The global protein ingredients market size is projected to be valued at USD 76.47 billion by 2027, as stated by a new report published by Grand View Research, Inc. In terms of revenue, it is likely to expand at a CAGR of 9.1% during the forecast period. Rising demand for food products rich in nutrients is projected to propel the growth.
Growing health consciousness among consumers is anticipated to propel the market for plant and dairy products that reduce the risk of diabetes and Cardiovascular Diseases (CVDs). Plant and dairy based ingredients have been approved as vital ingredients by the European Union and are authorized for consumption by the U.S. Food and Drug Administration (FDA) along with other countries across the globe including Australia, Japan, and Canada.
Food and beverages industry consists of a wide product portfolio, in which food industry comprises consumer food, food additives, dietary as well as nutraceutical supplements, and animal foods and feed ingredients. Similarly, beverages industry constitutes of products, such as aerated drinks, alcoholic drinks, juice or health drinks, and non-alcoholic drinks. Therefore, the increasing demand for the protein ingredients product is expected to spur the market over the forecast period.
Soy protein has dominated the plant protein ingredients market over the years. It is derived from soybean and contains all the nine essential amino acids. The prime reason for the high growth of this segment is the availability of a variety of forms being developed for novel applications. Soy protein forms range from fortified, flavored, extruded meat analogs, and colored to pure protein isolates with specialized capabilities.
The market is highly fragmented in nature owing to the lack of brand awareness and an absence of consumer loyalty. Supermarkets and hypermarkets account for a majority of the product sales, followed by specialty drug stores and online stores. This trend is expected to continue with retailers like Costco and Walmart increasing the shelf space of private labels through new formulations, in-store customer education, and innovative packaging.
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Further key findings from the report suggest:
- Animal proteins product segment led the market, accounting for over 56.8% market share in terms of volume in 2019 owing to the increasing utilization of whey protein concentrates in manufacturing dairy desserts, beverages, and yogurt products
- Soy is predicted to be the largest product segment by 2027. It is expected to be the highest revenue-generating segment constituting over 43% protein ingredients market share in 2019
- Food and beverages application segment is expected to register the highest expansion in terms of revenue at a CAGR of over 8.7% owing to the increasing demand for gelatin owing to its various properties including its ability to act as a complexing/stabilizing agent, and flavor enhancer in food and beverages sector is expected to spur the market over the forecast period
- North America was the largest regional segment accounting for 44.4% of the total market share in terms of revenue and is expected to expand at a CAGR of 8.9% between 2020 and 2027
- In August 2019, Cargill, Incorporated invested USD 75 Million in Puris, a Oskaloosa, U.S.-based company engaging in the cultivation of plant-based ingredients. Puris supplies its products to Beyond Meat, a Los Angeles-based manufacturer of plant-based meat substitutes. This strategy highlights the demand for pea protein ingredients in the U.S. market