Functional Protein Market size was evaluated to be USD 5.5 billion in 2021 and is estimated to reach USD 8.8 billion in 2029, rising at a CAGR of 6.1% from 2022-2029.
The factors driving the growth of Functional Protein Market includes increasing prevalence of diabetes, obesity, and other chronic diseases, growing demand for plant-based protein products, rise in consumers spending on healthy supplements and improvements in the living standards. Moreover, rapid growth in the animal feed industry, growing demand for dairy derivatives, rise in the launch of innovative products and increasing popularity of whey-based protein sports beverages across the globe, are some of the additional factors supplementing the Functional Protein Market share. In addition, the increasing investments by major companies on research and development, strategic mergers, and partnerships between key industry leaders, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
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However, growth of the Functional Protein Market is hindered due to high cost of functional protein drinks.
The major players operating in the Functional Protein Market are Cargill, Incorporated, SunOpta, DuPont, ADM, DSM, BASF SE, Roquette Frères, Ingredion, Fonterra Co-operative Group Limited, and Glanbia PLC, among others.
Based on Type, the Hydrolysates segment is predicted to grow at a significant CAGR during the forecast period
Increasing application of hydrolysates in production of manufacturing infant and nutrition products, is major factor propelling growth of the segment.
Based on Form, the Liquid segment is projected to expand at a robust CAGR over the forecast period
Growing demand for dietary protein-based juices and functional beverages across the globe, is pushing segment’s growth.
Based on Region, the North American region is anticipated to grow at a remarkable CAGR during the forecast period
Rising prevalence of diabetes across United States and Canada, increasing demand for plant based products, rapid industrialization, growing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.
Key Developments
- In 2020, Cargill, Incorporated expanded its European ingredient portfolio by adding pea protein. Through this expansion, the company planned to get access to the pea protein market.
- In 2020, ADM extended their protein portfolio offering with the textured wheat and pea proteins. The high-functionality proteins enhanced the meat-like texture of alternative meats.
Market Segmentation
Segmentation by Type
- Hydrolysates
- Whey Protein Concentrates
- Whey Protein Isolates
- Casein/Caseinates
- Soy Protein
- Others
Segmentation by Source
- Animal Source
- Plant Source
Segmentation by Application
- Functional Food
- Functional Beverages
- Dietary Supplements
- Sports Nutrition
- Animal Nutrition
Segmentation by Form
- Dry
- Liquid
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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