Globally, the COVID-19 pandemic has affected consumption patterns and purchase behaviour. Due to rising health concerns, meat and poultry consumption has decreased. This void in protein consumption is being supplied by products containing essential protein components. During the period, the global consumption of immunity-boosting products expanded, which fueled the need for protein components.
In recent years, the protein ingredient sector in the majority of developed markets, such as the United States, has witnessed a substantial increase in the consumption of animal proteins. In the coming years, it is projected that the consumption of animal protein would expand further.
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In contrast, new compositional research and updated high-moisture extrusion technologies are contributing to the growth of the plant protein market. For example, consumers who do not drink dairy have a high desire for chocolates made with plant proteins and containing no animal proteins. In recent years, plant-based milk has experienced substantial development, as a growing number of consumers choose dairy-free alternatives. This unique product line of ready-to-eat food, which does not sacrifice flavour or texture, has therefore boosted the market for plant proteins as a whole.
Growth of the functional food & beverage market, advancements in ingredient technologies such as microencapsulation, rising demand for livestock products, growing awareness about the benefits of protein, and rising demand for a protein-rich diet are the primary factors driving the growth of the protein ingredients market. In addition, the increasing potential of insect and plant proteins, emerging economies such as Southeast Asia, Latin America, and the Middle East & Africa, and a growing preference for vegan diets will create significant growth opportunities for protein ingredient manufacturers over the next few years.
Principal Observations from the Global Protein Ingredients Market Study:
Animal, plant, insect, and microbial protein components make up the majority of the global market for protein ingredients. In 2021, the animal protein segment is anticipated to hold the greatest proportion of the global protein ingredients market. Nevertheless, the insect protein ingredient sector is anticipated to experience the highest CAGR over the forecast period. This segment’s rapid expansion is mostly attributable to the increasing demand for environmentally friendly, protein-rich foods, the rising investment in edible insect farming, and the changing views towards eating insects.
The growth rate of dry protein ingredients would be the highest during the projection period.
On the basis of form, the global market for protein components is divided into dry and liquid segments. In 2021, it is anticipated that the dry protein ingredient segment will account for the greatest proportion of the global protein ingredient market. The majority of this segment’s market share may be due to their high demand, simplicity of handling and transport, cost effectiveness, capacity to avoid costly formulation errors, and ability to retain the ingredient’s stability. This segment is also anticipated to experience the highest CAGR growth during the projection period.
In 2021, the food and beverage application segment is anticipated to hold the greatest proportion of the global protein ingredient market.
The global market for protein ingredients is primarily split by application into food and beverages, animal feed, nutrition and health supplements, pharmaceuticals, personal care and cosmetics, and other applications. In 2021, the food and beverage category is anticipated to represent the greatest proportion of the global protein ingredients market. Increasing consumer preference for innovative meals and ingredients, growing awareness and demand for protein-rich food items, varied functionality, compatibility with vegetarian and vegan lifestyles, and the developing clean label movement are primarily responsible for this segment’s substantial market share. Nevertheless, the nutrition and health supplements industry is anticipated to increase rapidly over the projection period. This market’s quick expansion is mostly attributable to changing lifestyles, a growing health and wellness trend, and an increase in nutrient-aware customers.