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Protein - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2017 - 2029

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  • 528 Pages
  • February 2024
  • Region: Global
  • Mordor Intelligence
  • ID: 5656672
UP TO OFF until Mar 31st 2024
The Protein Market size is estimated at USD 25.49 billion in 2024, and is expected to reach USD 32.42 billion by 2029, growing at a CAGR of 4.93% during the forecast period (2024-2029).

Sustainable alternative protein sources are boosting the market demand with application mostly through food and beverages sector

  • Both in terms of value and volume, food and beverages remained the dominant end-user segment of the market in 2022. The demand was majorly led by dairy and meat alternative applications, with consumers demanding plant-based protein-rich alternatives. In 2022, the meat- and dairy alternatives industries together held a share of 31% by volume. The high preference for plant protein has consumers shifting away from meat, which is a major driving factor for the demand. As of May 2022, about 79 million of the global population was vegan and seeking meat and dairy alternatives with higher protein content.
  • The food and beverage segment was closely followed by the animal feed segment, with many applications of plant protein types. The plant protein type holds a 98% share by volume among all the other proteins used in the segment. It offers numerous advantages over milk substitutes and fish meals, like better protein digestibility, a favorable amino acid profile, and long shelf life. The segment is anticipated to register a CAGR of 4.58% by value during the forecast period.
  • In terms of growth, the personal care and cosmetics segment outpaced other segments and is expected to record a CAGR of 6.49% by value during the forecast period due to increased interest in clean and natural personal care products. Proteins are used in a range of cosmetics products, including emulsions, gels, shampoos, conditioners, and creams. Proteins naturally found in the body, such as collagen, elastin, and keratin, are also gaining popularity considering their higher efficacy in naturally strengthening skin and hair texture. Protein ingredients have proven effects on skin and hair, which is boosting their demand in the personal care and cosmetics segment.

With vast population in the region willing to consume plant-based meats, is driving the consumption of protein in the North American region

  • North America remained the largest consumer of protein across the world. The region's protein market is majorly driven by production consolidation, constant product developments, and a high consumer base recorded in the United States. More than 55% of households look for high protein content, and high protein content is a significant factor when purchasing food for their families, giving immense scope for the growth of the market in the region. The growing flexitarian population is also broadening the industry's consumer base. About one-fourth of Americans (23%) consumed plant-based meat, and 37% of consumers who do not consume plant-based meats are interested in trying them. Thus, this offers a vast opportunity for meat alternatives and boosts the protein market.
  • Asia-Pacific remained the second-largest market in 2022, driven by consumers pushing for diversification of protein sources. This was largely influenced by the changing consumer preferences toward plant-based and had an abundant supply of raw materials required for plant protein production, making it a relatively cost-effective option for both manufacturers and consumers. The Asia-Pacific region is projected to register a value CAGR of 5.42% during the forecast period.
  • The Middle East is projected to be the fastest-growing market, as the demand for natural and sustainable ingredients is rapidly growing due to the rise in health consciousness. Over the forecast period, the region is set to record a CAGR of 5.62% by volume. This is attributed due to shifting consumer preferences toward more health-, immunity-boosting, less processed, and 'free-from' food products. In 2020, approximately 25% of Arab millennials sought convenient and easily accessible food products.

Global Protein Market Trends

Animal protein consumption growth fuels opportunities for key players in the ingredients sector

  • Increased awareness about health benefits and the growing adoption of dairy proteins in dietary supplements by consumers, especially sportspersons, are driving per capita consumption. In 2021, India consumed the most cow milk worldwide, drinking about 83 MMT, followed by the European Union, at 23.9 MMT. The industry expanded as physical fitness became more popular among consumers who regularly played sports or engaged in other forms of physical activities. Therefore, casein, the primary milk protein component, is widely regarded as a valuable source of amino acids for human growth and is utilized as an ingredient in a variety of foods, including infant formula, sports, nutritional beverages, and confectioneries.
  • Other animal protein ingredients, such as gelatin, are more widely used in cosmetics and nutracosmetics. In 2020, the countries with the highest trade value in imports of gelatin were the United States (USD 180 million) and Japan (USD 75.8 million). Collagen and gelatin are frequently utilized in cosmetic formulations due to their excellent qualities as natural humectants and moisturizers. As a result, cosmetic companies are always on the lookout for new, sustainable, and effective products, making marine gelatin-based compositions viable options.
  • The highest per capita consumption of cheese is currently recorded in North America and Europe, which is expected to continue in the coming years due to the changes in local preferences and growing urbanization. The average amount of cheese consumed in the European Union in 2021 was 20.44 kg, followed by the United States, with roughly 17.9 kg of cheese per person. The demand for milk proteins is driven by their use in various applications, including in regions where the demand for animal proteins is increasing faster than production.

Dairy ingredients play a significant role in supplying animal protein raw materials

  • The production of whey and casein protein types is mainly driven by the supply from cheese production plants since they are the two major byproducts of cheese. However, in the case of caseins/caseinates, a price of about USD 2.40 per pound would be necessary to induce domestic plants to divert fluid skim milk from the production of non-fat dry milk to the production of caseins. Worldwide 22,651,606 tonnes of cheese was produced per year as of 2020, thus, impacting the scope for the production of dairy proteins such as casein and caseinates and whey proteins. The United States is the largest cheese producer in the world, at 5,584,857 tonnes of production per year.
  • In the United States, milk ingredient manufacturers have become increasingly specialized in the production of milk proteins. This production in the United States doubled over 2020, and micellar casein concentrate ingredients became newly available. Among all, micellar casein gained significant market penetration in the study period due to its high protein content (90% un-denatured protein) and high levels of bioavailable calcium. The demand for dairy-based proteins is growing primarily due to the need for ingredients with higher protein concentrations.
  • Pork is the most used raw material for producing gelatin because of its amino acid content. France produces 23 million pigs every year. The industry, comprising over 100,000 professionals, is Europe's second-largest meat processing industry. India is the top country in the number of cattle and buffaloes in the world. As of 2020, the number of cattle and buffaloes in India was 305,500 thousand heads which accounts for 33.38% of the world's total cattle and buffaloes. Surplus meat production is further pushing gelatin production

Protein Industry Overview

The Protein Market is fragmented, with the top five companies occupying 23.27%. The major players in this market are Archer Daniels Midland Company, Fonterra Co-operative Group Limited, International Flavors & Fragrances Inc., Kerry Group PLC and Royal FrieslandCampina NV (sorted alphabetically).

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

Table of Contents

2.1 Study Assumptions & Market Definition
2.2 Scope of the Study?
2.3 Research Methodology
3.1 End User Market Volume
3.1.1 Baby Food and Infant Formula
3.1.2 Bakery
3.1.3 Beverages
3.1.4 Breakfast Cereals
3.1.5 Condiments/Sauces
3.1.6 Confectionery
3.1.7 Dairy and Dairy Alternative Products
3.1.8 Elderly Nutrition and Medical Nutrition
3.1.9 Meat/Poultry/Seafood and Meat Alternative Products
3.1.10 RTE/RTC Food Products
3.1.11 Snacks
3.1.12 Sport/Performance Nutrition
3.1.13 Animal Feed
3.1.14 Personal Care and Cosmetics
3.2 Protein Consumption Trends
3.2.1 Animal
3.2.2 Plant
3.3 Production Trends
3.3.1 Animal
3.3.2 Plant
3.4 Regulatory Framework
3.4.1 Australia
3.4.2 Brazil and Argentina
3.4.3 Canada
3.4.4 China
3.4.5 France
3.4.6 Germany
3.4.7 India
3.4.8 Italy
3.4.9 Japan
3.4.10 South Africa
3.4.11 UAE and Saudi Arabia
3.4.12 United Kingdom
3.4.13 United States
3.5 Value Chain & Distribution Channel Analysis
4 MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
4.1 Source
4.1.1 Animal By Protein Type Casein and Caseinates Collagen Egg Protein Gelatin Insect Protein Milk Protein Whey Protein Other Animal Protein
4.1.2 Microbial By Protein Type Algae Protein Mycoprotein
4.1.3 Plant By Protein Type Hemp Protein Pea Protein Potato Protein Rice Protein Soy Protein Wheat Protein Other Plant Protein
4.2 End User
4.2.1 Animal Feed
4.2.2 Food and Beverages By Sub End User Bakery Beverages Breakfast Cereals Condiments/Sauces Confectionery Dairy and Dairy Alternative Products Meat/Poultry/Seafood and Meat Alternative Products RTE/RTC Food Products Snacks
4.2.3 Personal Care and Cosmetics
4.2.4 Supplements By Sub End User Baby Food and Infant Formula Elderly Nutrition and Medical Nutrition Sport/Performance Nutrition
4.3 Region
4.3.1 Africa By Source By End User By Country Nigeria South Africa Rest of Africa
4.3.2 Asia-Pacific By Source By End User By Country Australia China India Indonesia Japan Malaysia New Zealand South Korea Thailand Vietnam Rest of Asia-Pacific
4.3.3 Europe By Source By End User By Country Belgium France Germany Italy Netherlands Russia Spain Turkey United Kingdom Rest of Europe
4.3.4 Middle East By Source By End User By Country Iran Saudi Arabia United Arab Emirates Rest of Middle East
4.3.5 North America By Source By End User By Country Canada Mexico United States Rest of North America
4.3.6 South America By Source By End User By Country Argentina Brazil Rest of South America
5.1 Key Strategic Moves
5.2 Market Share Analysis
5.3 Company Landscape
5.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Business Segments, Financials, Headcount, Key Information, Market Rank, Market Share, Products and Services, and Analysis of Recent Developments).
5.4.1 Archer Daniels Midland Company
5.4.2 Arla Foods AmbA
5.4.3 Bunge Limited
5.4.4 Cargill, Incorporated
5.4.5 Corbion Biotech, Inc.
5.4.6 Darling Ingredients Inc.
5.4.7 Fonterra Co-operative Group Limited
5.4.9 Gelita AG
5.4.10 Glanbia PLC
5.4.11 Groupe LACTALIS
5.4.12 Hilmar Cheese Company Inc.
5.4.13 Ingredion Incorporated
5.4.14 International Flavors & Fragrances Inc.
5.4.15 Kerry Group PLC
5.4.16 Roquette Frère
5.4.17 Royal FrieslandCampina NV
5.4.18 Südzucker AG
5.4.19 Wilmar International Ltd
7.1 Global Overview
7.1.1 Overview
7.1.2 Porter’s Five Forces Framework
7.1.3 Global Value Chain Analysis
7.1.4 Market Dynamics (DROs)
7.2 Sources & References
7.3 List of Tables & Figures
7.4 Primary Insights
7.5 Data Pack
7.6 Glossary of Terms

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Archer Daniels Midland Company
  • Arla Foods AmbA
  • Bunge Limited
  • Cargill, Incorporated
  • Corbion Biotech, Inc.
  • Darling Ingredients Inc.
  • Fonterra Co-operative Group Limited
  • Gelita AG
  • Glanbia PLC
  • Groupe LACTALIS
  • Hilmar Cheese Company Inc.
  • Ingredion Incorporated
  • International Flavors & Fragrances Inc.
  • Kerry Group PLC
  • Roquette Frère
  • Royal FrieslandCampina NV
  • Südzucker AG
  • Wilmar International Ltd