The global milk protein market is anticipated to witness substantial growth in the coming years, with Future Market Insights (FMI) forecasting a valuation of US$ 16.34 billion by 2034. According to FMI’s latest report, the market is expected to grow at a sluggish Compound Annual Growth Rate (CAGR) of 3.3% from 2024 to 2034, reaching a projected size of US$ 11.83 billion by 2024.
The projected growth of the milk protein market can be attributed to the increasing consumer awareness regarding physical fitness and well-being. As consumers become more health-conscious, emerging trends in milk protein applications are expected to drive market expansion.
“One of the key drivers of growth in the milk protein market is its increasing use in bakery and confectionery products,” stated by Nandini Roy Choudhury, Client Partner at Future Market Insights. “As demand for healthier food options continues to rise, milk protein is gaining traction as a versatile ingredient, contributing to the market’s growth.”
The projected expansion of the milk protein market underscores its growing importance in meeting the evolving needs and preferences of consumers worldwide. With increasing focus on health and wellness, the market is poised for significant growth opportunities in the coming years.
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The impact of lactose intolerance on milk protein consumption is assertive as they can form the perfect replacement compounds for lactose products. Hence, this forecasts steady growth for the subject market.
Milk protein market demand analysis suggests that these compounds can widely be used in the healthcare sector due to their high nutritional values. Therefore, this factor drives the subject market heavily.
Shelf-life of products can be increased significantly, which supports the product placement. Consequently, brands can position themselves better in the market, fueling their growth and thereby assisting the milk protein market growth.
Key Takeaways from the Market Study
- The powdered form milk proteins are widely used and preferred, which causes their market share to increase drastically. It will likely hold 30.3% by 2024.
- The forecasted milk protein market growth is estimated to surpass the historical figure, helping new marketers explore different opportunities in the market. The forecasted and historical CAGRs are 3.3% and 3.05%, respectively.
- The Indian market is, by far, the market having the highest growth rate. It advances moderately at a CAGR of 6.7%.
- The United States of America will likely progress at a CAGR of 3.2%, the lowest among all.
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Competitive Landscape
The competitive landscape of the milk protein market is governed by a large market share secured by key players. They expand using different market expansion modes, including strategic acquisitions, mergers, product launches, and partnerships.
However, the threat of new entrants affects their propulsion, reducing the growth rate. The following key developments were seen recently in the market: –
In February 2024, Cargill, Inc. extended a strategic partnership deal with ENOUGH. This partnership aims to deliver sustainable protein alternatives to consumers. Subsequently, the resources of these organizations will augment their portfolio, bolstering their market positions.
In March 2024, Saputo, Inc. signed a 15-year virtual power purchase agreement (VPPA). The organization aims to propel towards sustainability with the assistance of Schneider Electric. The power acquisition will help the enterprise generate 206,300 MWh of power.
Key Companies Profiled
- Cargill Inc.
- Saputo Inc.
- Glanbia, Plc.
- Kerry Group Plc.
- Arla Foods
- Fonterra Co-Operative Group Limited
- ROYAL FRIESLANDCAMPINA N.V.
- Nestlé
- Idaho Milk Products
- Others
More Valuable Insights Available
Future Market Insights offers an unbiased milk protein market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
Product Type (Concentrates, Hydrolyzed, Isolates, and Others), Form (Powder, Liquid, Paste/Spreadable, and Others), and Application (Food & Beverages, Nutraceuticals & Dietary Supplements, Pharmaceutical, Cosmetics & Personal Care, Infant Formula, Pet Care Industry, and Others) segment the market.
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Milk Protein Market- Key Segments
Product Type:
- Concentrates
- Hydrolyzed
- Isolates
- Others
Form:
- Powder
- Liquid
- Paste/Spreadable
- Others
Application:
- Food & Beverages
- Nutraceuticals & Dietary Supplements
- Pharmaceutical
- Cosmetics & Personal Care
- Infant Formula
- Pet Care Industry
- Others
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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