Rise in demand for nutritional food, surge in awareness regarding health and nutritional food products, increase in adoption of healthy lifestyle & diet drive the growth of the global milk protein concentrate market.
PORTLAND, Ore., April 5, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Milk Protein Concentrate Market by Application (Packaged Products, Nutritional Products, Infant Formula, and Others) and Concentration (Low, Medium, and High): Global Opportunity Analysis and Industry Forecast, 2021–2027". As per the report, the global milk protein concentrate industry was accounted for $3.00 billion in 2019, and is projected to reach $3.92 billion by 2027, growing at a CAGR of 5.3% from 2021 to 2027.
Drivers, restraints, and opportunities
Rise in demand for nutritional food, surge in awareness regarding health and nutritional food products, and increase in adoption of healthy lifestyle & diet drive the growth of the global milk protein concentrate market. Moreover, increase in protein intake using protein supplements the market growth. However, rise in trend of veganism hinders the market growth. On the contrary, untapped market for protein supplements and protein-based food products is expected to open lucrative opportunities for the market players in the future.
The outbreak of Covid-19 negatively affected the milk protein concentrate market due to reduction in production because of strict lockdown regulations.
Moreover, the prolonged lockdown resulted in supply chain disruption and in supply-demand gap.
The packaged products segment held the largest share
By application, the packaged products segment held the lion's share in 2019, accounting for more than one-third of the global milk protein concentrate market. Moreover, the segment is estimated to register the highest CAGR of 5.6% during the forecast period, due to rise in the consumption of protein-rich packaged foods and surge in demand for functional dairy and high protein cheese among consumers. The report includes a detailed analysis of other segments such as nutritional products, infant formula, and others.
The high concentration segment to manifest the highest CAGR through 2027
By concentration, the high concentration segment is projected to portray the highest CAGR of 5.5% during the forecast period. In addition, the segment held the largest share in 2019, contributing to more than half of the global milk protein concentrate market, owing to surge in consumption of supplements and rise in health awareness.
North America dominated the market
By region, the market across North America dominated in 2019, accounting for around one-third of the market, due to increase in interest of consumers for foods that contain high amount of protein and growing affinity for packaged and functional food with high concentration of protein. However, the global milk protein concentrate market across Asia-Pacific is anticipated to showcase the highest CAGR of 6.9% during the forecast period, owing to increase in purchasing power of consumers and rise in the middle-class population.
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