Chicago, Feb. 07, 2024 (GLOBE NEWSWIRE) — Protein ingredients refer to substances that contain proteins and are used as components in various food and nutritional products. Proteins are essential macronutrients composed of amino acids, and they play a crucial role in the growth, repair, and maintenance of tissues in the human body. The global protein ingredients market size is estimated to be valued at USD 61.0 billion in 2023. It is projected to reach USD 85.6 billion by 2028, recording a CAGR of 7.0% during the forecast period.
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Protein ingredients can come from various sources, including:
- Meat: Beef, poultry, pork, lamb, etc.
- Dairy: Milk, cheese, yogurt, and other dairy products.
- Eggs: Both egg whites and yolks.
- Legumes: Beans, lentils, chickpeas, and peas.
- Grains: Quinoa, wheat, rice, and oats.
- Nuts and Seeds: Almonds, peanuts, chia seeds, and sunflower seeds.
- Protein Powders: Whey, casein, soy, pea protein, and more.
- Protein Bars: Snack bars formulated to be high in protein.
- Processed Meat Alternatives: Plant-based alternatives like tofu, tempeh, and seitan.
Protein Ingredients Market Share
Following are some Protein Ingredients Market Share:
- Kerry Group plc (Ireland)
- Arla Foods amba (Denmark)
- Roquette Freres (France)
- Cosucra (Belgium)
- DuPont (US)
- ADM (US)
- Cargill, Incorporated (US)
- BRF Global (Brazil)
Protein Ingredients Market Growth Insights
Following are some Protein Ingredients Market Growth Insights:
Drivers: Increase in demand for proteins as nutritional and functional ingredients
As per a research article published in October 2022, titled – ‘Impact of COVID-19 pandemic on consumer behavioral intention,’ there was a significant link found between the consumption of nutritious meals and consumer purchasing habits. It also stated that consumers are more focused on their health, security, and safety post-pandemic. Increasing awareness among people to strengthen their immune system to prevent themselves from being infected easily compels them to maintain a healthy lifestyle and proper diet. Thus, COVID-19 is expected to boost the demand for protein ingredients at a much higher rate in the global market.
Opportunities: Growing potential of dairy and plant proteins
There is a huge potential for the growing protein ingredients market soon, especially dairy and plant proteins. Dairy protein suppliers can continue to benefit from the trend toward more functional products and the increased consumer interest in the nutritional value of products. The growth of plant-sourced protein ingredients is being supported by growing vegan trends because of sustainability and animal cruelty concerns. It is also being aided by the Islamic nations across the globe (they avoid animal proteins, especially gelatin, prepared from pork), while other countries such as India and Nepal avoid animal proteins prepared from beef, owing to the issues relating to cultural and religious aspects. Thus, the skyrocketing potential in dynamic dairy and plant protein industries is proving to be a big opportunity for players in the market.
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By application, cosmetics and personal care products segment is projected to hold a significant market size in the protein ingredients market by 2028
Proteins find a huge application in cosmetics and personal care industry. They are used in skin-care formulations due to their moisture-imparting properties and in hair-care products due to their conditioning properties. Collagen is one of the most popular sources of protein ingredients used in cosmetics industry due to its benefits for skin. With the rise in disposable incomes, and consumer spending on high-end personal care products, the demand and high growth for protein ingredients in this application industry is inevitable.
Europe is estimated to dominate the protein ingredients market
Europe is a strong market in the protein ingredients industry which is estimated to be the largest market in terms of value in 2023. The region enjoys macroeconomic benefits such as developed economies, high disposable incomes, and consumer awareness. Apart from them market specific developments such as government initiatives and investments are contributing to the growth of the industry. Europeans have a predominantly meat-based diet. However, veganism trends, and high demand for alternative protein sources in the form of plants and insects is also driving the market in the region.
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