The global protein ingredients market to grow at a CAGR of 6.49% from 2022-2028
Source: The DairyNews
The global protein ingredients market is expected to grow at a CAGR of 6.49% from 2022-2028, writes "Research and Markets".
The global protein ingredients market is projected to grow rapidly in the coming years. An increase in consumer demand for high-quality, nutrient-dense foods drives this growth. The key global protein ingredients market players are ADM, Cargill, FrieslandCampina, International Flavors & Fragrances (IFF), and Fonterra Co-operative Group.
Competition in the industry is increasingly globalized as new players enter, based mainly on emerging markets such as China, India, and Brazil. In addition, multinational companies seize the opportunity to gain a competitive edge by investing in new protein sources and in R&D initiatives to create new and innovative products. As a result, the competition is global and highly structured, with a clear delineation between industry leaders and up-and-coming rivals. The competitor in the worldwide industry impact the competitive dynamics, with prominent players investing heavily in R&D initiatives while smaller companies look to capitalize on new opportunities.
MARKET TRENDS & DRIVERS
Consumers globally adopt a healthy lifestyle, especially in developed countries. As a result, the consumer base for sports nutrition and supplements is expanding. Sports nutrition is one of the fastest-growing categories within consumer health. It is expected to grow during the forecast period, driven by expanding core users from bodybuilders and performance athletes to a broader basket of consumers focused on fitness and healthy lifestyles. One of the key trends in the sports nutrition and supplement industry is the increased demand for plant-based products.
The modern generation is more interested in pursuing a healthy lifestyle. Apart from this, there is a gradual shift among consumers towards healthier eating habits.
INDUSTRY RESTRAINTS Fluctuations in Raw Material Prices
The rise and fall in the price of raw materials, such as soy, pea, almond, coconut, rice, and other ingredients required to produce plant-based protein supplements directly impact the cost of production. Thus, changing the price of these raw materials is one of the most significant challenges to the protein ingredients market.
Competition in the industry is increasingly globalized as new players enter, based mainly on emerging markets such as China, India, and Brazil. In addition, multinational companies seize the opportunity to gain a competitive edge by investing in new protein sources and in R&D initiatives to create new and innovative products. As a result, the competition is global and highly structured, with a clear delineation between industry leaders and up-and-coming rivals. The competitor in the worldwide industry impact the competitive dynamics, with prominent players investing heavily in R&D initiatives while smaller companies look to capitalize on new opportunities.
MARKET TRENDS & DRIVERS
Consumers globally adopt a healthy lifestyle, especially in developed countries. As a result, the consumer base for sports nutrition and supplements is expanding. Sports nutrition is one of the fastest-growing categories within consumer health. It is expected to grow during the forecast period, driven by expanding core users from bodybuilders and performance athletes to a broader basket of consumers focused on fitness and healthy lifestyles. One of the key trends in the sports nutrition and supplement industry is the increased demand for plant-based products.
The modern generation is more interested in pursuing a healthy lifestyle. Apart from this, there is a gradual shift among consumers towards healthier eating habits.
INDUSTRY RESTRAINTS Fluctuations in Raw Material Prices
The rise and fall in the price of raw materials, such as soy, pea, almond, coconut, rice, and other ingredients required to produce plant-based protein supplements directly impact the cost of production. Thus, changing the price of these raw materials is one of the most significant challenges to the protein ingredients market.
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