The global protein market size was evaluated at USD 10.37 billion in 2022 and is expected to attain around USD 23.34 billion by 2032, growing at a CAGR of 8.5% from 2023 to 2032.
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The protein market is a growing industry driven by increasing demand for protein-rich foods and supplements. Protein is an essential macronutrient that plays several critical roles in the body, including building and repairing tissues, producing hormones and enzymes, and supporting immune function. It is found in various foods, including meat, poultry, fish, eggs, dairy products, beans, legumes, nuts, and seeds.
There are several types of protein on the market, including animal-based proteins (such as whey, casein, and egg) and plant-based proteins (such as soy, pea, and hemp). These proteins differ in their amino acid profiles, digestibility, and nutritional properties.
The protein market is highly competitive, with many companies producing and marketing protein products. These products are sold through various channels, including supermarkets, health food stores, online retailers, and direct-to-consumer sales.
In recent years, the protein market has been driven by trends such as the increasing popularity of plant-based protein, the rise of functional and fortified protein products, and the growing demand for high-quality, natural, and sustainable protein sources.
The consumption of items made from animals has significantly increased in the U.S. market in recent years. Over the following several years, animal protein consumption will likely grow more in the nation. The U.S. product demand will likely rise due to the significant domestic demand for these items made from animal sources. The market will likely grow over the forecast period due to supply chain activities implemented by ingredient manufacturing businesses to improve product distribution.
Crops like soy, wheat, canola, and pea are used to produce plant-based components. The highest proportion in the plant-based category has been held by soy protein, expanding at a special rate. Over the projected period, it will likely increase at a rapid compound annual growth rate. The Food and Drug Administration (FDA) also approved a health claim for lowering LDL cholesterol through dietary recommendations that suggested four servings of soy per day to help reduce the LDL cholesterol level in the body by 10%.
Throughout the forecast period, technological advances and product innovations will likely play a significant role in the market's growth. Protein components are increasingly used in various applications; for example, isolates are used frequently in dairy applications due to their tiny particle size and excellent dispersibility. Over the past several years, this market has been primarily driven by consumer conviction in the health benefits of these goods. This trend will likely continue during the projection period.
Report Scope of the Protein Market
|Market Size in 2023||USD 11.2 Billion|
|Market Size by 2032||USD 23.34 Billion|
|Growth Rate from 2023 to 2032||CAGR of 8.5%|
|Forecast Period||2023 to 2032|
|Segments Covered||By Source and By End-User|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Plant Protein is expected to acquire a significant share during the upcoming years. Due to its low price and high quality, soy protein became the most popular.
The supplements market has shown a need for microbial proteins, particularly protein from algae. This segment will likely be driven by ongoing innovation and new competitors.
Food and beverage remained the most significant end-user segment in 2022 in terms of volume and value. Dairy and meat substitutes were the primary demand drivers, and customers wanted more plant-based protein-rich substitutes. The combined market share of meat and dairy substitutes in 2022 was 33% by volume. The high demand for plant proteins was partly a result of this alternative market boom. More than 79 million people worldwide identify as vegans and seek meat and dairy substitutes with better protein content.
The animal feed area, which has numerous applications for various plant protein types, came second to the food and beverage market. Compared to all the other proteins employed in the market, the plant protein type has a 98% application share. It has many benefits over milk alternatives and fish meals, including longer shelf life, a good amino acid profile, and excellent protein digestion. Due to rising demand for natural and clean personal care products, the cosmetics and personal care market outgrew other sectors in terms of growth, with a predicted volume CAGR of 4.84% throughout the forecast period.
North America is driving the market's expansion with a more significant volume market share of 32%. Additionally, a CAGR of 3.40% by volume is expected for the forecast period. More than 57% of households opt for foods with high protein content, which is a crucial consideration when people shop for food for their families, creating enormous potential for market expansion in the area.
The consumer base of the sector is expanding along with the flexitarian population. Twenty-three percent of Americans reported eating plant-based meat, while 37 percent of consumers who don't already eat plant-based meat are open to the idea. As a result, this is expanding the demand for proteins and providing a massive opportunity for meat substitutes.
Due to the region's growing health consciousness, the demand for sustainable and natural ingredients will likely expand at the quickest rate in the Middle East. The area will likely experience a volume CAGR of 4.33% throughout the forecast period.
The top five businesses have 21.36% of the fragmented global protein market. DuPont de Nemours Inc., Archer Daniels Midland Company, Kerry Group PLC, Fonterra Co-operative Group Limited, and Royal FrieslandCampina NV are the leading participants in this market.
Segments Covered in the Report:
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