The whey protein market of South Korea is not as developed as the market of other developed western European countries. One reason is the significantly less involvement of local dairy producers in whey protein-based products. However, increasing awareness about whey protein-based products across various industry segments because of their proven health benefits has resulted in the growing demand for whey protein products in South Korea. Presently, the whey protein market is estimated to be $275.7 million in 2020. The market is expected to grow at a CAGR of 8.7% till 2026.
The South Korean whey market is complicated in terms of various whey used for different purposes. Conventional whey powder is majorly used to produce flavored drinks and milk items, while demineralized whey powder (DWP) is mainly used for making infant formula. Whey protein isolate and whey protein concentrate are mainly used for medical purposes because of the pure whey content; in addition, it is also used in the sports industry for making sports foods and drinks. Compared to the growing demand for whey protein in the country, the local supply cannot cope with the demand. There are few local whey protein producers currently with a production capacity of approximately 2500 to 3000 tons per year. This can only satisfy just 10% of the domestic demand. The rest of the demand is mainly covered by the imported whey powder.
Among various applications of whey protein across the different industries in South Korea, application in the beverage industry is growing rapidly. Many producers are experimenting with adding whey ingredients to produce healthy drinks with added flavors and tastes per consumer's requirements. High demand for whey-based beverages has increased the market revenue by 1.5 times in the past five years to reach $65.5 million in 2020 and is forecasted to grow at the highest CAGR of 9.4%. Whey protein applications across the food industry is estimated to grow at a CAGR of 8.5% during the forecast period. The market share of whey protein application across the dietary supplements is highest, with 43% of the market share.
The South Korean whey market is complicated in terms of various whey used for different purposes. Conventional whey powder is majorly used to produce flavored drinks and milk items, while demineralized whey powder (DWP) is mainly used for making infant formula. Whey protein isolate and whey protein concentrate are mainly used for medical purposes because of the pure whey content; in addition, it is also used in the sports industry for making sports foods and drinks. Compared to the growing demand for whey protein in the country, the local supply cannot cope with the demand. There are few local whey protein producers currently with a production capacity of approximately 2500 to 3000 tons per year. This can only satisfy just 10% of the domestic demand. The rest of the demand is mainly covered by the imported whey powder.
Among various applications of whey protein across the different industries in South Korea, application in the beverage industry is growing rapidly. Many producers are experimenting with adding whey ingredients to produce healthy drinks with added flavors and tastes per consumer's requirements. High demand for whey-based beverages has increased the market revenue by 1.5 times in the past five years to reach $65.5 million in 2020 and is forecasted to grow at the highest CAGR of 9.4%. Whey protein applications across the food industry is estimated to grow at a CAGR of 8.5% during the forecast period. The market share of whey protein application across the dietary supplements is highest, with 43% of the market share.
Key Deliverables
- Market trends since 2017 and five-year forecasts of market growth
- Detailed analysis of the micro and macro elements influencing demand trends
- Identifying opportunity spaces across segments
- Supply & demand side trend and analysis
- Price trend analysis, investment prospects, and competition pattern
- Insights on the growth potential of the market
- Detailed analysis of major producers covering financial investments & strategies adopted
- Competitive landscape of the industry
Table of Contents
1. Introduction
2. Summary
3. Industry Dynamics
4. Market Size and Forecast
5. Competitive Analysis
6. Company Profiles
Appendix
Companies Mentioned
- Agropur MSI, LLC
- Arla Foods
- Carbery Group
- Champignon-Hofmeister Group
- DMK group
- FriesiandCampina Ingredients
- Glanbia Plc
- Hilmar Cheese Company Inc
- Lactalis Ingredients
- Land O'Lakes Inc
- Leprino Foods Co
- Milk Specialties Global
- Meggle Group
- Saputo Ingredients
- Fonterra Co-operative Group
- Volac.
