The global whey protein market size is expected to reach USD 12.8 billion by 2025, expanding at a CAGR of 8.1% from 2019 to 2025, according to a new report by Grand View Research, Inc. The market growth is attributed to growing awareness regarding benefits such as improvement in body composition, weight loss, metabolism, muscle growth and recovery, lever health, immunity, and digestive system. It also provides antioxidant support and treats inflammation.
Growing penetration of the product as a protein supplement owing to increase in consumption among infants, adults, baby boomers, athletes, and strength and high intensity trainers has been contributing to the growth of the global market. For instance, Davisco Foods International produces products such as BiPRO and BioZate in dairy products, whereas, it is planning to expand its product line for other applications in industries such as food service, sports nutrition, cosmetics, and infant formula.
Concentrates held the largest share of 46.2% in 2018. They find their major application in the food processing industry as protein beverages, food supplements, baked goods, and infant formulas. Isolates is estimated to be the fastest growing type, expanding at a CAGR of 8.6% over the forecast period.
Growing concerns over high protein intake and less fat resulted in an increase in demand for protein isolate. Many of the companies are coming up with new product launches. For instance, North Bay’s XP labs launched ISO XP strawberry flavored isolate. Similarly, Glanbia nutritional launched BevEdged protein powder isolate, which enables citrus and berry flavored protein drink mixes.
The nutritional application segment is expected to expand at a CAGR of 8.7% over the forecast period. Nutritional products are primarily required for muscle strengthening and recovery after athletic activities. Many of the companies are coming up with nutritional products. For instance, Abott’s Ensure max protein café mocha nutritional shake provides high quality protein to keep muscles strong and satisfy hunger. The product is gluten-free and suitable for lactose intolerance.
North America was the largest regional market with a revenue of USD 2.7 billion in 2018. The region is expected to maintain its lead over the forecast period. It recorded the highest consumption of dairy products. Due to increase in awareness about the health requirements and dairy products’ benefits, North America emerged as the adapter of whey protein owing to change in lifestyle and work culture. For instance, Fonterra Cooperative Group invested in Columbia River Technologies, a whey protein concentrate manufacturer, to expand its network for infants and sports nutrition customers.
Asia Pacific is anticipated to emerge as the fastest growing region, expanding at a CAGR of 9.0% over the forecast period. Growing population, prescriptions of supplements by doctors, emergence of whey protein pediatric milk, sports nutrition, and growing application of whey protein in the personal care industry are driving the market. Companies such as Amul and Paras manufactures Amul Pro Whey protein milk for all age groups but especially for kids, which provides quick nourishment to muscles.
Key players in the market include Hilmar Cheese Company; Maple Island Inc.; Glanbia; Saputo Inc.; Davisco Foods International Inc.; Alpavit, Fonterra Cooperative Group Ltd.; Milk Speciality Globals; Wheyco Gmbh; and Milkaut SA.
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Further key findings from the report suggest:
- By type, concentrates led the market and held 46.2% share of the global revenue in 2018
- North America dominated the market in 2018 with a revenue of USD 2.7 billion in 2018. This trend is projected to continue over the next few years
- Asia Pacific is expected to witness significant growth in the coming years on account of increase in awareness and change in lifestyle
- The whey protein market is highly competitive in nature with the main players including Davisco Foods International Inc., Alpavit, and Fonterra Cooperative Group Ltd.
- Various manufacturers are concentrating on new product launches and capacity expansion to estimate existing and future demand patterns from the upcoming product segments.
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