The global whey protein market size is expected to reach USD 18.61 billion by 2028 according to a new study by Polaris Market Research. The report “Whey Protein Market Share, Size, Trends, Industry Analysis Report, By Type (Isolates, Concentrates, Hydrolysates); By Application (Nutritional Supplements, Personal Care, Food & Beverages, Animal Feed & Pet Food); By Regions; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Changing consumer lifestyle across the regions is pressurizing companies to include processed whey protein in packaged foods, which can replace costly ingredients such as cream, cheese, and butter without disturbing original formulations. Increased competition in the food industry is also prompting firms to include functional ingredients to strengthen their portfolio of offerings.
Whey protein also has significant use in the personal care market, owing to its hydrating and conditioning properties. The rising penetration of e-commerce channels and increasing population of working women will favor the adoption of whey protein in the concerned market.
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Asia Pacific market is projected to register a lucrative market growth rate over the study period. Rising domestic demand for dairy and bakery items in hugely populated countries like India and China with easy availability of raw materials is primarily responsible for the region’s whey protein demand growth.
Moreover, rising health awareness, increasing fitness centers, and remarkable growth of whey protein demand in the dairy and beverage industry coupled with rising purchasing power parity of consumers also boosted the market demand for functional foods with high protein content.
The high demand for nutritional foods and increasing penetration of the food processing industry with the launch of innovative price-sensitive products in the market also supported the region’s whey protein demand growth.
Market participants operating in the whey protein industry include Hilmar Cheese Company, Inc., Glanbia plc, Fonterra Co-operative Group Ltd, Saputo Inc., Arla Foods, Alpavit, Milk Specialties, Carbery Group, Wheyco GmbH, LACTALIS Ingredients, Davisco Foods International, Inc., Milkaut SA, Olam International, Leprino Foods Company, and Maple Island Inc.
The companies in the emerging nations are introducing new products in the market. For instance, in February 2021, LILI Cheese, a Sri Lanka-based company introduced a ready-to-serve whey beverage in collaboration with National Science Foundation. It is a popular and important nutrition source among sportspersons. The objective of the initiative was to found whey beverages rich in natural proteins with high organoleptic characteristics for all age groups.
Polaris Market Research has segmented the whey protein market report on the basis of type, application, and region:
Whey Protein, Type Outlook (Revenue - USD Million, 2016 - 2028)
Whey Protein, Application Outlook (Revenue - USD Million, 2016 - 2028)
Whey Protein, by Regional Outlook (Revenue - USD Million, 2016 - 2028)