Functional Protein Market Size & Share Analysis with 2032 Growth Projections

The global functional protein market reached a valuation of USD 8.18 billion in 2023 and is projected to expand from USD 9.28 billion in 2024 to USD 28.02 billion by 2032, growing at a compound annual growth rate (CAGR) of 14.80% throughout the forecast period. Asia Pacific led the market in 2023, accounting for 35.45% of the total share. The U.S. market is also expected to experience substantial growth, with projections estimating it will reach USD 4.45 billion by 2032, driven by increased daily intake of protein supplements.

Proteins are essential components found throughout the human body—in muscles, bones, skin, hair, and internal organs. They support movement, oxygen transport, and catalyze vital biochemical reactions. Composed of 20 amino acids, nine of which are essential, proteins are classified as “complete” when all essential amino acids are present. While most plant proteins are incomplete, a balanced variety of plant-based sources can still meet daily protein needs. High-protein plant sources include grains, beans, legumes, seeds, and nuts.

Information Source: https://www.fortunebusinessinsights.com/functional-proteins-market-102458 

Market Segmentation

The market is segmented by source into animal-based and plant-based proteins, and by application into functional food & beverages, animal feed, and dietary supplements. Regionally, it is analyzed across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Highlights

This report offers a detailed examination of market dynamics, recent product innovations, and the broader impact of the COVID-19 pandemic on global industry trends. It also outlines opportunities, challenges, and strategies employed by key players to sustain growth and competitiveness. Regional breakdowns and segment-wise growth analyses are also provided to deliver an in-depth understanding of the market.

Market Drivers and Challenges

Surging Demand for Plant-Based Proteins to Accelerate Market Growth

Rising health consciousness and increasing consumer preference for dietary supplements are major growth drivers. Plant-based proteins, seen as a sustainable and health-friendly alternative to meat, are gaining traction, particularly among fitness enthusiasts and those pursuing diets focused on muscle building and immunity enhancement. This growing demand across sports nutrition, wellness, and functional food segments is set to propel market expansion.

On the downside, concerns around animal welfare may negatively impact the growth of the animal-derived protein segment.

Regional Insights

Asia Pacific Holds the Largest Market Share Due to Population Growth and Rising Incomes

Asia Pacific leads the global functional protein market, recording USD 1.82 billion in revenue in 2020. The region’s growing population, combined with rising disposable incomes and improved purchasing power, is expected to drive continued demand for functional proteins, particularly in emerging economies like India and China.

North America follows as the second-largest regional market. The increasing popularity of protein-rich diets and widespread use of supplements across the region are key factors fueling market growth.

Competitive Landscape

Key Players Focus on Innovation and Strategic Alliances

Leading companies are emphasizing product innovation and differentiation to meet evolving consumer demands. Strategies such as mergers, acquisitions, and strategic partnerships are being pursued to expand product portfolios and enhance market reach.

Key Market Players:

• 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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Recent Industry Developments:

• July 2021: ADM acquired Soja Protein, a major European producer of non-GMO soy ingredients, strengthening ADM’s global presence in alternative proteins.
• May 2020: Unilever partnered with food-tech company ENOUGH to introduce new plant-based meat products featuring ABUNDA mycoprotein, rich in essential amino acids and dietary fiber.