The protein ingredients market size is predicted to grow at a CAGR of 7.0% between 2023 and 2028, reaching a value of $85.6 billion by 2028 from a projection of $61.0 billion in 2023. Protein ingredients are produced by processing plant, animal, insect, and microbial sources to obtain high protein concentrations, which can find applications in the food & beverages, feed, cosmetics and personal care, and pharma industries. The market is projected to grow at a significant rate with the rising significance of a protein-rich diet.
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Key Highlights the Protein Ingredients Market
Here are some key highlights of the protein ingredients market:
1. Rapid Growth: The protein ingredients market has experienced substantial growth in recent years, driven by increasing consumer awareness of the importance of protein in a healthy diet.
2. Plant-Based Proteins: Plant-based protein ingredients, such as pea, soy, and rice proteins, have gained significant market share due to the growing demand for vegetarian and vegan food products.
3. Health and Wellness Trends: Rising health and wellness trends, along with the popularity of fitness and sports nutrition, have boosted the demand for protein-rich products.
4. Clean Label and Natural Ingredients: Consumers are increasingly seeking clean label products, which has led to a preference for protein ingredients derived from natural sources with no artificial additives.
5. Protein Fortification: Protein fortification of various food and beverage products, including snacks, beverages, and baked goods, has become a common practice to enhance nutritional value.
6. Functional Benefits: Protein ingredients are being incorporated into products for their functional benefits, such as muscle recovery, weight management, and satiety, contributing to their market growth.
Plant-based protein source in the protein ingredients market are projected to grow a significant CAGR of 6.8% during the forecast period
The growth of the plant-based protein market is being attributed to the rise in demand for alternative protein sources worldwide. The rise is a result of growing vegan trends across the globe. Moreover, plant-based proteins are a cheaper source of protein with similar protein content and thus find high popularity in developing regions. Consumer interest in plant-based protein sources is also a result of their health concerns regarding the consumption of high-quality animal-based meat, which contributes to the ever-rising prevalence of chronic diseases. Many cosmetics brands manufacture animal-cruelty-free products these days, which are gaining huge popularity in the protein ingredient market. Their growing production is also contributing to the growth of plant-based proteins.
Dry segment by form is estimated to dominate over the forecasted period
The dry form of protein ingredients is largely preferred by manufacturers of food & beverage, feed, and pharmaceutical products for various reasons. In the protein ingredient industry, powdered or dry ingredients are excellent texture enhancers. Dry forms of animal and plant-based protein ingredients are widely used in multiple foods, feed pharma, and cosmetics applications. Moreover, with the rise in demand for meat alternatives and growing trends for plant-based foods, industries are focused on maintaining the texture of plant-based food. They are trying to make it as close as possible to the texture of meat. These textured proteins are mostly in dry form; thus, the rise in demand for texturized protein ingredients is driving the demand for dry-form protein ingredients. The demand for dry form is also being driven by the rise in demand for feed, owing to its high fiber content.
South America is projected to be the fastest-growing region in protein ingredients market in 2023; it is anticipated to grow at a significant CAGR
The market in South America is projected to witness strong growth driven by fast-developing economies such as Brazil and Argentina. The level of overall investment in the region has increased substantially over the past decade. The region has also witnessed a rise in consumer health awareness in recent years. The region has a high demand for the consumption of animal sources of protein. Brazil and Argentina are among the top producers and exporters of animal sources such as pork and beef. They are also one of the top producers of soy in the world, thereby significantly contributing to the growth of both the animal and plant-based protein ingredient industries.
The key players in this market include DuPont (US), ADM (US), Kerry Group plc (Ireland), Cargill, Incorporated (US), and Arla Foods amba (Denmark).
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