According to a recent report by Future Market Insights, a market research and competitive intelligence provider, the global functional proteins market is anticipated to be worth USD 6.6 billion in 2022 and USD 9.8 billion by 2032, with a CAGR of 6.6 percent expected over the forecast period.
Consumers are increasingly migrating away from animal-based proteins towards plant-based proteins, which is propelling the plant protein market forward. Increased movements toward veganism, environmental sustainability, and animal compassion are driving the need for plant-based proteins as an alternative functional ingredient. As a consequence, the plant-based protein sector is expected to have strong demand and quick growth, providing plenty of room for expansion and investment within the functional proteins market.
The increased demand for plant-based proteins, on the other hand, is putting a damper on the sale and consumption of animal-based proteins, decreasing total industry growth. Aside from that, the market expansion is hampered by the high cost of research and development, as well as the severe constraints imposed by regulators.
Changing lifestyles, westernization, increased research and development endeavors by big corporations, particularly in developing economies, and an ever-increasing worldwide population are some of the major factors influencing the market growth. Improving distribution channels, increasing technological advancements in manufacturing technology, recent advancements in protein powder manufacturing to promote health benefits, ever-increasing growth of the retail sector in developing economies, and changing consumer tastes and preferences will all contribute to market value growth.
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Key Takeaways from Market Study
- Because of the high prevalence of chronic diseases, North America is expected to dominate the market throughout the projection period. People are turning to dairy proteins such as poultry eggs and milk to meet their nutritional demands, consequently, whey protein concentrates are becoming more popular as well. The market is also growing due to the rising popularity of sports nutrition and weight control nutrition.
- Due to rising disposable income and the growing consumption of functional foods and dietary supplements in this region, Asia Pacific will have the greatest share of the market, accounting for roughly 38% of total revenue.
- Plant protein will grow at an average annual rate of 12.3 percent for the forecast period. The prompt availability of raw materials contributes to the ease with which they can be produced. The rise of the plant protein market has been fueled by the increased production of soy and other natural resources.
- When it comes to product type, the whey protein concentrates segment had the biggest market share. As compared to hydrolysates and isolates, the factors for our target segment’s stupendous growth can be linked to their ease of availability and manufacturing, as well as their reduced cost.
- “Recent advances in protein powder manufacturing to enhance health benefits such as fat loss and muscle gain present a profitable potential for market players throughout the forecast period.”says a lead analyst at Future Market Insights.
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Who is Winning?
Functional proteins are becoming a desirable product with increasing consumer income levels and associated economic development due to the health benefits associated with them, as well as the customers’ ability to afford them.
For example, pea protein was added to Cargill’s European ingredient portfolio in late 2020. Cargill was able to get entry to the pea protein market as a result of this product launch.
Some of the leading companies offering functional proteins are InVivo, Cargill, Roquette Frères, Omega Protein Corporation, DowDuPont, Amway, AMCO Proteins, Herbalife International Inc., and Abbott Nutrition.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the functional proteins market presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on functional proteins based on product type (hydrolysates, whey protein concentrates, whey protein isolates, casein and caseinates, soy protein, and others), form (dry and liquid), source (animal {dairy, egg, and gelatin}, plant {soy, wheat, and vegetable}), application (food, beverages, dietary supplements, and animal nutrition), distribution channel (direct and indirect {pharmacy stores, e-retailers, specialty stores, and supermarkets}) across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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