Protein Ingredients Market worth $85.6 billion by 2028 - Exclusive Report by MarketsandMarkets™

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Mar 09, 2023, 05:30 ET

CHICAGO, March 9, 2023 /PRNewswire/ -- The Protein Ingredients Market is estimated to be valued at USD 61.0 billion in 2023. It is projected to reach USD 85.6 billion by 2028, recording a CAGR of 7.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. Some macroeconomic and microeconomic elements that have been prevalent in some important countries have had an impact on the global protein ingredients market. In terms of value sales, this would be strong enough to significantly influence the market during the predicted period. The rise in consumer awareness, health consciousness, demand for protein alternatives and high-end personal care products, changing lifestyles, and consumption patterns to drive the demand in the protein ingredients market.

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A wide variety of protein ingredients are available in the North American market offered by Cargill, Incorporated

North America has a significant market share in the protein ingredients market which implies that the consumer awareness and demand is high in the region, making it the most profitable region for protein ingredients market players to enter. Other factors such as high disposable income, urbanization, and developed stable economies with attractive opportunities are pulling investments in the industry from various players around the globe. US-based Cargill, Incorporated is a leading and well-established player in the market. It has a dominant share in the region and globally. The knowledge of consumer perception gives it a competitive edge over other players that are not from the fast-growing region.

The feed segment by application in protein ingredients market is relatively small in comparison to the food & beverages segment by application.

Protein ingredient-based feed is relatively less commercialized than protein ingredient-based food & beverages for human consumption in the market. This is because the demand for protein ingredients-based products for human consumption is high. The market for the animal end-user segment is at a very nascent stage, and the importance of a healthy animal diet rich in proteins has just started gaining momentum in the market. However, with the global rise in demand for clean, AGP-free (Antibiotic Growth Promoters), meat products such as beef, pork, and chicken, the significance of animal diet is also rising, and so is the importance for nutrient-rich feed and its production. This is further pushing the players to manufacture products to cater to the interests of the gradually growing market as a result of which players in the market are manufacturing protein ingredients that cater to the feed industry.

During the forecast period, the insect-based protein segment by source is expected to grow at the fastest CAGR of 33.4%.

It is being assumed that the animal sources of protein will be insufficient to cater the exponentially rising demand for protein worldwide. Thus, there is a huge space for alternative protein markets. One of the alternative sources which is growing at a very fast rate is the insect-based protein source. High protein content, easy availability, and low cost of raw materials is driving the market for insects as a protein source. Moreover, consumer curiosity and high investments in this segment, especially in the developed regions is driving their market.

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By form, liquid segment is projected to grow at a significant rate in the protein ingredients market during the forecast period.

According to an article published in Forbes in September 2022, demand for RTD beverages is skyrocketing, fuelling the demand for protein ingredients in liquid form. Liquid protein ingredients are easier to mix, blend homogeneously, and provide a uniform texture to the products, particularly in the beverages and cosmetics & personal care product applications. With the rising and aging population, the demand for easy consumable products for infants and elderly are in great demand. This is also contributing to driving the liquid form segment in the protein ingredients market.

By application, cosmetics and personal care products segment is projected to hold a significant market size in the protein ingredients market by 2028.

Proteins find a huge application in the cosmetics and personal care industry. They are used in skin-care formulations due to their moisture-imparting properties and in hair-care products due to their conditioning properties. Collagen is one of the most popular sources of protein ingredients used in the cosmetics industry due to its benefits for skin. With the rise in disposable incomes, and consumer spending on high-end personal care products, the demand and high growth for protein ingredients in this application industry is inevitable.

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Europe is estimated to dominate the protein ingredients market with a value of USD 21.4 Billion in 2023.

Europe is a strong market in the protein ingredients industry which is estimated to be the largest market in terms of value in 2023. The region enjoys macroeconomic benefits such as developed economies, high disposable incomes, and consumer awareness. Apart from them market specific developments such as government initiatives and investments are contributing to the growth of the industry. Europeans have a predominantly meat-based diet. However, veganism trends, and high demand for alternative protein sources in the form of plants and insects is also driving the market in the region.

The key players headquartered in this market include Kerry Group plc (Ireland), Arla Foods amba (Denmark), Roquette Freres (France) and Cosucra (Belgium). They are further contributing to the industry ecosystem positively.

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