The global functional proteins market size is expected to reach USD 7.14 billion by 2028 according to a new study by Polaris Market Research. The report “Functional Proteins Market Share, Size, Trends, Industry Analysis Report, By Form (Liquid, Dry); By Source (Plant, Animal); By Type (Casein, Hydrolysates, Whey Protein, Soy Protein, Others); By Application; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for the product is anticipated to increase over the projected period due to increasing obesity and related disorders, rising health consciousness, and greater awareness regarding the benefits associated with the product. Increasing disposable income of consumers and a growing shift towards health and wellness products has significantly increased the demand for the product.
Consumption of available food and dietary supplements to increase immunity has significantly increased during the pandemic. However, the market has been impacted by the COVID-19 outbreak on account of disruption of the supply chain, lockdowns, increased prices, and a limited workforce.
The demand for liquid form is expected to increase during the forecast period. The growth in the healthy beverage industry is expected to drive the market growth in this segment. Increasing demand from the animal feed sector is expected to provide numerous growth opportunities in the coming years.
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The different sources of the product include plants and animals. The demand for plant-based proteins is expected to increase during the forecast period. The growing adoption of vegetarianism and veganism and food safety concerns are expected to drive this segment’s growth. The rising geriatric population, along with increasing cases of age-related health conditions and growing awareness regarding increased immunity and overall wellness, is expected to further contribute to greater demand for proteins.
The different applications covered in the report include animal feed, dietary supplements, functional food & beverages, and others. The functional food & beverages segment accounted for a major share of the global market in 2020. Rapid urban development, increasing penetration of retail stores and growing awareness towards health drive the growth of this segment. North America dominated the global market for proteins in 2020 and is expected to maintain its dominance over the forecast period. High living standards, increasing health awareness, and supportive government regulations support industry growth in this region.
Some major industry participants include Glanbia PLC, Ingredion Incorporated, APC Inc., Roquette Frères, Merit Functional Foods, The Archer-Daniels-Midland Company, Fonterra Co-Operative Group, DuPont de Nemours, Inc., Kerry Group, DSM N.V., BASF SE, Essentia Protein Solutions, Cargill, Incorporated, Arla Foods AMBA, and Omega Protein.
Polaris Market Research has segmented the functional proteins market report on the basis of form, source, type, application, and region:
Functional Proteins, Form Outlook (Revenue, USD Billion, 2016 – 2028)
Functional Proteins, Source Outlook (Revenue, USD Billion, 2016 – 2028)
Functional Proteins, Type Outlook (Revenue, USD Billion, 2016 – 2028)
- Whey Protein
- Soy Protein
Functional Proteins, Application Outlook (Revenue, USD Billion, 2016 – 2028)
- Animal Feed
- Dietary Supplements
- Functional Food & Beverages
Functional Proteins, Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa