Zion Market Research has published a new report titled “Protein Ingredients Market by Source (Animal and Plant) by Application (Pharmaceuticals, Cosmetics, Animal feed, Infant Formulation, and Food & Beverages) by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024’’. According to the report, global protein ingredients market was valued at around USD 27.4 billion in 2017 and is expected to reach approximately USD 44.6 billion in 2024, growing at a CAGR of slightly above 7.0% between 2018 and 2024.
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Soy protein isolate (SPI) and Soy protein concentrate (SPC) are highly digestible plant-based protein sources. Its high level of amino acid makes it suitable to be used as a food ingredient for people in need of high protein. This high protein need can be due to chronic diseases. SPI and SPC are fat and carbohydrate free with its properties influencing flavor and taste that improves food texture. They are fortified with a wide variety of minerals and vitamins and are used as functional ingredients in various soy fortified food aid products. These are commercially sold as food ingredients in products such as cereals, bread, baked goods, protein biscuits and bars, sauces, soups, nutritional beverages, meat products, and nutritional supplements.
The government initiatives to boost the agriculture sector are increasing investments in agri-businesses that will primarily drive animal feed protein ingredients industry. Demand for processed meat is at its peak owing to shifting dietary preference towards protein-rich food will influence the product consumption. Animal feed protein ingredients enhance the protein content of meat along with improving its quality. It ensures feed efficiency, production performance, and high growth in livestock, poultry, and fish. Reducing traditional and cultural barriers coupled with trending fast food chains is boosting meat consumption, stimulating the industry growth.
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Rising economic standards and increased affordability have grown infant’s food products consumption worldwide. The global baby food industry was above USD 50 billion in 2016 and will surpass USD 75 billion by 2024. Certain food safety associations have specified minimum protein intake for breastfeeding and pregnant women, children, adults, and infants. For instance, daily protein intake for adult men must be between 67 to 114 grams and 59 to 102 grams for women. Increasing number of working women has propelled the demand for the readymade baby food products, thus driving baby food industry.
Based on the source, global protein ingredients market is segmented into animal-based and plant-based. The animal segment is anticipated to account for the highest market share owing to its better nutritional value as compared to its counterparts. Its major usage is in end-use industries such as confectionary and bakery, sports nutrition, and functional beverages. Various applications pertaining to protein ingredients are food & beverages, animal feed, infant formulation, cosmetics, and pharmaceuticals. Food & beverage sector is the largest consumer of the product and will maintain its dominance throughout the forecast period. Its share is attributed to the rising number of cafes and restaurants, enhancing the lifestyle of consumers, and ever-increasing population in developing economies such as China and India.
Brazil will register steady growth in the global protein ingredients market owing to increasing demand for ready to eat and convenience food for infants. The growth is attributed to growing consumer health consciousness along with rising disposable income that will promote industry growth in Latin America.
Global protein ingredients market is consolidated in nature with high competition among the existing players. Prominent manufacturers in the industry include Mead Johnson, Bunge, DuPont, Cargill, and ADM. Other noticeable producers are Bio Wanze, Crop Energies, Roquette, Kewpie Egg Corp., Nutra Science, Burcon, Rousselot, Scoular, Tessenderlo, and Fonterra.
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The report segments global protein ingredients market as follows:
Protein Ingredients Market: Source Segment Analysis
Protein Ingredients Market: Application Segment Analysis
- Animal feed
- Infant formulation
- Food & beverages
Protein Ingredients Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa