Wheat protein Market driven by Surging elderly population, rising income levels, and increased urbanization
Selbyville, DE -- (SBWIRE) -- 04/30/2020 -- Global Market Insights, Inc. has added a new report on Wheat Protein market that provides a comprehensive review of this industry with respect to the driving forces influencing the market size. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape of market in tandem with its competitive terrain.
2017 Market Size - USD 2 billion
2024 Forecast Value - USD 2.7 billion+
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Companies Profiled based on Business Overview, Financial Data, Product Landscape, Strategic Outlook & SWOT Analysis:
- Archer Daniels Midland Company
- AGRANA Group
- Manildra Group
- MGP Ingredients
- Agridient B.V.
- KERRY INC
- Crop Energies AG
- Anhui Reapsun Food
Increasing consumer consciousness towards plant-based nutrition diet along with a growing vegan population in emerging economies will drive wheat protein market. Factors such as aging population, rising income level and increased urbanization likely to propel product penetration rate. The rising prevalence of deficiencies in low income countries owing to limited access to high nutrition diets such as meat, fish, fruit and vegetables will further boost product market.
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Positive application outlook as animal feed and growing awareness regarding livestock health is anticipated to propel product demand as animal feed. Easy availability and cost effectiveness will positively influence market penetration. Fluctuations in commodity pricing, including corn and barley likely to support product application scope. Key benefits such as high nutritional value, low fiber content, and a better TDN value compared to counterparts, including corn and barley driving wheat protein market share.
Favorable government policies to reduce obesities and diabetes problems by limiting meat consumption will augment industry. For instance, Chinese government outlined a new policy to reduce its meat consumption by 50% by 2030. New dietary guidelines implemented by the country's health ministry target to limit consumption between 40g to 75g of meat per person each day.
Key Highlights of this report:
Base Year: 2017
Growth Projections - 2018 to 2024
Historical data coverage: 2013 to 2017
Number of Pages - 58
Data Tables - 6
Dry form is anticipated to register a CAGR over 3.5% up to 2024. High water solubility and excellent amino acid profile are the major features supporting dry form demand. Key aspects such as bulk purchasing, easy processing and handling techniques are likely to support segment growth. In addition, low labor cost for manufacturing and ease of application among consumers propelling wheat protein market growth.
The animal feed segment is expected to witness the fastest growth up to 2024. Health benefits in terms of enhanced carbohydrate consumption will positively drive segment growth. Rising expenditure associated with maintenance of animal husbandry and feed affordability likely to influence wheat protein market.
North America wheat protein market is projected to surpass 300 kilotons by 2024. Increasing health conscious consumer base and growing vegan population in the region likely to enhance industry. In addition, a surge in demand for cosmetics, nutrition supplements and personal care products owing to rising disposable income will propel regional market share over the forecast period.
Asia Pacific demand estimated to hold around 20% industry share in 2016. Increasing bakery and confectionery consumption owing to rising population will propel product demand. Favorable socioeconomic factors owing to diversified taste and preference will provide a strong business outlook for manufacturing. Expansion of cosmetics and healthcare sectors in China, Japan, India and South Korea is expected to drive industry expansion.
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At Global Market Insights, our researchers and domain experts use a unique blend of primary and secondary research, with validation and iterations at every stage, in order to minimize deviation and present the most accurate analysis of the industry. The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:
Definition and scope of research
Market dynamics, growth drivers and industry pitfalls
Regulatory and political guidelines for the industry
Demographics and statistical data