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Report Predicts Food Protein Ingredient Market Size May Reach USD 29 Billion by 2024

Author : Rahul Sankrityayan | Published Date : 2019-05-08 

The global food protein ingredient market, one of the most pivotal verticals of the food & nutrients industry, has been remarkably influenced by the shift toward a more health-conscious society. Growing consumer consciousness and acceptance toward the incorporation of vital nutrients in early stages have provided food protein ingredient industry players with profitable growth opportunities both in terms of value and remuneration. In fact, in terms of commercialization potential, the global food protein ingredient market was pegged at USD 17.25 billion in 2016 and is further anticipated to surpass USD 29 billion by 2024. Industry analysts deem the rising income levels, governmental backing, and evolution of fancy diet trends to have played crucial role in fortifying food protein ingredient market outlook.

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Speaking along similar lines, strong scientific research studies authenticating the health benefits of proteins have also been a major factor fueling food protein ingredient industry share. That said, it is also important to mention that favorable governmental initiatives toward spreading awareness of proper protein intake have been assisting in the rising demand for food protein ingredients. An instance bearing testimony to the aforementioned fact is that of the European Food Safety Association, which has specified a daily essential protein intake for every category and age. Say for example, the protein intake range is categorized into 59g to 102g per day for women and 67g to 114g per day for men. The strict adherence to such regulations and guidelines, according to analysts, have further strengthened the market scenario.

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.

Considering the growth prospects of this business sphere on a global scale, it would be imperative to state the protein’s health halo has been perpetually influencing Asia Pacific food protein ingredient market share. Protein has become one of the hottest functional food ingredients that has diverted the APAC population toward healthier snacking trends. In addition, the growing popularity of high protein diets has further fortified the demand for protein ingredients from plant & animal derived protein sources including egg, meat, fish, whey, spirulina, and soy. Reports claim that rapid urbanization trends in India, Thailand, China, and Japan have set the ground for the expansion of Asia Pacific food protein ingredient industry, which is projected to cross USD 5 billion by 2024. The region is further expected to tread along a lucrative growth path on account of the increasing R&D activities and product innovation trends particularly in the sports and infant nutrition segment. On that note, reports reveal food protein ingredient market size from the sports nutrition application to amass remuneration of nearly USD 14 billion by 2024.

An instance providing substantiation to the growing product innovation trends in this business is that of Arla Foods winning an award at the 4th annual World Food Innovation Awards for its protein pouch format, recently in March 2018. The company has also strengthened its foothold in the sports nutrients market by launching a new generation of whey proteins which rapidly delivers amino acids to the muscles. Archer Daniels Midland Company (ADM) is another industry major going the whole hog to collaborate and partner with leading companies to enhance the commercial scale production of its popular ‘invisible’ soy protein. These products have witnessed overwhelming demand from the supplements and baby food sectors, in turn adding up to food protein ingredient industry expansion.

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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. 

With this business space being characterized by strategic alliances and innovative product launches, it would be fair to state that food protein ingredient market will turn out to be one of the lucrative hotbeds of the food & nutrition industry in the years ahead. Indeed, with a supportive R&D spectrum and the increasing inclination toward health management, food protein ingredients market size is expected to cross 5.5 million tons by 2024 in terms of volume.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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