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Asia-Pacific Animal Protein Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

Asia-Pacific Animal Protein Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

  • September 2022
  • ID: 6321738
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The Asia-Pacific Animal Protein Market stood at 2.91 billion usd in 2021 and is projected to register a CAGR of 3.77% to reach 3.51 billion usd in 2026.

Key Highlights
Largest Segment by Product Type - Egg Protein : Egg protein holds the major share in the market owing to its high penetration in bakery, condiments/sauces, and animal feed.
Largest Segment by End User - Food and Beverages : The F&B sector dominates the market, primarily led by bakery, snacks, and beverages, due to the functionalities of protein that make it highly preferred in these industries.
Fastest Growing Segment by Product Type - Collagen : The demand forfunctional foods and beverages has surged the demand for collagen infused products, making it the fastest-growing segment. By form, the segment is dominated by animal-sourced collagen.
Fastest Growing Segment by End User - Personal Care and Cosmetics : There is high demand for protein-enriched skin, body, and hair care products. Players are offering protein ingredients with distinct concentrations to boost the segment.

Key Market Trends

Largest Segment By End User : Food and Beverages

The F&B segment remained the largest consumer of animal proteins among other end-user segments. It was highly driven by snacks, beverages, and bakery, with volume shares of 27.18%, 23.10%, and 20.43%, respectively. However, beverages are projected to record the fastest CAGR value of 4.87% during the forecast period.
The share was influenced by the high demand for whey protein and gelatin. The market largely benefits from introducing new and improved protein offerings. For instance, in 2020, Arla Foods created its first clean-label environment yogurt concept, Nutrilac YO-4575, which is 100% natural whey protein. Similarly, the gelatin company Darling launched a new delivery format gelatin ingredient under its brand-SiMoGel, enabling manufacturers to tap into the growing market of chews and gummies. Personal care and cosmetics remained the fastest-growing segment, with a projected value CAGR of 3.97% during the forecast period. Animal protein is recognized for aiding in skin smoothening and hair conditioning, leading to growing product launches in the personal care category.

Largest Country : China

In the Asia-Pacific region, China remained the largest animal protein market in 2020. The demand was majorly value-driven, owing to a rise in demand for high-quality premium end-products. Ingredient manufacturers such as Prolactal and Arla launched a number of clean label products to expand their share in the value-added marketspace.
Moreover, China, being the fourth largest beef and veal producing country, possesses a flourishing animal feed sector and a significant influx of animal protein in the formulation. The Indian market is the second-largest and is projected to grow by value, with the fastest CAGR of 4.69% in the forecast period. The local F&B industry booming at the fastest pace is the key factor driving the growth. In 2020, as an impact of the COVID-19 pandemic, the Indian F&B industry boosted a Y-o-Y growth rate of 13.62%. It is attributed to the surge in bulk purchases of food products with extended shelf life.

Competitive Landscape

The Asia-Pacific Animal Protein Market is fragmented, with the top five companies occupying 14.42%. The major players in this market are Arla Foods amba, Darling Ingredients Inc., Fonterra Co-operative Group Limited, Kerry Group PLC and Lacto Japan Co. Ltd (sorted alphabetically).

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