Global whey protein market is forecasted to reach USD 7,573.06 million by 2024, registering a CAGR of 7.13% during the forecast period of 2019-2024.
- The market studied has a considerable opportunity, with increasing awareness about the availability of healthy products in the market. Product innovations and burgeoning demand from the developing regions offer opportunities for the growth of the whey protein market. Owing to their popularity and low price, whey protein concentrates are high in demand.
Scope of the Report
Whey protein is majorly available in these forms: whey protein concentrate, whey protein isolate and hydrolyzed whey protein. It can be utilized in the form of sports and performance nutrition, infant formula and functional foods.
Key Market Trends
Growing Demand for Performance Nutrition and Beverages
Growing demand from the sports industry has led to significant growth of whey protein-based product market. At the same time, food-processing industries are using whey protein for the manufacturing of health drinks. In Asian countries, the growing middle-class population and economic growth have led to an increase in the consumption rate of health drinks. Awareness among the mass to be fit and remain in shape, along with enhancing the body immunity, has lead to significant growth in demand for whey protein in urban areas. This increase in the number of muscle and fitness enthusiasts has prompted a growing consumer demand for protein sports beverages, specialized nutritional drinks, nutritional snack bars, and other products, which are designed to optimize athletic performance.
Europe Held a Prominent Market Share
The United States is a highly matured market for whey protein, with over 1,000 whey-containing products entering the market every year. In the North American region, McDonald’s has introduced Small Real Fruit Protein Smoothie blended fresh-to-order and made with ice, yogurt, real fruit pur?e, and whey protein. The increasing demand for performance nutrition in the European region is one of those key factors driving the market for whey protein. The demand for whey protein in France is expected to increase due to the growth in infant formulae, coupled with the increasing demand from other nutrition sectors. Asia-pacific remains to be the fastest growing region in the global whey protein market where China held a maximum market share in 2018.
Developed markets of the western hemisphere, in particular, Western Europe, along with the United States and Canada, have witnessed a paradigm shift in terms of consumption patterns of whey protein among consumers. The market is dominated by players, such as Arla Foods, Glanbia Nutritionals, Lactatis Ingredients, Fonterra Group, Agropur, and Friesland Campina. Other prominent players in the market include Murray Goulburn, DMK Group, Carbery and Hilmar Cheese Company, amongst others. Owing to the rising penetration of whey protein into the sports nutrition industry, the major companies are focusing on new and innovative product launches.
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