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.
The market for plant-based proteins is expanding due to consumer preference for these proteins over those derived from animals. As veganism, animal welfare, and environmental sustainability gain popularity, plant-based proteins are becoming a more and more significant functional ingredient substitution. It is therefore anticipated that the market’s anticipated rapid expansion and robust demand for plant-based proteins would offer a wide range of development and investment opportunities.
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However, the sales and consumption of animal-based proteins are being restrained by the growing demand for plant-based proteins, which is restricting the industry’s total growth. Further impediments to the company’s expansion are the government’s strict rules and the high costs associated with research and development.
Some of the key drivers driving market expansion are shifting lifestyles, westernization, a rise in R&D efforts by large firms, especially in developing nations, and an ever-growing global population. Market value growth will be influenced by expanding distribution networks, rising manufacturing technology advancements, recent developments in the production of protein powders to promote health benefits, the retail sector’s constant expansion in developing economies, and shifting consumer tastes and preferences.
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.
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“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.
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 industry 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 industry presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on functional proteins industry 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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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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