The global functional protein market Size is expected to rise in the coming years, owing to the increasing demand for plant-based proteins and awareness about healthy dietary supplement consumption. Fortune Business Insights™ publishes this information in a report titled, "Functional Protein Market, 2024-2032". As per the report, the functional protein market size was USD 8.18 billion in 2023. The market size is expected to rise from USD 9.28 billion in 2024 to USD 28.02 billion by 2032 at a CAGR of 14.80% during the forecast period of 2024-2032.
Functional proteins play a crucial role in building and repairing body tissues, as well as coordinating physiological processes by enhancing metabolic reactions. They contribute to the body's structural integrity and help maintain pH and fluid balance. The growing consumer demand for dietary supplements and plant-based proteins, driven by a focus on healthy lifestyle choices, is expected to drive market expansion during the projected period.
Information Source: https://www.fortunebusinessinsights.com/functional-proteins-market-102458
Segments:
Rising Protein Utilization in Meat & Poultry Application to Stimulate Growth
By source, the market is bifurcated into animal and plant-based proteins.
Based on the application, the market trifurcated into functional food & beverages, animal feed, and dietary supplements.
Finally, by geography, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
Regarding market development and current patterns in product development strategies, the research offers comprehensive information and accurate statistics. The paper also clarifies how the COVID-19 pandemic has affected worldwide industrial and commercial expansion. The research also highlights the factors that are driving and impeding market development in different regions. Important industry developments in recent years are covered in further detail, as well as important market players and their company development strategies.
Drivers & Restraints:
Rising Demand for Plant-Based Protein to Fuel Market
The market for functional proteins is expected to grow rapidly in the coming years, driven by increasing demand for plant-based proteins and rising consumption of dietary supplements. These proteins are popular alternatives to animal-based products for meeting protein needs. Consumers are willing to invest in health supplements to strengthen their defenses against illnesses. The demand for functional proteins is also anticipated to rise due to their use in competitive sports, body-toning, and muscle-building activities.
However, the production of animal-derived proteins may face challenges due to concerns about animal welfare. These issues could potentially impact the growth of the market for protein from animal sources.
Regional Insights:
Asia Pacific Dominates Market Due to Rising Population
As of 2020, Asia Pacific commands a significant share of the global functional protein market, valued at USD 1.82 billion. The market in this region is expected to experience exponential growth due to increasing population and economic development. Additionally, the rising purchasing power and income levels of the population are anticipated to further drive market expansion in the coming years.
North America is projected to hold the second-largest share of the global market, driven by the growing popularity of dietary supplements. The increasing daily demand for functional proteins in the region is expected to contribute to substantial market growth.
Competitive Landscape:
Innovative Product Development Allow Key Players to Sustain Market Position
To spur growth and obtain a competitive edge, major companies in the market concentrate on putting new product development and differentiation strategies into practice. Major corporations also concentrate on putting expansion plans like alliances, mergers, acquisitions, and partnerships into practice.
Industry Developments:
- July 2021: ADM acquired Soja protein, a popular European producer of non-GMO soy ingredients. This acquisition underlines the expansion of ADM's global alternative protein portfolio.
- May 2020: Unilever entered into a partnership with food-tech firm ENOUGH to launch new plant-based meat products to market. The new product ABUNDA mycoprotein is a food ingredient containing essential amino acids and is high in dietary fiber.
List of Key Players Profiled in Market Report for Functional Protein:
- DuPont Nutrition (U.S.)
- Essentia Protein Solutions (U.S.)
- Glanbia plc (Ireland)
- ProtiFarm (Netherlands)
- ADM (U.S.)
- AMCO Proteins (U.S.)
- DSM (Netherlands)
- Merit Functional Foods (Canada)
- Plantible Foods (U.S.)
- Roquette Frères (France)
Blog Related Insights:
Comments
0 comment