Protein Ingredients Market to surpass US$ 84 Bn by 2027
Transparency Market Research has recently published a new research report that provides detailed information about the inner working dynamics of the global protein ingredients market. The research report tries to shed light on the key market segments, geographical outlook, and current state of the competitive landscape of the global market. As per the research report, the global protein ingredients market is expected to showcase a highly promising CAGR of 7% over the course of the given forecast period ranging from 2019 to 2029. Initially, the market was projected to reach a valuation worth US$42.6 Bn in the year 2019. Given the rate of development, the valuation of the global market is projected to rise up to US$84 Bn by the fall of 2029.
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Increasing Demand for High Quality Protein to Drive Market Growth
There are several factors that are helping to drive the growth of the global protein ingredients market. One of the key driving factor for the market growth has been the growing demand for high quality protein across the globe. In addition to this, there has been a fundamental shift in the overall consumer purchasing preference. People are now more inclined towards purchasing natural and healthy protein ingredients that will help in their diet and fitness regimes. Moreover, this growing trend of preferring organic protein ingredients is more evident in dairy products, which account for a considerable portion of the global market due to its easy accessibility as well as availability for both young and adult consumers.
Another important driving factor for the growth of the global protein ingredients market is the growing obesity across the world, particularly, in the urban areas. Lack of open spaces for children to play has become huge health concern and increasing consumption of low quality food products has only added to the obesity problem. This is expected to present a massive development opportunity for the players operating in the global protein ingredients market. With products such as energy bars, quick booster snack bars, energy drinks, and other similar products that are integrated with quality protein ingredients can help in attracting more consumers and thus driving more sales. In addition to this, fitness trends such as yoga, gym, and general healthy being are also expected to drive the growth of the global protein ingredients market.
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Asia Pacific to Provide Ample Growth Opportunities
In terms of regional outlook, the global protein ingredients market is segmented into five key regions namely, North America, Latin America, Middle East and Africa, Asia Pacific, and Europe. Of these, the regional segment of Asia Pacific is expected to witness a highly promising growth rate in the coming years of the forecast period. This growth of the regional segment is due to the fact that Asia Pacific is home to a large number of population that is currently undergoing massive lifestyle related changes. These changes are in terms of purchasing preference, awareness about healthy eating, overall growth in purchasing power, and others. Such factors are thus expected to drive the development of the regional market in the coming years of the forecast period. In addition to this, with increasing penetration of digitization in countries such as India and Bangladesh, ease of flow of information is also expected to create ample growth opportunities for the development of the Asia Pacific region in the coming years of the forecast period.
Some of the key companies operating in the global protein ingredients market are Cargill Plc., Glanbia Plc., Archer Daniels Midland Co., Solae LLC., and Kerry Group Plc., among others.
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