According to a research report by Grand View Research, Inc., the global protein ingredients market is anticipated to reach USD 48.77 billion by 2025. The major growth driving factor for the market is strong scientific evidence supporting various health benefits of protein ingredients. Increased awareness among people about functional foods and dietary supplements is also a critical factor for market development.
Fluctuating prices of these ingredients may have an adverse effect on market expansion. Moreover, cost of soybean fluctuates constantly due to an imbalance in the demand and supply of grains, causing a rise in the production costs of protein ingredients. This is also likely to hamper the growth of this market. However, shifting preference of consumers toward healthy diet will continue to contribute to the increased demand for protein ingredients, as it has over the past few years. This can be attributed to an increasing number of consumers opting for sustainable and healthier food options.
Economic development along with increased consumer disposable income in various developing regions is also estimated to have a positive impact on industry growth. The worldwide demand for these ingredients was 4,500 kilo tons in 2015 and is predicted to reach 8,000 kilo ton by 2025 expanding at a CAGR of 6.2% from 2016 to 2025.
The global protein ingredients market is categorized as per application, type, and geography. On the basis of application, the market is segregated into personal care and cosmetics, infant formulations, foods and beverages, and animal feed. On the basis of type, the market is segmented into plant proteins, which includes textured soy protein, wheat, soy protein isolates/concentrates, pea, canola, and others and animal proteins, which includes casein/caseinates, milk protein concentrates/isolates, egg protein, whey protein concentrates/hydrolysates/isolates, and gelatin.
Recently, Carbery Group introduced its latest innovation, Optipep 4bars, from its hydrolyzed whey protein range. The new ingredient delivers a soft texture throughout its life span while enhancing nutritional profile. In addition, this ingredient offers fast absorption, which helps improve digestion.
Based on geography, the market is divided into Asia Pacific (APAC), North America, Latin America, Europe, and Middle East and Africa (MEA). North America was the biggest regional market and accounted for 35% of the overall market demand in 2015. This expansion can be attributed to growing health consciousness, along with rise in different applications such as cosmetics and food and beverages. The US market is likely to witness rapid growth as a result of increased consumption of cold cereals, energy bars, and other healthy snacks. In addition, advent of cholesterol-free beverages and food items containing low amounts of saturated fats is projected to boost demand during the next few years.
Europe was the second largest regional market in 2015 and held 30% of the worldwide consumption due to growth of the cosmetics and personal care industries in countries such as Germany, France, and U.K. The APAC region is predicted to exhibit the fastest growth in terms of revenue over the next eight years, registering a CAGR of 7% from 2016 to 2025. Rapid development of the cosmetics and healthcare industries in various developing countries such as South Korea and China is a key driving factor.
In addition, comparatively lower cost of labor and plant and animal protein production in APAC compared to developed regions are anticipated to contribute toward the region’s expansion. A lot of key manufacturers are trying to strengthen their presence in this region on account of easy availability of raw materials and low production costs. This is also expected to have a positive impact on the development of this region in the coming years.
Some of the prominent firms operating in the global protein ingredients market are Mead Johnson Nutrition; Bunge Ltd.; E. I. du Pont de Nemours and Company; The Archer Daniels Midland Company; and Cargill, Inc. This competitive market is characterized by joint ventures and mergers and acquisitions.
In-Depth Research Report On Protein Ingredients Market:
https://www.grandviewresearch.com/industry-analysis/protein-ingredients-market
No comments:
Post a Comment