Food Protein Ingredient Market Size May Reach USD 29 Billion by 2024
The global food protein ingredient market, one of the most pivotal verticals of the food & nutrients industry, has been remarkably influenced by the shift toward a more health-conscious society. Growing consumer consciousness and acceptance toward the incorporation of vital nutrients in early stages have provided food protein ingredient industry players with profitable growth opportunities both in terms of value and remuneration. In fact, in terms of commercialization potential, the global food protein ingredient market was pegged at USD 17.25 billion in 2016 and is further anticipated to surpass USD 29 billion by 2024. Industry analysts deem the rising income levels, governmental backing, and evolution of fancy diet trends to have played crucial role in fortifying food protein ingredient market outlook.
Speaking along similar lines, strong scientific research studies authenticating the health benefits of proteins have also been a major factor fueling food protein ingredient industry share. That said, it is also important to mention that favorable governmental initiatives toward spreading awareness of proper protein intake have been assisting in the rising demand for food protein ingredients. An instance bearing testimony to the aforementioned fact is that of the European Food Safety Association, which has specified a daily essential protein intake for every category and age. Say for example, the protein intake range is categorized into 59g to 102g per day for women and 67g to 114g per day for men. The strict adherence to such regulations and guidelines, according to analysts, have further strengthened the market scenario.
Animal based food protein ingredients market size should surpass USD 22 billion by 2024. This demand can be attributed to growing demand for meat & meat-based products as a source for protein. Commonly available sources for these are meat, fish, eggs and milk. Milk based food protein ingredients like whey concentrates, isolates, hydrolysates and casein account majority share of animal-based product market. This growth in demand can be ascribed to its high concentration and enhanced production process which reduces risk for allergy.
Considering the growth prospects of this business sphere on a global scale, it would be imperative to state the protein’s health halo has been perpetually influencing Asia Pacific food protein ingredient market share. Protein has become one of the hottest functional food ingredients that has diverted the APAC population toward healthier snacking trends. In addition, the growing popularity of high protein diets has further fortified the demand for protein ingredients from plant & animal derived protein sources including egg, meat, fish, whey, spirulina, and soy.
Reports claim that rapid urbanization trends in India, Thailand, China, and Japan have set the ground for the expansion of Asia Pacific food protein ingredient industry, which is projected to cross USD 5 billion by 2024. The region is further expected to tread along a lucrative growth path on account of the increasing R&D activities and product innovation trends particularly in the sports and infant nutrition segment. On that note, reports reveal food protein ingredient market size from the sports nutrition application to amass remuneration of nearly USD 14 billion by 2024.