Food & beverages dominated the Protein ingredient market application landscape and were valued at over USD 11.5billion in 2015. Enhanced consumer lifestyle and global economic sustainability have significantly stimulated the protein ingredient market size, which is expected to surpass USD 43 billion by 2024. According to Global Market Insights, Inc., “Global protein ingredient market share is anticipated to register an annual growth rate of 7% over the period of 2016-2024.” The heavy demand for protein rich food can be attributed to the growing consumer awareness regarding their health as well as their increasing spending capacity.
Food & Beverage and Cosmetics industry have been two of the topmost sectors contributing heavily towards the global protein ingredient industry revenue over the recent years, and are expected to vitally support the market outlook over the coming timeframe. Protein ingredient market size in food & beverage industry was over USD 11 billion in 2015, making it the leading application sector. Protein rich foods have been realized as an essential source for healthy functioning of cardiac muscles and bones along with its proven benefits for diabetes prevention, which in turn have generated lucrative path for the protein ingredient industry trends in the food industry.
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Cosmetics & Personal care industry is the second largest contributing sector towards the worldwide protein ingredient market size. The growth can be attributed to increasing demand for proteins in cosmetic products such as shampoos, sunscreens, and body & facial creams, primarily owing to its exceptional hydrating properties. Protein ingredient market share in the personal care industry is estimated to register a CAGR of 6% over the period of 2016-2024.
Apart from the food and cosmetic applications, protein ingredient market is also witnessing a noticeable surge in fertilizers, paints, printing, and paper industries. The heavy demand for protein has raised its extraction quite significantly from both the plant as well as animal sources. Egg protein dominated the animal product landscape with a revenue of USD 10 billion in 2015, and is expected to witness a substantial surge over the coming years primarily driven by its increasing demand in the food industry. Whey protein hydrolysates market is another segment projected to witness high gains at over 6.5% CAGR over 2016-2024. Favorable norms encouraging its usage in food & cosmetic industries due to its high emulsifying properties will drive the product demand. Edible insects market is also heavily growing in this regard, owing to its appreciable protein rich properties.
Based on the plant based protein products, soy concentrates led the market with a revenue of USD 2 billion in 2015, owing to its high nutritional value and ease of digestibility properties. Canola is another vital plant based protein ingredient product with heavy production in Germany, India, France, and Canada. Canola market is projected to witness a CAGR of 12% over the timeframe of 2016-2024. Pea protein market, being another surging product segment is forecast to exceed a volume of 30 kilo tons by 2024.
US led the North America protein ingredient market recording a share of over USD 6.5 billion in 2015, driven by favorable norms encouraging the use of these products in food and cosmetics industry along with the increasing consumer health awareness. Europe market valued at USD 7 billion in 2015 will witness substantial growth over the coming years, with significant developments in UK, France, and Germany. Asia Pacific protein ingredient market size is estimated to record a CAGR of 7% over the period of 2016-2024, owing to the rising healthcare developments along with the expansion of food & beverage industry across APAC.
Protein ingredient industry is currently consolidated, with just a few players sharing the business space. Over the coming years, Asia Pacific will witness major traction in this market, owing to the high availability of the essential raw materials across this region. India and China are likely to emerge as the prominent manufacturing hubs for the protein ingredient market.
Major protein ingredients industry participants include DuPont, Bunge, ADM, Cargill, Mead Johnson, Scoular, Burcon NutraScience Corporation, Roquette, Rousselot, Inc., MGP Ingredients, Inc., Fonterra, and Kewpie Egg Corporation.