India has been one of the fastest-growing economies in the world. Putting together, population growth and rapid economic development will soon make India the world’s 5th largest economy. India is one of the largest milk producers globally, and government programs are always inclined to provide support to the dairy industry. Changing dietary patterns and consequent customer needs towards a protein-rich diet indicates the huge potential for innovations and developments of healthy products out of milk. In recent years, the whey protein market has exhibited good growth due to the growing health conscious population. The whey protein market is expected to grow at a CAGR of 9.3% for the forecast period.
The major driver for the growing whey protein industry in India is the increasing consumption of dietary supplements. There is also a rising number of health and fitness centers in India. These clubs are the potential target market to advertise nutrition products, as personal trainers and dieticians are the biggest promoters of healthy items. In addition, the ever-growing demand for convenient, natural, and healthy drinks has led to rapid growth in the functional beverage market and, thus, whey-based beverages. In India, 31% of Indians are vegetarians, and this chunk of the population prefers to consume either plant or animal milk-based protein. A vast base of vegetarian population and rising demand for dietary proteins makes product promotion easy for the manufacturers. However, the high cost of production is a huge hindrance in the price-sensitive market. Poor infrastructure to support the supply chain of the dairy industry is another major constraint of the market.
However, since milk is produced in abundance in India, many derivatives are already present in the market for many years. Those derivatives could provide a serious blow to whey protein market and can act as an alternative to the products made up of whey protein. For instance, most of the population especially, rural population, consumes yogurt daily, and in recent years many products have been made up of yogurt which has been an active part of sports nutrition products. Thus, alternative whey product development is estimated to restrain the growing whey protein market in India.
One of the major features for growing awareness about whey protein is the rapid shift of population from rural areas to urban areas, with increasing exposure to advertisements. Increasing awareness about global health and fitness trends from social media and television is creating awareness about protein products. Presently, in India, customers prefer food that provides convenience, an acceptable price value ratio, good flavor, and major health benefits. As the application of whey as an ingredient in ready-to-use food and drinks is growing rapidly, these products are expected to be noticed quickly by the health-conscious Indian population.
The dietary supplement industry widely influences the whey protein market in India. The application of whey protein and its ingredients across the dietary supplement industry is almost 50% of all the applications. The whey protein market in dietary supplements stood at $96.8 million in 2020 and is expected to grow at the highest CAGR of 9.5% until 2026. Moreover, the food and beverage industry combined represents 47% of the total whey protein market share in terms of its application.
The major driver for the growing whey protein industry in India is the increasing consumption of dietary supplements. There is also a rising number of health and fitness centers in India. These clubs are the potential target market to advertise nutrition products, as personal trainers and dieticians are the biggest promoters of healthy items. In addition, the ever-growing demand for convenient, natural, and healthy drinks has led to rapid growth in the functional beverage market and, thus, whey-based beverages. In India, 31% of Indians are vegetarians, and this chunk of the population prefers to consume either plant or animal milk-based protein. A vast base of vegetarian population and rising demand for dietary proteins makes product promotion easy for the manufacturers. However, the high cost of production is a huge hindrance in the price-sensitive market. Poor infrastructure to support the supply chain of the dairy industry is another major constraint of the market.
However, since milk is produced in abundance in India, many derivatives are already present in the market for many years. Those derivatives could provide a serious blow to whey protein market and can act as an alternative to the products made up of whey protein. For instance, most of the population especially, rural population, consumes yogurt daily, and in recent years many products have been made up of yogurt which has been an active part of sports nutrition products. Thus, alternative whey product development is estimated to restrain the growing whey protein market in India.
One of the major features for growing awareness about whey protein is the rapid shift of population from rural areas to urban areas, with increasing exposure to advertisements. Increasing awareness about global health and fitness trends from social media and television is creating awareness about protein products. Presently, in India, customers prefer food that provides convenience, an acceptable price value ratio, good flavor, and major health benefits. As the application of whey as an ingredient in ready-to-use food and drinks is growing rapidly, these products are expected to be noticed quickly by the health-conscious Indian population.
The dietary supplement industry widely influences the whey protein market in India. The application of whey protein and its ingredients across the dietary supplement industry is almost 50% of all the applications. The whey protein market in dietary supplements stood at $96.8 million in 2020 and is expected to grow at the highest CAGR of 9.5% until 2026. Moreover, the food and beverage industry combined represents 47% of the total whey protein market share in terms of its application.
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.
