Food Protein Ingredients Market size is set to surpass USD 29 billion by 2024; according to a new research report by Global Market Insights, Inc.
Shift in consumer focus towards consuming healthy dietary supplements along with strong application outlook in food & beverage industry should drive food protein ingredients market size. These products are sourced from raw materials which can be both plant and animal based. Consumer mostly prefer plant-based ingredients owing to its functional and nutritional benefits driving industry size. Plant based ingredients offer myriad of heath benefits including controlling blood pressure, reducing risk of cancer & heart disease.
Animal based food protein ingredients market size should surpass USD 22 billion by 2024. This demand can be attributed to growing demand for meat & meat-based products as a source for protein. Commonly available sources for these are meat, fish, eggs and milk. Milk based food protein ingredients like whey concentrates, isolates, hydrolysates and casein account majority share of animal-based product market. This growth in demand can be ascribed to its high concentration and enhanced production process which reduces risk for allergy.
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Stringent regulatory regimes in Europe and North America set forth by EFSA and FDA pertaining to approvals and labelling these products should bolster industry growth. Government and public health agencies also formulate strict laws & standard operating procedures (SOP) regarding safe production which should strengthen food protein ingredients market growth. Companies & manufacturers also form strategic alliances and collaborations to enhance its product and application portfolio along with launching new product in the market.
Pea, canola, soy, wheat and rice are major raw materials for plant-based production process. Seasonality, level of household consumption, structure of supply & demand and transportation influence the price trends for these products which may hamper industry growth. Companies usually set up their manufacturing facilities closer to its raw materials supply bases to reduce production cost and manage continuous supply.
Sport nutrition application for food protein ingredients is expected to witness strong gains at over 7% by 2024. This growth of product demand in sports nutrition can be ascribed to need for supplements in post resistant workout for reducing fat-mass and increase lean body mass, strength and skeletal muscle hypertrophy. Rice food protein ingredients accounts majority share in this application segment owing to its amino acid profile and growing intolerance to various other sources including egg, meat, whey and soy.
Soy based food protein ingredients market size is expected to witness significant gains at over 7% during forecast period. They also account the majority share in plant-based product market which can be attributed to its high quality amino acid profile and concentration. Growing awareness among consumer regarding health benefits offered by consuming soy should drive product demand. Strengthening R&D landscape by industry participants towards introducing soy-based products blending into functional & fortified food & beverage applications also strengthens industry growth.
Rice food protein ingredients market size should anticipate growth at over 6% during projected timeframe. It is highly accepted source of plant-based products owing to its functional properties like emulsification, foaming, solubility, viscosity and gelation. These products are widely used in sports & energy drinks, baked foods, energy bars and pastas. They also are highly nutrient with strong amino acid profile and being cost effective, thus driving industry growth.
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Rise in disposable income along with rapid urbanization in China, India, Thailand & Japan should favor industry growth. Increasing intake of fortified food & beverages with high protein content owing to busy lifestyle and consumer inclination towards healthy diet should bolster product demand in the region. Soaring animal production has led to rise in food demand driving demand for food protein ingredients high in protein and energy. Commonly available sources for animal-based ingredients are whey, egg, casein, meat & fish which are expected to witness significant gains during forecast period owing to growing demand for meat & meat products.
Growing demand for infant food due to increasing affordability and rising income levels across the globe should propel food protein ingredients demand. Infant nutrition accounts over 30% of global product demand which can be accredited to increasing demand from mothers who have busy work schedule and lack in time to prepare meals.
Global food protein ingredients market share is moderately consolidated with key industry participants including DuPont Solae, Archer Daniel Midlands, Cargill, Roquette and CHS. Companies focus on investing in R&D to enhance product & application portfolio along with adopting strategies like mergers & acquisition, partnerships and collaboration to expand their production capabilities and capacities with regional presence.