With a large pool of players, the competitive landscape of the Global Market For Protein Ingredients is highly diversified, finds a new report by Transparency Market Research (TMR). The top three partcipants, namely, Cargill Inc., Glanbia Plc, and Kerry Group Plc. held a share of 38% in the overall market in 2015. Product innovation is the key strategy adopted by the leading players in this market for their business growth. With the increasing number of new entrants, the competition within the market is likely to intensify over the next few years, states the research report.
According to the study, the overall opportunity in the global market for protein ingredients was US$31.8 bn in 2016, which is anticipated to rise at a CAGR of 6.50% during the period from 2017 to 2027 and reach a value of US$64.35 bn by the end of the forecast period. Animal proteins enjoy a higher demand compared to plant protein and this trend is expected to remain so over the forthcoming years, notes the study.
Infant Nutrition Products and Protein and Nutritional Bars to Register High Demand
The report considers supplements and nutritional powders, beverages, protein and nutritional bars, bakery and confectionery, breakfast cereals, meat and meat products, dairy products, infant nutrition, and animal feed as the key application areas for protein ingredients. The demand for infant nutrition products and protein and nutritional bars is expected to grow at high rates.
In terms of the geography, the report considers the Middle East and Africa, North America, Latin America, Europe, and Asia Pacific as the main segments of the worldwide market for protein ingredients. In 2016, North America dominated the overall market with a revenue contribution of US$11.96 bn. With the rising health consciousness and the growing awareness level among consumers regarding the positive effect of protein consumption on health this regional market is likely to remain on the top over the next few years. Europe and Asia Pacific are also projected to witness significant growth in their respective market for protein ingredients in the years to come, notes the research study.
Rising Awareness Regarding Health and Fitness to Fuel Demand
“The rising awareness among consumers pertaining to health and fitness has fueled the demand various proteins, leading to a remarkable rise in the global market for protein ingredients,” states the author of the study. The growing popularity of soy and pea proteins and the rising consumption of eggs and dairy products are likely to support the growth of this market during the forecast period.
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The high usage of protein supplements by sports persons and athletes will also reflect greatly on the demand for these ingredients in the near future. However, the volatility in the production costs may limit the market’s growth in the year to come, report the study.