Global Protein Ingredients Market Size Set to Touch USD 8.3 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global protein ingredients market size at USD 5,492.8 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global protein ingredients market size to grow at a significant CAGR of 6% reaching a value of USD 8,275.1 million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global protein ingredients market size at USD 5,492.8 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global protein ingredients market size to grow at a significant CAGR of 6% reaching a value of USD 8,275.1 million by 2029. Major growth drivers for the global protein ingredients market include an increasing demand for food products like margarine, cold cuts, bakery items, spreads, yogurt, and milk sausages that utilize protein ingredients in their production. This demand is particularly prominent among health-conscious individuals and the elderly population. Also, manufacturers are actively innovating and developing various protein sources that offer a diverse range of amino acids and serve specific functions, such as promoting satiety, aiding in muscle repair, facilitating weight loss, and maintaining energy balance. These innovations are expected to create significant growth opportunities for the market. The animal-based products sector has witnessed significant growth, particularly in the U.S., with further growth expected in the coming years. The domestic market's strong demand for animal-derived products is projected to drive product demand. Ingredient manufacturing companies have undertaken supply chain initiatives to enhance product distribution, contributing to market growth. Plant-based protein ingredients, including soy, canola, wheat, and pea, are experiencing substantial growth, with soy protein leading the category. Product innovations and technological advancements are key growth factors. Consumer belief in the health benefits of protein products remains a driving force, while flavoring characteristics of new protein sources pose market challenges. Environmental sustainability concerns are driving the shift towards alternative protein sources, such as microbes and insects, known for their nutritional value, low environmental impact, and cost-effectiveness compared to traditional livestock farming. However, the factors such as regulatory constraints and labeling requirement and cultural prohibition on the intake of gelatin are anticipated to restrain the overall market growth during the forecast period.
Global Protein Ingredients Market – Overview
The global protein ingredients market refers to the industry that encompasses a diverse range of protein-based ingredients derived from animal, plant, and alternative sources. These ingredients are extensively utilized in the food and beverage sector for their nutritional value, functional properties, and versatility in various applications. The market is driven by factors such as the growing demand for nutritious and healthy food products, the shift towards plant-based proteins, the focus on clean label and natural ingredients, technological advancements in ingredient processing, and the overall growth of the food industry and global population. Major players in the market emphasize research and development, product innovation, and strategic partnerships to cater to evolving consumer preferences and maintain a competitive edge. The global protein ingredients market is a dynamic and competitive sector that plays a significant role in meeting the demand for protein-rich products and addressing evolving consumer needs in the food and beverage industry.
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Impact of COVID-19 on Global Protein Ingredients Market
COVID-19 pandemic adversely affected the global protein ingredients market. The disruption in supply chains, temporary shutdown of manufacturing facilities, and reduced consumer spending on non-essential products led to challenges for market players. The foodservice sector, a major consumer of protein ingredients, was severely impacted by lockdown measures and restrictions on dining out. However, the pandemic also highlighted the importance of health and nutrition, resulting in an increased demand for functional and fortified food products. As the global economy recovered and consumer confidence returned, the protein ingredients market gradually rebounded, driven by the growing emphasis on healthy lifestyles and the rising demand for nutritional products.
Global Protein Ingredients Market – By Source
By source, the global protein ingredients market is divided into Animal, Plant, Insect, and Microbial segments. The animal source segment held the highest share in the global protein ingredients market by source. The animal-based proteins are considered complete proteins as they contain all essential amino acids necessary for human health. This makes them highly valued in various applications, including food, beverages, and dietary supplements. The animal-based proteins offer excellent functionality, such as emulsification, gelation, and water-holding capacity, making them versatile for use in different food formulations. Notably, consumer preference for animal-based proteins, driven by factors such as taste, texture, and familiarity, contributes to their dominant position in the market. Also, the animal source segment benefits from established supply chains and efficient production processes, ensuring consistent availability and quality of protein ingredients.
Competitive Landscape
Major players operating in the global protein ingredients market include DuPont, Rousselot, ADM, Burcon, Tessenderlo Group, Kewpie Corporation, Roquette Freres, The Scoular Company, CHS Inc., Mead Johnson & Company LLC, CropEnergies AG, Fonterra Co-Operative Group, Bunge Limited, Cargill Incorporated, MGP, Ingredion, Kerry Inc., Givaudan, Axiom Foods, Tate & Lyle, Puris, DSM, Glanbia Plc, and Louis Dreyfus Company. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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