Whey Protein Market
Market Overview
The global whey protein market size was USD 11.79 billion in 2023 and is projected to grow from USD 12.64 billion in 2024 to USD 22.63 billion by 2032, exhibiting a CAGR of 7.5% during the forecast period. North America dominated the whey protein market with a market share of 35.96% in 2023. Moreover, the whey protein market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 5.11 billion by 2032, driven by growing health awareness coupled with rising consumer concerns regarding daily protein intake.
Rising consumer awareness regarding a healthy diet is expected to boost consumer product demand. Further, growing innovations in protein manufacturing containing several amino acids may increase the product’s adoption. Moreover, robust demand for premium products may facilitate the product demand. In addition, the strong demand for premium products across the personal care industry is expected to propel industry development during the upcoming years.
List of Key Players Profiled in the Report
- Hilmar Cheese Company, Inc. (U.S.)
- Saputo Inc. (Canada)
- Glanbia plc (Ireland)
- Fonterra Co-operative Group Ltd. (New Zealand)
- Arla Foods (Denmark)
- Alpavit (Germany)
- Wheyco GmbH (Germany)
- Milk Specialties (U.S.)
- Carbery Group (Ireland)
- LACTALIS Ingredients (France)
Segments
By type, it is segmented into isolates, concentrates, and others. Based on application, it is classified into animal feed, food and beverages, and others. Geographically, it is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Source: https://www.fortunebusinessinsights.com/whey-protein-market-106555
Drivers and Restraints
Strong Demand for Protein-Rich Diet to Nurture Industry Progress
The whey protein market is poised for significant expansion, fueled by a convergence of consumer trends. Key growth drivers include the rising demand for protein-rich diets, increased health consciousness regarding chronic conditions, and a growing preference for convenient food options. Furthermore, rising disposable incomes and a cultural shift toward healthier lifestyles are bolstering consumption. The expanding sports nutrition sector, catering to athletes and fitness enthusiasts, provides an additional catalyst for growth. However, the market faces a notable headwind from the increasing popularity of plant-based protein alternatives, which could temper future expansion.
Regional Insights
Rising Awareness Regarding Easy Usability and Convenience to Boost Growth in North America
North America is expected to dominate the whey protein market share due to rising awareness regarding easy usability and convenience. The market in North America stood at USD 3.73 billion in 2021 and is expected to gain a huge portion of the global market share. Further, evolving consumer preferences and tastes may boost the product demand. These factors may propel industry growth.
In Europe, increasing trends of preventive healthcare, rising emphasis on healthy living, and growing demand for protein supplements may foster the product’s demand. In addition, the adoption of proteins in naturally and synthetically derived foods may propel market growth.
In Asia Pacific, the rising domestic demand and exports for dairy-based products, such as whey and casein, may foster market development.
Competitive Landscape
Companies Announce Acquisition Strategies to Reinforce their Stance
Prominent companies operating in the market announce acquisition strategies to reinforce their market position globally. For example, Saputo Inc. declared two acquisitions in the value-added and dairy alternatives segment. The company invested nearly USD 146.94 million and acquired Wisconsin Specialty Protein, LLC’s Reedsburg facility. It produces value-added ingredients such as whey, goat, organic lactose, and others. This acquisition may enable the company to reinforce its market stance globally. Furthermore, companies adopt product launches, mergers, partnerships, and research and development strategies to boost their annual revenues.
Industry Development
November 2023: FrieslandCampina Ingredients, a leading global protein supplier, announced the launch of Nutri Whey ProHeat. The company's new ingredient is microparticulated and heat-stable, designed for the medical nutrition market.
