentation:
The global protein ingredients market is segmented on the basis of feedstock, form, application, and region.
By feedstock, the global protein ingredients market is segmented into soy, wheat, pea, canola, whey, milk, casein, egg, beef, pork, and others. Soy and whey are likely to dominate the global protein ingredients market over the forecast period, collectively accounting for 40% of the market by 2022.
By form, the global protein ingredients market is segmented into powder, bars, ready to drink beverages, capsules and tablets, and others. Ready to drink products are likely to be a key segment for the global protein ingredients market, with the segment expected to exhibit a 5.18% CAGR over the forecast period.
By application, the global protein ingredients market is segmented into functional food, sports nutrition products, meat additives, confectionery, pharmaceuticals, and others. Functional food and sports nutrition are the leading application channels in the protein ingredients market.
Regional Analysis:
Europe is likely to hold the largest share in the global protein ingredients market over the forecast period, followed by North America and Asia Pacific. The growing demand for plant-based proteins is likely to be a key driver for the protein ingredients market in Europe, with an increasing number of consumers switching to vegan or vegetarian lifestyles due to ethical or environmental concerns.
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Website: https://www.marketresearchfuture.com/reports/protein-ingredients-market-1244
Release ID: 88899039
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