The global functional proteins market was valued at US$ 10,297.91 million in 2019 and is projected to reach US$ 17,767.48 million by 2027; it is expected to grow at a CAGR of 7.2% from 2020 to 2027.
Consumers are more inclined toward wellness, health, and nutrition content. Food industry is continuously introducing new products considering the adoption of healthy lifestyle among consumers. Among functional food ingredients, protein is one of the significant ingredients that are naturally found in the range of animal and plant sources. Proteins are crucial for the smooth body functioning, and are required for the structure, function, and regulation of the body’s tissues and organs. The awareness among consumers regarding the benefits offered by functional proteins is contributing significantly to the growth of the functional proteins market. In addition, increasing disposable income of consumers in emerging economies in Asia Pacific, Middle East, and Africa, and South America contributes to the market growth.
Based on form, the global functional proteins market is bifurcated into dry and liquid. The dry segment dominated the market in 2019. Dry protein concentrate is highly employed in nutritional supplements. Protein is an essential macronutrient that helps build muscle, repair tissue, and make enzymes & hormones. Protein powder can also aid weight loss and help consumers tone their muscles. Whey protein concentrates are basically used as ingredients in many food applications such as confectionery, snack foods, bakery products, yogurts, dips, desserts, meat products, ice cream, soups, pasta products, sauces, beverages, and processed cheese products.
Geographically, the global functional proteins market is segmented into North America, Europe, Asia Pacific, South America, and Middle East and Africa. In 2019, Asia-Pacific held the largest share of the global functional proteins market. Emerging countries in Asia Pacific region are witnessing an upsurge in the middle-class population and urbanization growth, which offers lucrative opportunities for the key market players in the market. The region contributes a substantial share in functional protein consumption due to rising population base coupled with increasing disposable income. The growth of the functional protein market in Asia Pacific is majorly fueled by the growing healthcare awareness and rising consumer interest toward nutritional and healthy diets. Moreover, the sales of infant formula with high amount of functional proteins is rising in Asia Pacific region. Working women population is increasing in Asia Pacific countries and many working mothers are preferring for healthy and convenient food options for their infants, which is also bolstering the market growth.
The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of February 2021, the US, India, Brazil, Russia, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are among the worst affected countries in terms of confirmed cases and reported deaths. According to the latest WHO figures, there are ~108,579,352 confirmed cases and 2,396,408 total deaths globally. The outbreak has adversely affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global food and beverage industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, office shutdowns, etc. The lockdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, and the Middle East, and Africa restricts the global supply chains and hinders the manufacturing activities, delivery schedules, and various goods sales. Transportation is also a major concern as many borders are closed due to the global travel bans imposed by countries in Europe, Asia, and North America. This also disrupts business collaborations and partnerships opportunities. All these factors have restrained the growth of the functional protein market.
AMCO Proteins; APC INC; FrieslandCampina; Abbott Nutrition; Archer Daniels Midland Company; Arla Foods Ingredients Group; Cargill, Incorporated; Glanbia plc; DSM; Real Dairy Australia Pty Ltd.; Fonterra Co-operative Group Limited; Kerry; and Saputo Ingredients are among the players operating in the global functional proteins market.
Overall size of the global functional proteins market has been derived using primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate and analyze the data. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers; and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the global functional proteins market.