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

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

  • September 2022
  • ID: 6321766
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The Global Protein Market stood at 23.24 billion usd in 2021 and is projected to register a CAGR of 3.59% to reach 27.73 billion usd in 2026.

Key Highlights
Largest Segment by Source - Plant : Globally, animal feed and F&B industry drove plant protein segment. Among all, soy protein remained most favored, owing to its inexpensive cost and excellent quality.
Largest Segment by End User - Food and Beverages : The higher supply of plant proteins like rice, pea and wheat proteins that has an ability to mimic meat texture together with protein fortification is catering the segment.
Fastest Growing Segment by Source - Microbial : The demand for microbial proteins, mainly algae protein, is noted from the supplements segment. Constant innovation and new entrants are anticipated to drive this segment.
Fastest Growing Segment by End User - Personal Care and Cosmetics : Rise in demand for natural ingredients and protein enriched skin, body and hair care products is driving the segment. Thus the segment is projected to attain fastest growth.

Key Market Trends

Largest Segment By End User : Food and Beverages

Both in terms of value and volume, food and beverage remained the dominant end-user segment in 2020. The demand was majorly led by dairy and meat alternative applications, with consumers demanding plant-based protein-rich alternatives. In 2020, the meat- and dairy-alternatives industries together held a share of 31%, by volume. This boom in the alternatives market also led to high demand for plant proteins. About 79 million of the global population is vegan and seeking meat and dairy alternatives with higher protein content.
The F&B segment was closely followed by the animal feed segment, which has immense applications of plant protein types. The plant protein type holds a 98% application share among all the other proteins used in the segment. It offers numerous advantages over milk substitutes and fish meals, like better protein digestibility, a favorable amino acid profile, and long shelf life. In terms of growth, personal care and cosmetics outpaced other segments with a projected volume CAGR of 4.84% during the forecast period, due to increased interest in clean and natural personal care products.

Largest Region : Asia-Pacific

North America leads the market growth with a larger market share of 30% by volume. Also, it is anticipated to register a CAGR o 3.27%, by volume, in the forecast period. More than 55% of households look for high protein content, and high protein content is a significant factor while purchasing food for their families, giving immense scope for the growth of the market in the region. The growing flexitarian population is also broadening the industry’s consumer base. About one-fourth of the Americans (23%) consumed plant-based meat and 37% of consumers who do not consume plant-based meats are interested in trying them. Thus, this is offering a vast opportunity for meat alternatives and boosting the proteins market.
The Middle East is projected to be the fastest-growing market, as the demand for natural and sustainable ingredients is rapidly growing due to the rise in health consciousness. Over the forecast period, the region is set to record a CAGR of 4.33%, by volume.

Competitive Landscape

The Global Protein Market is fragmented, with the top five companies occupying 21.36%. The major players in this market are Archer Daniels Midland Company, DuPont de Nemours Inc., Fonterra Co-operative Group Limited, Kerry Group PLC and Royal FrieslandCampina NV (sorted alphabetically).

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