Will the Global Protein Ingredients Market Benefit from COVID-19 Epidemic?
The Global Protein Ingredients Market size was valued at USD USD 55.54 Billion billion in 2021, and is anticipated to reach USD USD 85.74 Billion billion by 2028, with a CAGR of 6.4% during the forecast period. Significant changes in consumer purchasing behavior are slowly transforming the food industry. With increasing health concerns, consumers have begun to avoid eating meat and poultry. They are now more and more inclined to replace protein products to close the gap. Sales of immune-related ingredients have increased worldwide. These methods further the need for protein-based products as protein is one of the most important factors that help build the immune system.
The market is booming and is witnessing a huge demand due to rising demand for food products, such as margarine, cold cuts, baking products, bags, yogurt, and dairy sausages, which are produced using protein ingredients. Increased use of these products among health-conscious consumers and the elderly also encourage market growth. The protein ingredients found in animals and plants are best known for emulsification, gelation/viscosity, water bonding/hydration, foaming, ventilation, and other functional properties. These functions, along with the nutritional properties of the protein, are of great benefit to end-user industries, and, as such, are some of the bests in the market. In end-user-friendly industries such as cosmetics and personal care, protein ingredients are mainly used for their drying and moisturizing properties in the hair and skincare industry.
COVID-19 is expected to increase the demand for protein supplements at a higher rate in the global market as people around the world are more concerned about health and finding ways to strengthen their immune systems. People who have religious or dietary restrictions on the use of animal products are not willing to use those products that use gelatin. For example, in Middle Eastern and Muslim communities, pork and pork products are strictly forbidden. They prefer to eat products derived from halal-certified bovine. Therefore, in these regions, the market for gelatin produced by pigskin is estimated to be negligible.
The global Protein Ingredients Market, by source, is divided into plants and animals. Half of the animals are expected to dominate the market during forecasting due to their better nutritional profile than plant proteins. The global Protein Ingredients Market, by form, is divided into dry and liquid. The dry form is expected to grow at a higher CAGR during the forecast period. This type of protein ingredient is very popular with manufacturers of food & beverage, feed, and pharmaceutical products as it has better stability and ease of handling and storage compared to liquid formulas. Based on the application, the food & beverage segment holds a significant market share. This is due to the increase in the number of consumers who care about health.
The Asia Pacific market had the largest share of the Protein Ingredients Market. This rule was created by high usage in the region. The tendency for more protein in food and drink and in personal care and cosmetics is on the rise in Germany, as protein applications for food and beverage launches continue their way to growth. The ever-increasing number of health-related problems, as well as the high importance placed on the quality, taste, and freshness of the food, changes the need for food, and therefore the market for protein supplements is expected to prove growth.
Key players in this market include ADM (US), Cargill (US), Kerry Group (Ireland), DuPont (US), Omega Protein Corporation (US), FrieslandCampina (Netherlands), Kewpie Corporation (Japan), Arla Foods (Denmark), Roquette (France), Gelita AG (Germany), Fonterra Co-operative Group Limited (New Zealand), AGRANA (Austria), Hilmar Ingredients (US), AMCO Proteins (US), Axiom Foods (US), Rousselot (Netherlands), Burcon Nutrascience (Canada), Foodchem International Corporation (China), Reliance Private Label Supplements (US), and A&B Ingredients (US) .