Protein Ingredients Market is booming worldwide with $73.09 billion by 2027, at a CAGR of 7.8% | Pre & post COVID-19 market estimates

According to this latest publication from Meticulous Research®, the protein ingredients market is expected to grow at a CAGR of 7.8% from 2020 to 2027 to reach $73.09 billion by 2027.

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Meticulous Research®—leading global market research company published a research report titled “Protein Ingredients Market by Type (Animal Protein, Plant Protein, Insect Protein, Microbial Protein), Form (Dry, Liquid), and Application (Food & Beverage, Animal Feed, Nutritional Supplements, Pharmaceuticals, Cosmetics)—Global Forecast to 2027”.

This market is majorly driven by factors such as the growth of the functional foods and beverages market, advancements in ingredient technologies such as microencapsulation, rising demand for livestock products, increasing awareness about the benefits of protein consumption, and growing consumer inclination towards protein-rich diets. Additionally, the growing potential of insect and plant proteins, untapped emerging markets such as Southeast Asia, Latin America, and the Middle East & Africa, and increasing consumer inclination towards the vegan diet are expected to provide significant growth opportunities for protein ingredient manufacturers in the coming years. However, fluctuating raw material prices and the high cost of protein ingredients such as insect protein and algal protein are expected to restrict the growth of the market to some extent. On the other hand, growing soy-free and gluten-free trends are expected to create challenges for protein ingredient manufacturers.

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The protein ingredients market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on type, form, application, and geography. The study also evaluates industry competitors and analyzes the market at the country level.

Based on type, the protein ingredients market is mainly segmented into animal protein, plant protein, insect protein, and microbial protein. In 2020, the animal protein segment is estimated to account for the largest share of the protein ingredients market. The leading position of this segment is mainly attributed to the animal proteins’ foremost usage in a large number of end-use applications such as functional foods, infant nutrition, and protein supplements; their better nutritional contour than other protein ingredients; and comparatively lower prices than novel protein ingredients. However, the insect protein segment is expected to grow at the highest CAGR during the forecast period, which is mainly attributed to the growing demand for environment-friendly protein-rich foods, rising investments in edible insect farming, and altering attitudes towards insects as food.

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Based on form, the protein ingredients market is segmented into dry and liquid forms. The dry form segment is estimated to account for the largest share of the protein ingredients market in 2020. The segment’s major share is mainly attributed to the dry form protein ingredients’ higher demand due to their ease of handling & transportation, cost-effectiveness, and the ability to avoid costly formulation errors and maintain the ingredients’ stability. This segment is also expected to grow at the highest CAGR during the forecast period.

Based on application, the protein ingredients market is mainly segmented into food & beverage, animal feed, nutrition and health supplements, pharmaceuticals, personal care and cosmetics, and others. The food & beverage segment is estimated to account for the largest share of the protein ingredients market in 2020. The segment’s large share is mainly attributed to increasing consumer preference for novel foods and ingredients, growing awareness and demand for protein-rich food products, the protein ingredients’ versatile functionality and compatibility with vegetarian and vegan lifestyles, and the rising ‘clean label’ trend. However, the nutrition and health supplements segment is expected to witness rapid growth during the forecast period, which is mainly attributed to changing lifestyles, growing health & wellness trends, and increasing nutrient-savvy consumers.

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Geographically, Europe is estimated to account for the largest share of the protein ingredients market in 2020. Europe’s prominent position is primarily attributed to the changing food consumption patterns in favor of functional foods, a well-established food & beverage industry, rising concerns over animal-based products and proteins, increasing vegan population, growing preference for functional and nutritious ingredients, increasing demand for healthy & nutritious products, and growing health & wellness trends. However, the Asia-Pacific region is expected to record the highest CAGR during the forecast period. The rapid growth of this regional market is mainly attributed to the rising population and urbanization, industrial growth, availability of sustainable food-protein sources, advancements in food processing technologies, changing economies, and growing interest in protein-rich vegetarian foods and diets.

The key players operating in the protein ingredients market are Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), E.I. Dupont De Nemours and Company (U.S.), Kerry Group (Ireland), Roquette Freres (France), Arla Foods amba (Denmark), Fonterra Co-Operative Group Limited (New Zealand), Royal FrieslandCampina N.V. (Netherlands), AMCO Proteins (U.S.), Axiom Foods Inc. (U.S.), Burcon NutraScience Corporation (Canada), Glanbia plc (Ireland), GELITA AG (Germany), CHS Inc. (U.S.), Kewpie Corporation (Japan), Omega Protein Corporation (U.S.), Hilmar Ingredients (U.S.), AgriProtein (South Africa), Crespel & Deiters GmbH & Co. KG (Germany), Ÿnsect (France), Farbest Brands (U.S.), Enterra Feed Corporation (Canada), Sotexpro (France), Protix (Netherlands), Now Foods (U.S.), Entomo Farms (Canada), Cosucra Groupe Warcoing SA (Belgium), DIC Corporation (Japan), Taiwan Chlorella Manufacturing Company (Taiwan), Tianjin Norland Biotech Co., Ltd. (China), Cyanotech Corporation (U.S.), MycoTechnology Inc. (U.S.), and 3Fbio Ltd. (U.K.).

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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of type, form, application, and region/country?
What is the historical market size for protein ingredients globally?
What are the market forecasts and estimates for the period 2020–2027?
What are the major drivers, restraints, challenges, and opportunities in the global protein ingredients market?
Who are the major players in the global market, and what share of the market do they hold?
Who are the major players in various countries, and what share of the market do they hold?
How is the competitive landscape?
What are the recent developments in the global protein ingredients market?
What are the different strategies adopted by major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global protein ingredients market, and how do they compete with the other players?

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