Dairy Protein Market on Target to Reach $14.54 Billion by 2026
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Increase in demand for protein as nutritional and functional ingredients, rise in demand for infant formula coupled with consumer awareness regarding healthy diet have boosted the growth of the global dairy protein market. However, surge in demand for infant formula hampers the market. On the contrary, advent of protein supplements in untapped markets and product innovation and rise in demand for organic dairy ingredients are expected to create lucrative opportunities in the near future.
By type, the casein and derivatives segment is expected to portray the fastest CAGR of 6.7% during the forecast period, owing to increasing demand for casein and its derivatives from the sports nutrition industry and surge in adoption in dietary supplement. However, the whey protein segment held the largest share in 2019, contributing to around half of the global dairy protein market, owing to an increase in demand for whey-based products for muscle recovery, healthy snacks and nutritional convenience food among the health-conscious customers in developed countries.
The food & beverage segment held the largest share in 2019, accounting for nearly half of the global dairy protein market, owing to rise in demand for whey and casein ingredients in food & beverage applications due to their multiple benefits such as foaming, emulsifying and thickening ability.
However, the nutrition segment is anticipated to portray the fastest CAGR of 6.6% during the forecast period, due to rising consumption of health-conscious consumers in the developing countries.
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Major market players
o Kerry Inc
o Archer Daniels Midland Company
o Arla Foods inc
o Groupe Lactalis
o Fonterra Co-Operative Group (Fonterra)
o Royal Frieslandcampina
o Cabot Creamery
o Schreiber Foods
o Dana Dairy Group
The global dairy protein market across North America held the largest share in 2019, contributing to nearly one-third of the market, owing to large consumer base in the U.S. adopting healthy lifestyle and indulging in activities promoting an active and healthy lifestyle. However, the market across Asia-Pacific is estimated to register the fastest CAGR of 7.2% during the forecast period, due to awareness about the protein supplements.
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