The protein ingredients market is projected to reach about USD 34 billion by 2020. It will flourish due to high demand from the foods & beverages industry. Proteins are a key to solving nutritional deficiencies. They are extensively used in infant formulations and cosmetic products. Demand for these ingredients would also increase on account of their high efficiency and nutritive value.
Proteins are best derived from eggs. But allergies to wheat glucans, especially in the U.S., and unattractive egg prices could result in increased plant & dairy products. Imbalanced supply-demand of grains leads to fluctuating soybean prices. This augments the production costs of protein ingredients, thus hindering the market.
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Products in the protein ingredients market comprise plant and animal. Plant proteins are segmented into canola, pea, wheat, soy protein concentrates, soy protein isolates, and textured soy. This segment gained over 40% shares in 2013. The same resulted from their low saturated fat & cholesterol content. Low costs of these products assist the market. Pea is the most swiftly growing product among plant proteins.
Animal protein ingredients are mainly obtained from gelatin, eggs, milk, fish, and meat. They were valued USD 15.2 billion in 2013, growing at 7.3% CAGR from 2014 to 2020 (forecast period). Egg proteins were the largest product among animal proteins and accounted for more than 40% volumes. They are added to bakery items, sport foods, meats, and ice creams to help conquer dietary deficiencies.
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Applications of the protein ingredients market comprise personal care & cosmetics, infant formulations, aquaculture, pet food, and foods & beverages. Foods & beverages dominated the market due to demand for protein ingredients in low-fat beverages & protein supplements. This application had a demand of 2, 048 kilotons (KT) in 2013 and will exhibit a growth rate of 5.7% over the forecast period. Infant formulations occupied 19.8% shares the same year and are anticipated to shrink by 2020.
In terms of geographies, North America exceeded a demand of 1, 500 KT in 2013. This was due to the rising consumption of snacks, cereals, and energy bars in the region. It led the market with respect to consumption in 2013 and occupied around 37% shares. Europe was the second largest protein ingredients market that year. This was on account of regional popularity of food & feed supplements.
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