The global protein ingredients market to grow at a CAGR of 10.16% during the period 2016-2020.
Global Protein Ingredients Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend augmenting growth in this market is the growing preference for plant protein ingredients. In recent years, many new plant-based protein ingredients have been introduced in the market such as pea, rice, canola, and potato-based protein ingredients, which are gaining acceptance in the market. Additionally, the demand for soy and wheat proteins in the market is increasing rapidly. The major reason for this demand is an increase in vegetarianism among consumers, who are opting for plant-based ingredients rather than animal-based ingredients.
According to the report, one driver fostering growth in the market is the growing infant formula market. Infant formula is usually a powder or liquid formula given to babies and infants between 6 months and 12 months old, as it provides the nutritional needs for the healthy development of babies. It is also used as a partial or total replacement for breast milk. The demand for infant formula is increasing globally, driven by certain factors such as the growing awareness among parents about its nutritional benefits, an increase in the birth rate in many countries, and the increasing number of working women.
Further, the report states that one challenge hindering market growth is the highly fragmented nature of the market. The market is characterized by increased competition among vendors and fragmentation due to the presence of a large number of small and large players. There are many players present in the market for each protein ingredient type, whereas the number of end-user applications is limited, which further restricts the growth of vendors. Additionally, the opportunity for product differentiation is limited, which makes it difficult for vendors to position their products differently.