NEW YORK, May 30, 2024 /PRNewswire/ — The global protein market size is estimated to grow by USD 86.75 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 3.48% during the forecast period.
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Technavio has announced its latest market research report titled Global Protein Market 2024-2028
Segment Overview
Source
1.1 Plant
1.2 Animal
1.3 Microbial
End-user
2.1 Food and beverages
2.2 Infant formulations
2.3 Animal feed
2.4 Others
Geography
3.1 APAC
3.2 Europe
3.3 North America
3.4 South America
3.5 Middle East and Africa
1.1 Plant- The plant-based protein market is experiencing significant growth due to its cost-effectiveness and eco-friendliness compared to animal-protein. Soy protein, derived from soybeans, is a widely used plant-protein with applications in various food sectors. It comes in three forms: isolate, concentrate, and textured. Wheat protein, derived from wheat starch, is another plant-protein with growing demand, particularly in bakery products and sports nutrition.
Pea protein, extracted from yellow peas, is used in dairy products and gaining popularity due to health benefits. New plant proteins like rice, potato, and canola proteins are emerging, but have limited applications currently. Overall, the plant-protein segment is driving the growth of the global protein market.
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Protein Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.48% |
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Market growth 2024-2028 |
USD 86.75 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
3.32 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 57% |
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Key countries |
US, China, India, Germany, and France |
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Key companies profiled |
AMCO Proteins, Archer Daniels Midland Co., Arla Foods amba, Bunge Ltd., Cargill Inc., Darling Ingredients Inc., Fonterra Cooperative Group Ltd., FrieslandCampina, Fuji Oil Holdings Inc., Gelita AG, Glanbia plc, Hilmar Cheese Company Inc., Ingredion Inc., International Flavors and Fragrances Inc, Kerry Group Plc, LACTALIS Ingredients, Puris, Roquette Freres SA, The Scoular Co., and Wilmar International Ltd. |
Market Driver
The Internet’s impact on buying and selling has led to the rapid growth of online retail for protein supplements. Factors such as a wide product range, quick delivery, and competitive pricing contribute to this trend. Online stores offer greater reach and visibility, and vendors use targeted marketing and education to increase sales. Consumers are now comfortable purchasing protein supplements online due to chatbot support and frequent interaction through social media and company websites.
Younger consumers, who have a larger online presence, are driving demand for these supplements. Online retail data helps vendors target products based on consumer preferences, such as environment-friendliness. Online retail is expected to be the fastest-growing distribution channel for protein supplements during the forecast period, fueling market growth.
The protein market is experiencing significant growth due to the increasing demand for high-quality protein sources. Producers are focusing on new technologies to improve production processes and meet consumer preferences. Sustainable methods, such as cellular agriculture and plant-based proteins, are gaining traction. Cattle-based products continue to dominate, but alternative sources like soy, pea, and hemp are making inroads.
The market is diverse, with players producing for human consumption and others for animal feed. The demand for protein is global, with key markets in North America, Europe, and Asia. The sector is competitive, with companies constantly innovating to meet consumer needs and regulatory requirements. The future of the protein market is promising, with continued investment in research and development.
Market Challenges
The global protein market faces a significant challenge from the rising number of counterfeit products. These products, which use inferior ingredients, pose a health risk to consumers and damage brand reputations. Tests have revealed that popular supplements, such as Craze, contain harmful chemicals. Counterfeiters often use underground distribution channels to sell fake versions of in-demand brands, like Optimum Nutrition from Glanbia.
To protect consumers, companies provide comparisons between original and fake products on their websites. Consumers should check product qualities, such as solubility and taste, to avoid purchasing counterfeits. The presence of these products negatively impacts market shares and brand images, hindering market growth.
The protein market faces several challenges in the production and distribution of high-quality proteins. These include the high cost of production, the need for large quantities of raw materials, and the complexity of the regulatory environment. Additionally, consumer preferences for plant-based proteins are increasing, requiring companies to adapt and innovate to meet these demands.
Herbicides and pesticides in feed production can also impact the quality of the final protein product, adding another layer of complexity. Producers must navigate these challenges to deliver cost-effective, safe, and sustainable protein solutions to meet the growing demand.
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Research Analysis
The protein market is evolving with a growing demand for natural and organic products. Key sources include cattle, pigs, fish, and poultry, providing ingredients for pharmaceuticals, food, and beverages. Gelatin, derived from bones and hides, serves as a functional ingredient in capsules and supplements. The rise in vegan trends and concerns over health and adulteration are influencing shifts towards plant-based and non-GM proteins. Animal cruelty-free and high-nutritional value products are gaining popularity in cosmetics and food applications. The market also sees a rise in meat alternatives and dairy substitutes, catering to health-conscious consumers.
Market Research Overview
The Protein Market encompasses a significant segment of the global nutraceutical industry. This market is driven by the increasing demand for high-protein foods and supplements due to their role in muscle building, weight management, and overall health and wellness. Sources of protein include animal-derived products like meat, dairy, and eggs, as well as plant-based sources such as soy, peas, and hemp. Functional proteins, like collagen and casein, are also gaining popularity for their various health benefits.
The market is influenced by factors such as consumer preferences, dietary trends, and regulatory policies. Producers and suppliers must ensure the quality, safety, and sustainability of their protein sources to meet the evolving demands of consumers. The market is expected to grow at a steady pace in the coming years due to the rising awareness of the importance of protein in a healthy diet.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Source
Plant
Animal
Microbial
End-user
Food And Beverages
Infant Formulations
Animal Feed
Others
Geography
APAC
Europe
North America
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
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Jesse Maida
Media & Marketing Executive
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Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio