Dairy Protein Market to Garner $14.54 Bn, Globally, by 2026 at 5.6% CAGR, Says Allied Market Research
Increase in demand for protein as nutritional and functional ingredients, rise in demand for infant formula coupled with consumer awareness regarding healthy diet drive the growth of the global dairy protein market
PORTLAND, Oregon, March 5, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Dairy Protein Marketby Type (Casein & Derivatives, Whey Protein, and Milk Protein Concentrate), Application (Food & Beverages, Nutrition, Personal Care & Cosmetics, Feed, and Others), and Form (Solid and Liquid): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global dairy protein industry was pegged at $9.93 billion in 2019, and is expected to reach $14.54 billion by 2026, growing at a CAGR of 5.6% from 2019 to 2026.
Chief reasons for market fluctuations
Increase in demand for protein as nutritional and functional ingredients, rise in demand for infant formula coupled with consumer awareness regarding healthy diet have boosted the growth of the global dairy protein market. However, surge in demand for infant formula hampers the market. On the contrary, advent of protein supplements in untapped markets and product innovation and rise in demand for organic dairy ingredients are expected to create lucrative opportunities in the near future.
Casein and derivatives segment to manifest fastest CAGR through 2026
By type, the casein and derivatives segment is expected to portray the fastest CAGR of 6.7% during the forecast period, owing to increasing demand for casein and its derivatives from the sports nutrition industry and surge in adoption in dietary supplement. However, the whey protein segment held the largest share in 2019, contributing to around half of the global dairy protein market, owing to an increase in demand for whey-based products for muscle recovery, healthy snacks and nutritional convenience food among the health-conscious customers in developed countries.
Food and beverages segment dominated the market
The food & beverage segment held the largest share in 2019, accounting for nearly half of the global dairy protein market, owing to rise in demand for whey and casein ingredients in food & beverage applications due to their multiple benefits such as foaming, emulsifying and thickening ability. However, the nutrition segment is anticipated to portray the fastest CAGR of 6.6% during the forecast period, due to rising consumption of health-conscious consumers in the developing countries.
North America held the largest share
The global dairy protein market across North America held the largest share in 2019, contributing to nearly one-third of the market, owing to large consumer base in the U.S. adopting healthy lifestyle and indulging in activities promoting an active and healthy lifestyle. However, the market across Asia-Pacific is estimated to register the fastest CAGR of 7.2% during the forecast period, due to awareness about the protein supplements.
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