The global protein ingredients market is projected to reach US$85.6 billion by 2028
This market growth is influenced by various macroeconomic and microeconomic factors prevalent in key countries, driving consumer awareness, health consciousness, demand for protein alternatives, and high-end personal care products. Changing lifestyles and consumption patterns are also key contributors to this growth.
A research article published in October 2022, titled "Impact of COVID-19 pandemic on consumer behavioral intention," highlighted a significant link between the consumption of nutritious meals and consumer purchasing habits. The study found that post-pandemic, consumers are more focused on their health, security, and safety. Increasing awareness about strengthening the immune system to prevent infections has compelled people to maintain a healthy lifestyle and proper diet, boosting the demand for protein ingredients globally.
Dairy and Plant Proteins: Key Growth Drivers
Dairy and plant proteins are expected to witness substantial growth. Dairy protein suppliers benefit from the trend towards more functional products and increased consumer interest in nutritional value. Meanwhile, plant-sourced protein ingredients are supported by growing vegan trends driven by sustainability and animal cruelty concerns. In Islamic nations and countries like India and Nepal, cultural and religious aspects also favor plant-based proteins over animal proteins, presenting a significant opportunity for market players.
Plant-Based Protein Market to Grow at 6.8% CAGR
The plant-based protein segment is projected to grow at a significant CAGR of 6.8% during the forecast period, driven by the rising demand for alternative protein sources worldwide. Plant-based proteins are popular due to their similar protein content to animal proteins and lower cost, making them attractive in developing regions. Health concerns regarding high animal-based meat consumption and the rise of animal-cruelty-free products in the cosmetics industry further contribute to this growth.
Food & Beverage Segment Leads Market Demand
The food & beverage segment by application dominated the protein ingredients market, with an estimated value of USD 6.9 billion. Growing health consciousness and obesity concerns have led consumers to focus on healthy diets with low-fat and high-nutritional value foods, increasing the consumption of protein ingredients. Proteins are valued for their functional properties, such as texturing, emulsifying, solubility, stabilizing, and binding, which allow manufacturers to lower raw material costs and substitute some food additives.
Europe: The Largest Market for Protein Ingredients
Europe is estimated to dominate the protein ingredients market, valued at USD 21.4 billion in 2023. The region benefits from developed economies, high disposable incomes, and consumer awareness. Government initiatives and investments further contribute to market growth. While Europeans traditionally have a meat-based diet, veganism trends and high demand for alternative protein sources, including plant and insect proteins, are driving the market in the region.
In conclusion, the global protein ingredients market is poised for robust growth, driven by increasing consumer health consciousness, demand for alternative protein sources, and innovations in the food & beverage industry.
