According to the latest report by IMARC Group, titled “Protein Ingredients Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global protein ingredients market size reached US$ 32.5 Billion in 2018. Protein forms an important component of the human body. It repairs tissues and is an essential building block of bones, muscles, cartilage, skin, and blood. A balanced consumption of protein offers several benefits, owing to which it forms an essential part of the daily diet. Protein ingredients consist of large molecules of amino acids that assist in regulating weight, improving immunity and physical strength, and reducing muscle loss. As a result, they are extensively utilized across various industries including food and beverages in the production of dairy and bakery products, infant formula, beverages, and dietary supplements.
Global Protein Ingredients Market Trends:
Owing to the increasing prevalence of obesity, diabetes and malnutrition amongst the masses, there has been a rise in the number of health-conscious consumers across the globe. As a result, protein-rich food and beverages such as dietary supplements and sports nutrition products, which offer the right amount of protein nutrition, are constantly gaining popularity. Moreover, an increasing number of health and fitness clubs on a global level also acts as a major growth-inducing factor. This, in confluence with the growing demand for soy proteins in snacks and dairy products, is providing impetus to the market growth. Furthermore, with changing lifestyles, the preparation of conventionally protein-rich products has become difficult. On the other hand, protein ingredients products are easy to cook and can be consumed on-the-go, which is contributing significantly to their demand. On account of the aforementioned factors, the market value is anticipated to reach US$ 44.9 Billion by 2024, expanding at a CAGR of 5.5% during 2019-2024.
- On the basis of the type, the market has been bifurcated into animal proteins and plant proteins. Amongst these, animal proteins represent the most popular type and are further classified into egg protein, whey protein, gelatin, casein and milk protein concentrates/isolates. On the other hand, plant proteins are divided into wheat protein, soy protein, pea protein and others.
- Based on the application, the food and beverages segment exhibits a clear dominance in the market due to shifting eating patterns, particularly across the emerging economies. Other major applications include personal care and cosmetics, pharmaceuticals and animal feed.
- On the geographical front, the market has been segregated into Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. Currently, Europe holds the leading position, accounting for the majority of the total market share.
- The competitive landscape of the market has also been analyzed with some of the key players being Cargill, Inc., Archer-Daniels-Midland Company, Kerry Group, Omega Protein Corporation and Mead Johnson.
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