The functional proteins market is projected to grow at a CAGR of 6.6%, in terms of value, from 2017 to reach USD 5.73 Billion by 2022
Functional proteins are widely used in food & beverage applications owing to their functional properties. Also, the growing demand for high-protein & nutritious products and an increase in the demand for premium-protein ingredients have expanded the application areas of functional proteins in the food & beverage industry.
The functional proteins market has been segmented by type into hydrolysates, whey protein concentrates, whey protein isolates, casein/caseinates, and soy protein. Whey protein concentrates will dominate the functional proteins market in 2017 owing to their easy availability or ease of production and less cost as compared to hydrolysates and isolates.
Based on source, the animal segment is estimated to hold a relatively larger share in 2017. Increasing usage of animal protein in end-use applications such as sports nutrition is a key market driver.
The functional proteins market, by form, is segmented into dry and liquid. The dry form will occupy a relatively larger share, both in terms of value and volume, in 2017. Increasing demand from the dietary supplements application is one of the major factors driving the growth of this segment.
The dietary supplements segment is expected to hold the largest share in 2017. The rising health & wellness trend among consumers, growing aging population, coupled with increasing incidences of chronic diseases are some of the key market drivers.
The Asia-Pacific region is estimated to account for the largest share of the global functional proteins market, in terms of both value and volume, in 2017. Increasing awareness about health and wellness has shifted consumer preference toward functional foods. Investments and expansions by major players to cater to the rising demand for dietary supplements are also boosting the functional proteins business in the region.
The leading players that dominated the functional proteins market include Kerry Group (Ireland), Glanbia Plc (Netherlands), Arla Foods (Denmark), and Fonterra Co-Operative Group (New Zealand).
Increasing Usage of Functional Proteins By Various End-User Industries
Technological Upgradation in the Functional Proteins Market