Food Protein Ingredients market should surpass USD 29 Billion by 2024; according to a new research report.
Shift in consumer preference towards dietary supplements pertaining to its health benefits with growing application outlook in food & beverage industry should drive food protein ingredients market. Consumer inclination towards plant-based proteins due to its functional & nutritional benefits including lowering blood pressure and reducing risk for heart disease and cancer should bolster product demand.
Rising demand for soy and milk protein in fortified food industry during forecast period should drive industry growth. Whey protein offer protection against cancer, reducing stress and improving immune system along with fat loss and mass gain. Technological advancements in whey priotein production to increase concentration levels and developing feasibility testing programs should propel product demand.
Food protein ingredients industry from sports nutrition should witness gains at over 7% during projected period. Protein being a vital ingredient for basic biological function of human body along with muscle building and offering post workout performance should bolster product demand. Rice protein demand in sports nutrition is high owing to its amino acid profile along with high concentration of glutamine and arginine.
Favorable government regulations and standards set forth by FDA regarding labeling food should influence industry growth. Growing demand for soy-based protein ingredients can be attributed to its health benefits including improved metabolism, reducing risk for diabetes, promoting bone health, improving digestive health and protection from other disease. However fluctuating soybean prices is likely to hinder industry growth affecting profitability and generating demand supply gap.
North America food protein ingredients industry should grow significantly at a rate of over 6% by 2024. This growth in demand can be ascribed to consumer inclination towards consuming healthy foods. Rise in disposable income among consumer class and unique marketing strategy adopted by manufacturing companies to expand its product marketing should drive industry growth.
Animal based food protein ingredients market should surpass USD 22 billion by 2024. This rise in demand for products can be attributed to growing need for protein and amino acid in people?s daily diet. Global population is estimated to increase by one third by 2050, demanding increase in production of food by 70%. Technological improvements in rendering technology and hydrolysis should also bolster industry growth.
Soy based food protein ingredients market should grow at a rate of over 7% during projected timeframe. This growth of soy protein demand can be due to its application in meat processing, functional food and dairy replacement application. Consumer awareness regarding health benefits associated of consuming soy protein should drive industry growth.
Germany food protein ingredients industry should surpass USD 2 billion by 2024. Growing demand for plant-based protein owing its associated health benefits and rising vegan population should bolster industry growth. Gender equality spreading through society makes women resume professional career after childbirth creating a need for to consume protein-based food driving product demand.
Global food protein ingredients market share is moderately fragmented with key industry participants including DuPont, ADM, Cargill, Bunge and Fonterra. These companies focus on expanding production capacity and regional presence of product penetration through strategies like mergers & acquisition, partnerships and joint ventures. Companies also heavily invest in R&D to develop diversified product portfolio with wider application scope.