According to a recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, the global functional protein market is estimated to have reached USD 5.1billion in 2020 and is further projected to garner USD 7.2billion by 2027, at a CAGR of 6.1% during the forecast period. It is anticipated that the consumption of protein-enriched foods would increase the popularity of functional foods and dietary supplements for sports nutrition among working professionals. Additionally, the ever-increasing demand for medical nutrition in developing countries, including Germany, is projected to have a significant effect on the preservation of nutrition standards for pregnant women as well as infants further driving the market growth.
Increasing Usage by Various End-User Industries
Raw soybean, for example, consists of an element called the trypsin inhibitor, which quickly enhances the capacity of animals and the human body to digest protein. Due to the growing demand for food items with enhanced functionalities, functional proteins are used in various applications, such as dietary supplements as well as food & beverages. During the forecast period, the ability of manufacturers of functional proteins to produce concentrates, distinct isolates, and other varieties of protein elements for various food items, such as dairy products, beverages, dietary supplements, infant formulas, bakery products and confectionery products are expected to drive the growth of the functional proteins market.
Upgradation in the Functional Protein Market Augmented the Growth of the Market
In the food industry, protein ingredients are commonly used for their health benefits offered by them and their versatility in food formulations. Due to the growing demand for plant-based products among millennials, plant protein ingredients are making waves in the global food industry. For instance, to replace meat, egg, milk, and other dairy products, some vegetable proteins like meat analogs, mung bean protein isolates, soy milk/ almond milk, and vegan cheese are being used. Consequently, this is driving the growth of the functional proteins market.
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Increased Usage of Functional Proteins in Dietary Supplements
Over the past few years’ consumers had been more conscious about health and fitness. Consumers are joining gyms, fitness centers and attending virtual fitness classes owing to increased growing awareness regarding health and fitness. According to Forbes, since March 2020, consumers are working out more as compared to before and 56% of people are working out at least 5 days a week. Fitness experts and gym trainers recommend consumers to consume dietary supplements especially protein supplement which contains functional proteins as it helps in building muscle, covering tissue damage, and fulfill protein requirement in the body. The aforementioned are the key factors driving the growth of the global functional proteins market.
Global Functional Proteins Market: Regional Insights
The global functional proteins market is segmented into five regions including: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, wherein the Asia Pacific is expected to be the fastest-growing market during the forecast period for functional proteins. Due to the growing consumption of functional foods and dietary supplements, the consumption of plant-based proteins such as soy protein and pea protein in the Asia Pacific region have been experiencing robust growth. The higher economic power among the region's consumers has led to a rise in soy protein consumption, which is cheap and abundant in these countries. Countries such as Japan, Australia, and New Zealand focus on offering premium ingredients for functional proteins, taking into account the derived health benefits.
The Leading Players Market – Archer Daniels Midland Company, Koninklijke DSM N.V., Cargill, BASF SE, Ingredion Incorporated, Roquette Freres, SunOpta, Darling Ingredients Inc, Omega Protein Corporation, DowDuPontInc, Kemin Industries, InVivo, and John Pointon& Sons Ltd.
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