Protein Ingredients Market To Witness Growth Owing To Rise In Consumer Awareness Towards Nutritional Dietary Supplements Till 2025 | Million Insights

Industry Insights:

The global protein ingredients market was estimated at around 23.98 billion in 2015. The rising awareness about the product’s health benefits, supported by strong scientific evidence, is anticipated to drive the growth of this market during the forecast period. In addition, rising awareness regarding dietary supplements is expected to play a key role in the growth of this market during the forecast period.

The human body requires amino acids for the healing of cells; however, it is not capable of producing these important amino acids. Hence, there is an increasing need to consume them externally through diet. These amino acids can be obtained from plants and animals. The rising demand for the product from the food & beverage, animal feed, cosmetics, and personal care industries is expected to augment the growth of this industry during the forecast period.

The animal-based products are extracted from milk products, fish, egg, and meat, and plant-based products are obtained from canola oil, soy, rice, pulses, and wheat. Depending on the type of extraction technique, the proteins extracted from milk and soy can be segmented into isolates, hydrolysates, and concentrates. The key restraint that could impact the growth of the industry is the price volatility of raw materials. The fluctuating prices of soybean may create imbalances in the supply-demand equilibrium of the grains.

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Application Insights:

The food and beverages segment is expected to be the fastest-growing segment, growing at a CAGR of around 6%. In addition, this segment also dominated the overall industry revenues in 2015, accounting for a share of nearly 50%. This dominance and growth are expected to continue owing to the growth of pharmaceutical and cosmetics industries in the Asia-Pacific region, notably in economies such as India, China, and Japan.

Infant formulations, which are derived using soybean or milk, are expected to account for the second largest market share by volume, mainly on account of the heightened awareness among parents regarding benefits of the product for the growth of infants. This segment is expected to account for over 15% of the global demand during the forecast period.

Product insights:

The soy protein concentrates segment accounted for highest consumption, valued at over 30% of the overall global demand, in 2015. The major reason for the high consumption is the presence of low cholesterol and saturated fats in these products.

The soy protein isolates segment accounted for the second largest share, with a share of 15% of the overall demand in 2015. These products are primarily used in the processing of meat products and food & beverage industries, comprising 90% protein content. Among animal-based products, the whey protein segment accounted for the second-largest share of the consumption volume, accounting for over 15%.

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Regional insights:

North America recorded the highest regional demand of over 35% for the product in 2015. This high share can be attributed to the increasing demand from the pharmaceuticals, food & beverages, and cosmetics industries, coupled with increasing awareness about the health benefits of the products among consumers.

The U.S. market for the product is expected to grow on account of the rising consumption of energy bars, cold cereals, and snacks. Moreover, this trend is expected to continue during the forecast years owing to the changing lifestyles and rising demand for ready-to-eat snacks and supplementary diets.

The economic development and rise in demand for healthier food in the Asia Pacific region, particularly in China, India, South Korea, and South East Asian countries, are expected to fuel the product demand during the forecast period. The low cost of manufacturing, along with the growth of the healthcare, personal care, and food & beverages industries, is expected to drive the growth of the industry in the region, at a CAGR of over 7%.

Competitive insights:

The industry is highly competitive, with the presence of a large number of manufacturers across the globe. The industry is dominated by two key participants, namely, ADM and Cargill, Inc., followed by DuPont, Bunge, and Mead Johnson.

Most players in this industry have adopted strategies such as new product developments and capacity expansions, particularly in Asia Pacific region, in order to obtain a competitive edge over their competitors.

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/chemicals-and-materials

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