With a large group of players, the competitive space of the global protein ingredients market is seen to be highly diversified. The top three players of the global market namely Kerry Group Plc, Glanbia Plc, and Cargill Plc, cumulatively held an overall share of 38% in the market in the year 2015. One of the key business strategy adopted by the key players in the market is product innovation for the overall development of business. With the growing number of players entering the market, the all-round competition amongst the players is expected intensify over the coming years of the given forecast period.
The global market for protein ingredients stood at an overall market valuation of US$31.8 bn in the year 2016. The market is expected to grow and reach and overall worth of US$64.35 bn by the end of the given forecast period. This growth of the global market for protein ingredients is expected to be achieved with the help of a strong CAGR of 6.50% over the course of the given forecast period of 2017 to 2027.
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The global market protein ingredients can be segmented into supplements and nutritional powders, protein and nutritional bars, meat and meat products, bakery and confectionary, beverages, dairy products, animal feed, and infant nutrition. The overall demand for infant nutrition protein and product and nutritional bars are projected to develop at a swift rates.
With respect to geography, the global market for protein ingredients can be segmented into several key regions such as Latin America North America, Asia Pacific, Europe, and Middle East and Africa. Of these, the global market was dominated by North America. The market was valued at US$11.96 bn in 2016. This growth of the market can be attributed to the increasing health consciousness and rising level of awareness amongst customers about the advantages and positive effects of protein ingredients. The markets of Asia Pacific and Europe are also projected to witness steady growths during the next few years.
Increasing Awareness about Health Benefits of Protein Ingredients to Drive Market Growth
There are multiple factors that are responsible for the overall development of the global market for protein ingredients in the next few years. One of the key driving factor for the growth of the market can be seen as the growing awareness among customers about fitness and health. This has also led to an increase in demand for various proteins, subsequently helping in the overall development of the global market for protein ingredients. In addition to this, the increasing popularity of pea and soy proteins along with the rise in the consumption of dairy products and eggs are also likely to support the overall development of the global market for protein ingredients over the course of the given forecast period of 2017 to 2027. The high use of protein supplements by athletes and sports persons is also expected to reflect significantly on the overall demand for protein ingredients in the coming years.
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Volatile Cost of Production may Hamper Market Growth
However, there are some factors that are expected to hamper the growth of the market and may stop it from reaching its full potential. One of the prominent restraining factors for the growth of the global market for protein ingredients is the constant volatility in the cost of production of these proteins.