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Global Whey Protein Market

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  • 165 Pages
  • January 2022
  • Region: Global
  • Hypercube Insights
  • ID: 5530278
Whey protein is extracted from the liquid by-product of cheese production. The product has gained wider popularity as a muscle-building supplement due to its high protein quality and amino acid content. Whey protein is extensively used as a functional food ingredient for therapeutic applications. The innovations in the production process and advancement in food processing technology enable the supply of various whey-based products corresponding to consumer trends. The global whey protein market was worth $9.4 billion in 2020 and is estimated to exhibit a CAGR of 7.3% from 2021-2026.

Favorable consumer trends such as growing demand for dietary proteins, maturity in the functional food industry, and increasing health consciousness are positively influencing the growth of the whey protein market. Conducive microeconomic factors such as ready availability of resources and ready customer base are the major factors responsible for strong demand for whey protein products. Increasing purchasing power in emerging nations of Asia has led to a dietary shift to protein-rich diets creating a platform for whey protein products. Besides, whey protein has been widely accepted for fitness and weight management due to its high nutritional content and satiety benefits. The push for protein products from fitness experts and trainers is leading to an expanded consumer base of whey protein all over the globe.

The expanding demand for products easy on digestion and rich in protein products to retain muscle mass, weight loss, and healthy aging from older population is driving whey protein consumption, especially in developed countries. The whey protein consumption is expected to grow parallel to the rapid expansion in sports nutrition. The major players in the industry are focused on catering whey-based sports and nutrition products.

The growth in clinical nutrition market is driving the consumption of whey protein in medicines for older population, premature babies, malnutrition, among others. Huge investments in R&D from manufacturers and Government for wider applications of whey proteins in the treatment of chronic stress, cancer, heart diseases, among others, is expected to maintain a steady growth rate of the market. Healthy snacking culture has created a huge platform for whey based products due to its convenience and cost advantage. Strong demand from the infant formula sector is another driving factor of the industry. Better alignment between the Government, stakeholders, and producers for greater commercialization of whey protein is expected to maintain a healthy consumption rate in the future.

Development of a strong supply chain, high production cost, scalability, and food safety are the issues concerning the manufacturers. The market also faces several restraints that are closely tied to the relatively high price of whey protein and increasing competition from plant-based proteins such as soy. The major factors restraining consumer acceptance are high cost of products and unfamiliarity with usage. Due to the less developed supply chain in the industry, the products are not readily visible across the retail chain, hindering the growth of the market. Sports and performance nutrition are the opportunity segments for the industry.

Hydrolyzed whey protein represents around 60% of the global whey protein market. Because of the advantages that hydrolyzed whey protein provides, the market revenue of HWP has increased by around 50% in the last six years due to associated benefits and is expected to increase 50% by 2026. The market revenue of WPC and WPI is growing at a steady rate because of the growing demand from the food and beverage industry.

The markets in Asian, Africa, and South America possess low competition compared to the markets in North America and Europe characterized by a high degree of competition. Amongst the countries in North America, the U.S. dominates the whey protein market, followed by Mexico and Canada. North American producers are strategizing to produce and sell whey protein products in the lucrative exports market of China, India, and Brazil, among others. Europe whey protein market accounted for the largest market share of around 40% of the global market revenue in 2020. Of all the major economies in Europe, the U.K. accounts major market share of around 18%, and Russia is forecasted to be the fastest-growing in the region at the CAGR of 8.1%.

Whey protein market of Asia-Pacific is growing rapidly due to various reasons associated with socio-economic trends in the region. Major producers of food and beverages in Asia are now capitalizing on the functional benefits of whey protein as an important ingredient for sports nutrition and are developing a wide range of whey protein products. China, India, Thailand, and Vietnam are the promising and high-growth countries in the region. Brazil is a major whey protein market accounting for around 65% of the South America region. Although the Africa whey market is least developed, expanding intra-African milk trade and developing larger regional markets will be important aspects for the future growth of the whey protein market in Africa.

Key global whey protein manufacturers are focused on reducing production costs and increasing scale, thereby gaining an advantage over local producers. Creating consumer awareness by aggressive marketing strategies and greater visibility of products across retail space are other steps taken by producers to generate demand. Expansion of production capacity and capturing foreign markets are other investment strategies in the market. The industry is highly fragmented with the presence of regional and global players. Intense rivalry among top players in the market has started the fierce competition at various levels for developing new products, setting low prices, driving aggressive marketing strategies, and innovating the products according to consumers preferences.

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 and countries
  • 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
1.1 Research Methodology
1.2 Scope of the Study
1.3 Assumptions
2. Summary
2.1 Market Summary by Type
2.2 Market Summary by Application
2.3 Market Summary by Geography
3. Industry Dynamics
3.1 Drivers
3.1.1 Increasing awareness about health benefits of diet supplements
3.1.2 Growing use of whey proteins in functional food and beverages industry
3.1.3 Increasing demand for dietary proteins
3.2 Restraints
3.2.1 High cost of ingredients and production
3.2.2 Growing vegan population & whey protein alternatives
3.2.3 Health & safety concerns and undefined regulations
3.3 Opportunities
3.3.1 Growing dietary supplement prescription
3.3.2 Surging demand for high-quality protein in food industry
3.3.3 Increasing use of protein products in the personal care industry
3.4 Porter’s Five Forces Analysis
3.4.1 Bargaining power of Suppliers
3.4.2 Bargaining power of Buyers
3.4.3 Degree of Competition
3.4.4 Threat of Substitution
3.4.5 Threat of new entrants
3.5 Future Trends in Whey Protein Industry
3.6 Value Chain Analysis
3.7 Industry Policies & Regulations
3.8 Market Innovations
4. Market Size and Forecast
4.1 Market Share, Type
4.1.1 Whey Protein Concentrate (WPC)
4.1.2 Whey Protein Isolate (WPI)
4.1.3 Hydrolyzed Whey Protein (HWP)
4.1.4 Others
4.2 Market Share, Processing
4.2.1 Ultrafiltration
4.2.2 Ion Exchange
4.2.3 Hydrolysis
4.2.4 Others
4.3 Market Share, Application
4.3.1 Food Infant Formula Confectionary Bakery Snacks Dairy Products Meat Products Others
4.3.2 Beverages
4.3.3 Dietary Supplements
4.3.4 Others
5. Country Market Share
5.1 North America
5.1.1 U.S.
5.1.2 Canada
5.1.3 Mexico
5.1.4 Others
5.2 Europe
5.2.1 U.K.
5.2.2 Germany
5.2.3 France
5.2.4 Italy
5.2.5 Spain
5.2.6 Netherlands
5.2.7 Russia
5.2.8 Others
5.3 Asia-Pacific
5.3.1 China
5.3.2 India
5.3.3 Japan
5.3.4 South Korea
5.3.5 Australia
5.3.6 Thailand
5.3.7 Israel
5.3.8 Saudi Arabia
5.3.9 Others
5.4 South America
5.4.1 Brazil
5.4.2 Argentina
5.4.3 Colombia
5.4.4 Others
5.5 Africa
5.5.1 South Africa
5.5.2 Egypt
5.5.3 Nigeria
5.5.4 Others
6. Competitive Analysis
6.1 Market Share Analysis
6.2 Growth Strategies of leading players
6.3 Investment and Development Prospects
6.3.1 Investment in past five years
6.3.2 Investment Opportunities
6.4 Price Trend Analysis
6.4.1 Product Classifications and Their Prices
6.4.2 Factors Influencing Prices
7. Company Profiles
7.1 Agropur MSI, LLC
7.2 Arla Foods
7.3 Carbery Group
7.4 Champignon-Hofmeister Group
7.5 DMK group
7.6 FriesiandCampina Ingredients
7.7 Glanbia Plc
7.8 Hilmar Cheese Company Inc
7.9 Lactalis Ingredients
7.10 Land O'Lakes Inc
7.11 Leprino Foods Co
7.12 Milk Specialties Global
7.13 Meggle Group
7.14 Saputo Ingredients
7.15 Fonterra Co-operative Group
7.16 Volac
  • Sources
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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.