Global Protein Ingredients Market is expected to reach USD 33.91 billion by 2020, according to a new study by Grand View Research, Inc. Global protein ingredients market is expected to witness significant growth on account of increasing demand as functional foods in the food & beverage industry. Protein fortification is a key imperative to meet global nutritional deficiency challenges. Moreover, protein ingredients are used extensively in infant formulations and personal care & cosmetics products. Demand for these products is increasing globally owing to their efficiency and high nutritional value.
Food & beverages constituted the largest application, accounting for over 45% of protein ingredients market share in 2013. Growing nutritional supplements demand among consumers owing to various health benefits is anticipated to have a positive impact on the market. Furthermore, technological advancements have allowed the use of plant & animal/dairy proteins in other food products including concentrated beverage powders, frozen desserts, sour cream, sour cream dips and other cheese-like products.
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Further key findings from the study suggest:
- Animal proteins was the largest product segment accounting for over 70% of protein ingredients revenue share in 2013 and is expected to witness the fastest growth on account of strong scientific evidence supporting health benefits. The market was valued at USD 15.23 billion and is expected to grow at a CAGR of 7.3% from 2014 to 2020. Whey proteins are beneficial for cancer patients and are expected to positively impact market growth over the forecast period.
- Egg protein was the largest product segment in the animal protein ingredients market accounting for over 40% of global volume. Egg protein is fortified into food & beverage products including bakery, ice creams, sports foods and meats as it aids in overcoming nutritional deficiencies.
- Food & beverage application of the protein ingredients market accounted for 49.9% of the global market owing to increasing use in the manufacturing of protein supplements and low-fat beverages. The global plant & animal/dairy protein ingredients demand in food & beverage applications was 2,048.1 kilo tons in 2013 and is expected to grow at a CAGR of 5.7% from 2014 to 2020.
- Asia Pacific is expected to gain significant share and exceed 20.0% by 2020 on account of growing animal feed industry in India and China. North America was the largest regional consumer accounting for over 35% of global market in 2013. North America protein ingredients market exceeded 1,500 kilo tons in 2013 and is likely to grow at a CAGR of 5.4% from 2014 to 2020 in light of increasing consumption of energy bars, cold cereals and snacks.
- Key market participants include DuPont Solae, CHS Inc, Danisco, Scoular, Archer Daniels Midland, Bunge and Cargill. Global protein ingredients market is consolidated in nature with major participants including Mead Johnson, Solae and Cargill accounting for 80% of the market share in 2013. Product innovation and strategic alliances are expected to be critical success factors for the market. Continuous supply of soy, pea, wheat and canola by raw material suppliers is ensured from agriculture based economies including Brazil, India, China and the U.S.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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