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

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

  • September 2022
  • ID: 6321746
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The India Animal Protein Market stood at 513.37 million usd in 2021 and is projected to register a CAGR of 4.69% to reach 645.72 million 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, mainly led by condiments/sauces and snacks, due to protein’s functionalities that make it a highly preferred ingredient in this sector.
Fastest Growing Segment by Product Type - Collagen : Collagen possesses multi-functionalities and contributes to enhanced muscle growth. Thus, the supplement industry, mainly in sports nutrition, drives the segment’s growth
Fastest Growing Segment by End User - Personal Care and Cosmetics : Protein-enriched skin, body, and hair care products are on the rise. Players offering protein ingredients with distinct concentrations as per need are boosting the segment.

Key Market Trends

Largest Segment By End User : Food and Beverages

By end user, the F&B segment remained the largest, and it is anticipated to register a CAGR of 4.78%, by volume, in the forecast period. The demand was majorly led by the snacks industry. This can be attributed to the increasing number of working professionals and their widening inclination toward healthy, on-the-go meal options. About 70% of the Indians are willing to focus on improving their overall health and immunity and lower stress and anxiety by prioritizing dietary changes.
Moreover, the COVID-19 pandemic exposed the vulnerability of the regional foodservice sector, which further drove consumers to the retail sector. Thus, the segment is expected to register a double-digit growth rate of 12.95% by volume in the forecast period. This bolstered the demand for ready-to-cook food products, such as frozen meals and pizzas, directly positioned to compensate for consumers’ eating-out instances.

Competitive Landscape

The India Animal Protein Market is fragmented, with the top five companies occupying 5.41%. The major players in this market are Fonterra Co-operative Group Limited, Glanbia PLC, Kerry Group plc, Nakoda Dairy Private Limited and Nitta Gelatin, Inc. (sorted alphabetically).

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