The functional proteins market was valued at USD 4.17 billion in 2017 and is projected to grow at a CAGR of 6.6% to reach a value of 5.73 billion by 2022. The increasing pet population and pet adoption trends to improve the palatability of pet food are some of the key trends influencing the growth of the functional proteins market.
Based on type, the market has been segmented into hydrolysates, whey protein concentrates, whey protein isolates, casein & caseinates, soy protein, and others. The whey protein concentrates segment dominated the market in 2017. Whey protein is one of the major ingredients used for manufacturing several milk-based products and is used by many food & beverage manufacturers as a protein source for product innovation. They are commonly used as a source of protein in functional food & beverages, owing to their easy availability or ease of production and less cost, as compared to hydrolysates and isolates.
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In terms of application, the dietary supplements segment, the market has been segmented into functional foods, functional beverages, dietary supplements and animal nutrition Dietary supplements come in the form of capsules, liquids, powders, or tablets and are consumed to make up for the deficiencies of certain nutrient components in diets. In dietary supplements, one of the upcoming trends is the intake of nutritional supplements such as protein powder; which promotes muscle gain, fat loss, and also provides nutritional benefits. There is a growing consumption of different types of functional dietary protein supplements among consumers of all ages.
Based on source, the animal segment accounted for the largest share of the global functional proteins market in 2017. The demand for animal protein is driven by its better nutritional and flavor profile compared to plant-derived proteins. Further, the increasing use of animal protein in end-use applications, such as sports nutrition and the limited availability of substitutes for egg and gelatin in various food products—which, in turn, is influenced by lifestyles and demographic shifts—are the key market drivers.
In 2017, North America is estimated to hold a significant share of the global functional proteins market. The increase in the demand for functional proteins by the food processing industry is one of the major drivers for the functional proteins market in the region. In the U.S., the presence of major end-user companies has created a significant demand for functional proteins in the region. The Asia-Pacific region is projected to grow at the highest CAGR during the forecast period.
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This report includes a study of the marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as Kerry Group (Ireland), Arla Foods (Denmark), and Fonterra Co-Operative Group (New Zealand).
Targeted Audience:
- Functional protein manufacturers
- Regulatory bodies
- Intermediary suppliers
- End Users
