Wheat Protein Market Valuation to Cross USD 4,788.49 Million by 2028 | The Insight Partners

The wheat protein market is expected to grow from US$ 4,083.05 million in 2021 to US$ 4,788.49 million by 2028; it is expected to grow at a CAGR of 2.3% from 2021 to 2028. The report highlights key driving factors and prominent market players along with their developments in the market.

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The List of Companies - Wheat Protein Market

Archer Daniels Midland Company
Roquette Frères
Glico Nutrition Co.,Ltd
Kröner-Stärke GmbH
Cargill, Incorporated
Crespel & Deiters GmbH & Co. KG
CropEnergies AG
Manildra Group
MGP Ingredients Inc.
Tereos Group

Consumers' eating patterns have been drastically changed, owing to increasing westernization and growing globalization. The growth of various fast-food products is driven by the rising working population and increasing youth population. Packaged bakery and snack products are being increasingly consumed across the world. In Europe, increased health concerns and a surge in the aging population have urged consumers to opt for healthier food substitutes such as value-added baked goods.

This change in consumer preference toward ready-to-eat foodstuffs has augmented the demand for bakery products, thereby influencing the growth of the wheat protein market. The growing demand for gluten concentration, owing to superior stabilizer properties, primarily in food applications, is escalating the wheat protein business development. The rising demand for bakery products such as cake, bread, rolls, and pastries is strongly supporting product utilization.

Wheat proteins are plant-based proteins primarily obtained by processing wheat using different enzymes. Wheat protein offers various benefits such as low fiber content and high nutritional value, compared to counterparts including corn and barley. It is a vegetarian protein source for vegans. Thus, wheat proteins are widely used in bakery products.

Moreover, the rapid growth of western restaurants offering baked goods across the globe is fueling the demand for bakery products, thereby creating the need for wheat protein. Also, the increasing demand for premium pet food products from developing and developed countries is one of the key driving factors for the market. As per the American Pet Products Association (APPA), about 85 million households in the US own a pet. It accounts for 67% of the total households. Moreover, rising awareness about the benefits of commercially manufactured pet food and growing concerns about pet health has led to remarkable growth in the wheat protein market globally.

The wheat protein market, by application, is segmented into bakery & snacks, pet food, nutritional bars & drinks, processed meat, meat analogs, and others. In 2020, the bakery and snacks segment accounted for the largest revenue share. Numerous bakery products, such as rolls, bread, cookies, pastries, pies, and muffins, are popular among consumers. Wheat proteins are among the common ingredients that optimize dough behavior and enhance the nutritional properties of end products. The increasing demand for wheat protein in the bakery & snacks industry and the trend of the clean label are creating ample opportunities for the players operating in the wheat protein market worldwide.

The importance of organic food items has been understood in the wake of alarming health issues, coupled with rising consciousness about organic certifications and growing preference for high-quality food items. Nowadays, consumers are looking for natural, clean, and simple ingredients with proper labels, which could effectively convey their contents, quality, and intent of the product use. Further, they are largely dependent on organic and natural food products. For instance, the consumption of organic wheat protein has been extensively rising in diverse application sectors, such as food & beverages, and animal and aqua feed. Thus, the manufacturers of wheat protein are focusing on developing and marketing organic wheat protein.

The ongoing COVID-19 pandemic has negatively impacted the demand for wheat protein from bakeries and another end-use industries due to the shutdown of production units and bakeries amid the lockdown across several economies. However, as the countries are reviving their operations, the demand for wheat protein is expected to grow across the globe in the coming months. During the COVID-19 pandemic, consumers are substituting conventional ingredients with healthier alternatives, which propels the demand for plant-based protein, such as wheat protein. Further, due to the pandemic, the consumers are preferring healthy and functional bakery products. Therefore, the wheat protein market size is expected to grow during the forecast period.

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This release was published on openPR.