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 facilitate the building and mending of body tissues as well as the coordination of physiological processes by promoting the effective completion of metabolic reactions. These proteins provide the body its structural integrity and help to keep the pH and fluid balance in check. Increasing consumer demand for dietary supplements and plant-based proteins to support healthy lifestyle choices is anticipated to drive market expansion over the projected period.
Information Source: https://www.fortunebusinessinsights.com/functional-proteins-market-102458
COVID-19 Impact:
Rising Health Awareness Bolstered Product Demand Amid COVID-19 Pandemic
The proliferation of the COVID-19 virus has hampered the expansion of numerous enterprises. Nonetheless, the pandemic had a beneficial effect on the healthcare sector since it encouraged individuals to adopt good eating practices, which increased demand for products. Market expansion was aided by growing awareness of the advantages of ingesting plant-based proteins and dietary supplements during the epidemic. Additionally, because of these advantages, customers are now more inclined to choose the product for its sustainability, health, and proteins.
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 is anticipated to expand rapidly in the upcoming years as a result of increased demand for plant-based proteins and expanding dietary supplement consumption. These proteins are regarded as well-known substitutes for animal products in terms of supplying enough protein. Customers are prepared to spend money on health supplements and bolster their defenses against viruses. Throughout the anticipated period, the market is anticipated to be driven by rising demand for these proteins from competitive sports, body-toning, and muscle-building activities. The functional protein market is expected to increase in the next years due to these factors.
However, the manufacturing of protein derived from the animal sector may be hampered by feelings about animal welfare.
Regional Insights:
Asia Pacific Dominates Market Due to Rising Population
Asia Pacific holds a dominant market share of USD 1.82 billion in the worldwide functional protein market as of 2020. In the upcoming years, there is expected to be exponential market expansion due to rising population and economic growth. Moreover, it is projected that the population's growing purchasing power and rising income levels will propel the market during the projected time.
Because more people are taking dietary supplements, North America is predicted to have the second-largest global market share. Daily demand for these proteins is expected to rise, which will expand the market.
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)
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