Global protein ingredients market is projected to reach USD 33.91 billion by 2020. Growing demand for the product due to increasing application scope in the end-use application including functional foods is expected to propel growth.
Rising consumer awareness regarding functional foods and dietary supplements and functional foods has played a critical role in market growth. In addition, rising health awareness among consumers coupled with widespread applications in cosmetic products and personal care is expected to drive market growth.
On-going research has proved protein to be the best source to keep the body fit. Protein ingredients also find use in infant formulation. Demand for such products which are high in protein content is increasing across the globe owing to their efficiency and high nutritional value.
Food & beverages application accounted for over 45% of protein ingredients market share by volume in 2013. Rising demand for nutritional supplements among consumers owing to various health benefits is projected to propel further the market growth. Furthermore, use of animal & plant protein in food products such as sour cream dips, sour cream, frozen desserts, concentrated beverage powders, and other cheese-like products is expected further augment the growth of the market.
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Animal protein is expected to witness the highest growth on account of numerous health benefits supported by scientific research. Animal protein segment is projected to grow at a CAGR of 7.3% over the forecast period. Whey protein a sub category of animal proteins is beneficial for cancer patients and is expected to witness substantial growth over the forecast period.
Egg protein, a sub category of animal protein is the largest product segment in animal protein ingredients market. Egg protein accounted for over 40% of market volume. Egg proteins are extensively used in food & beverage products such as sports food, meat, bakery and ice creams. Egg protein is very useful in overcoming nutritional deficiencies which are expected to bolster growth over the next few years.
Asia Pacific is expected to gain a market share of over 20% by 2020. This growth is attributed to growing animal feed industry in countries such as China and India. Moreover, Asia Pacific is projected to witness significant gains for the ingredients in infant formulationson account of notable increase in birth rates as well rising disposable income in countries including China and India.
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North American protein ingredients market is expected to witness substantial growth, growing at a CAGR of over 5.0% from 2014 to 2020. Rising demand for the product in the manufacturing of cold cereals, energy bars, and snacks is expected to drive demand in the region. Europe is likely to witness significant growth going forward till 2020 owing to increasing dairy production in Germany and Poland, which in turn is likely to cater to the regional demand over the forecast period.
The market is consolidated with key players including Mead Johnson, Solae, and Cargill accounting for 80% of the market share in 2013. Other prominent market participants include CHS Inc., Danisco, Archer Daniels Midland, Bunge, DuPont-Solae Scoular, and Cargill.
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