Protein Ingredient Market size generated over USD 22 billion in 2015 and expects to surpass 7.1 million tons by 2024 led by cosmetics as well as food & beverages industries.
Sellbyville, DE -- (SBWIRE) -- 01/14/2019 -- Strong scientific evidence supporting the healthy benefits of proteins is providing a significant impetus to the global protein ingredient industry. The ongoing research has proved that, proper intake of protein products helps in regulating body functions and in stimulating body muscles. Rising consumer consciousness regarding the protein intake and a considerable rise in spending parity of consumers have helped protein ingredient market to witness notable growth wave. Additionally, increasing use of protein ingredients not only in the food & beverage sector but also in cosmetics, pharmaceuticals, personal care products, and animal feed has provided the protein ingredient market with ample opportunities to grow in terms of revenue as well as volume. Global Market Insights, Inc., predicts the overall Protein Ingredient Market to generate revenue over USD 40 billion by 2024 with a target volume of over 7 million tons.
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Protein consumption varies widely across the world and is one of the hottest functional food ingredient trends in the United States. U.S. alone is projected to consume over 2.2 million tons by 2024. The trend of healthier snacking and the need for effective food intake to combat obesity has driven the regional protein ingredient market to witness a lucrative roadmap over the coming time frame. The regional protein ingredient industry is further predicted to grow, owing to strong innovation trends and new product launches. Increasing awareness pertaining to health and wellness across varied age spectrum will continue to fuel growth of the protein ingredient industry over the coming years.
To tackle lack of awareness toward proper nutritional intake, companies are focusing on new marketing tactics and advanced product portfolio. Thanks to a greater emphasis on publicizing protein's health benefits beyond muscle health. Marketers are rapidly targeting a wide spectrum of population groups including millennials, females, and the elderly to increase the awareness levels regarding protein benefits globally. Strict government regulations along with rising consumer awareness have created colossal growth opportunities in Europe, particularly in Germany. As per the estimates, Germany protein ingredient market is expected to register a CAGR of 5.5% over 2016-2024.
The graph exhibits a clear-cut growth statistics of Europe plant protein ingredient market and shows a market valuation of approximately USD 3500 million by 2024
Strong establishment of food & beverage industry in India, Malaysia. China, Thailand, and South Korea have augmented Asia Pacific protein ingredient industry growth. China market is anticipated to record an annual growth rate of 7% over the period of 2016-2024, owing to rising spending on nutritional food and dietary supplements. The egg protein market of China is witnessing heavy demand in the region leading the animal product segment. Furthermore, from the plant protein products segment soy concentrates led the demand and is set to generate revenue over USD 3.5 billion by 2024. Soy finds extensive usage as functional & nutritional food in baked, breakfast cereals, and meat & poultry products. Canola, a high-quality food protein source is rich in amino acids and other functional properties such as gelling, foaming, and emulsifying, has shown significant demand from France, India, Canada, and Germany. Canola protein ingredient market is slated to grow at 12% CAGR over 2016-2024.
Whey protein concentrates is another prominent product driving the protein ingredient market share. This segment collected a revenue of over USD 430 million in 2015. Owing to its high protein content and emulsifying properties, the FDA & the USDA have approved the product usage in medicine and cosmetics products. Whey protein hydrolysates finds wide acceptance in hair and skin products and has thus opened new commercial routes in clinical & cosmetics sectors.
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Protein ingredient market from the cosmetics and personal care sector is projected to record highest CAGR of over 6% over the period of 2016-2024. Both plants and animals based products are a rich source of proteinaceous elements for the cosmetic applications. Moreover, proteins from algae and fungi are also being used as high protein sources in some cosmetics products.
As protein's health halo continues to shine brighter, the industry participants are increasingly pumping up their R&D activities. This has resulted into varied application of protein ingredient in fertilizers, insect sprays, printing inks, paints, and paper coatings. Key players of the global protein ingredient industry include Kewpie Egg Corporation, Roquette, ADM, Scoular, DuPont, Fonterra, Tessenderlo, Burcon, and NutraScience.