According to a new report published by Allied Market Research, titled, “Whey Protein Ingredients Market,” By Type, Nature and Application: Global Opportunity Analysis and Industry Forecast, 2022–2031. The Whey Protein Ingredients Market Size was valued at $12,014.42 million in 2020, and is estimated to reach $25.7 Billion by 2031, growing at a CAGR of 7.39% during the forecast period. The whey protein concentrate segment held more than two-fifths of the total Whey Protein Ingredients Market share in 2020.
Whey proteins are derived from whey during the cheese production and are known for improving athletic performance. They are an alternative to milk for lactose intolerant people. Rise in the consumption of whey protein ingredients as functional food and dietary supplements among consumers increase the demand for whey protein ingredients. Increase in proportions of millennial population (people aged between 20s and 30s) actively participating in casual sports and regular exercises give more importance to enhanced protein intake. This factor fuels the demand for nutritional drinks and supplements. Furthermore, whey protein ingredients are utilized in meat products owing to its solubility, water-binding & viscosity, emulsification, adhesion, gelation, and organoleptic characteristics. Moreover, whey protein concentrates are used to adhere breadcrumbs or batter to meat, and hence rheological characteristics of meat are retained. Furthermore, moisture retaining property of whey protein concentrate during meat processing also boosts the Whey Protein Ingredients Market Growth.
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The global whey protein ingredients market witnesses vivid opportunities due to increase in awareness among consumers for protein healthy diet. Moreover, whey protein concentrate is a nutritional supplement manufactured after the whey is passed through defiltration, ultrafiltration, electro dialysis, and ion-exchange processes. Whey protein concentrate is obtained upon the removal of certain percentage of non-protein constituents from pasteurized whey derived from cheese processing. Whey protein concentrate consists of low levels of carbohydrates (lactose). The percentage of protein in lower end concentrates ranges from 30% to 90%.
Moreover, consumption of whey protein concentrate powder as supplements has increased owing to regular recommendations by dieticians and doctors in response to a wider set of customers demand for protein supplements in their diets.
Sports nutrition segment accounted for around one-sixth share, in terms of volume, in 2020. In response to the perennial modifications such as brining, baking, and texture of whey products among the bakery & confectionery industry as well as beverages industry, whey protein ingredients currently witness high demand across the globe. Thus, increase in demand for whey protein concentrates 80 and 35 especially in sports nutrition as protein supplements majorly fuels the growth of the Whey Protein Ingredients Industry.
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Moreover, rise in number of working women demanding whey proteins for infant formula as a substitute for breast milk also augments the market growth. In addition, increasing Whey Protein Ingredients Market Trends of beverage industry to boost the protein content of products is the major reason that drives the growth of whey protein ingredients market.
The players operating in the global whey protein ingredients market have adopted various developmental strategies to increase their market share, gain profitability, and remain competitive in the market. The key players operating in the Whey Protein Ingredients Market Analysis include- Arla Foods, Cargill Incorporation, Hilmar Cheese Company, Fonterra Co-Operative Group Ltd, Carberry food ingredients, Glanbia plc, Davisco Food International, Maple Island Incorporation, Dairy Farmers of America, and Milk Specialties Global.
KEY FINDINGS OF THE STUDY
· Asia-Pacific is expected to lead the market during the Whey Protein Ingredients Market Forecast period, followed by the LAMEA region.
· Based on nature organic segment is likely to be the fastest growing during the Forecast period.
· Based on type, whey protein concentrate segment holds the major market share in the year 2020.
· On the basis of application, sports nutrition segment dominated the market in the year 2020.
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