Global Whey Protein Market Overview
The key driver impacting the whey protein market is the growing incidences of chronic illnesses due to changing lifestyles. Lifestyle disorders such as weight gain, obesity, type 2 diabetes, particularly among the millennial population are estimated to boost whey protein demand in the coming years. for instance, according world health organization, in 2016, more than 1.9 billion adults of age 18 years and older were overweight. Of these, over 650 million were obese. About thirty-eight million children (under the age of 5) were obese or overweight in 2019. also, as per the international diabetes federation(IDF) 2018, in 2017, around 425 million people globally had diabetes, and 352 million were at a high risk of developing type 2 diabetes. moreover, whey protein’s skin-hydrating and hair conditioning properties have increased the usage in the formulation of personal care products such as skincare and hair care products is also estimated to be a major determinant adding growth to the market. Whereas with regards to volume,the market was calculated XX Metric Kilo Tons in 2019 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the global whey protein market was valued at around USD 9000 million in 2020 and is estimated to grow at a CAGR of about 9.5% during the forecast period of 2021 to 2027.
The growing adoption of whey protein from health-conscious adults and fitness enthusiasts is estimated to improve market demand in the forecast period. for instance, according to the U.S. dairy export council (USDEC)estimations, the global whey trade will grow 4.6% annually through 2021, generating more than 400,000 metric tons of additional whey sales in 2021 than 2016. Also, the number of new product launches tracked globally with whey protein increase to nearly 6,000 in 2015, growing at a 34% CAGR between 2010 and 2015 than 6% between 2005 and 2009. however, high production costs may hamper the global whey protein industry in the long run. Also, the risk of allergy due to milk is negatively impacting the growth of the market. The current industry trends, such as increasing demand for sports nutritional supplements, and the rising disposable income, are expected to provide beneficial market opportunities for the market players.
The whey protein market is vast, with many local and global players. the key leaders follow several strategies to improve their market position, such as acquisitions, mergers, expansions, product innovations, and extending product portfolio, to enhance their market share globally. for instance, in April 2019, Saputo Inc. had acquired the U.K. based dairy products manufacturer dairy crest group P.L.C.o in order to expand its international presence. The key players included in the report Hilmar Cheese Company, Inc., Glanbia plc, Saputo Inc., Arla Foods, Wheyco GmbH, Fonterra Co-operative Group Ltd, Alpavit, Milk Specialties, Wheyco GmbH, Carbery Group, Olam International, LACTALIS Ingredients, Leprino Foods Company, Milkaut SA, Davisco, Maple Island Inc., and Foods International, Inc.
In this research report, the whey protein market is segmented by type, application, and region.
Analysis by Type:
By type, the report is categorized into whey protein isolates, and whey protein concentrates. The whey protein concentrate segment dominates the type segment with a 40% market share in 2020. It is due to the extensive application of WPCs in the manufacturing of dairy desserts, beverages, and yogurt products.WPCs' gelling property makes it perfect for nutritional and meat industry applications. Moreover, these concentrates are employed as a source of protein fortification for infant food and nutritional products, thus contributing to the vast market demand in the forecast period.
Analysis by Applications:
By applications, the report is categorized into nutritional supplements, personal care, animal feed & pet food, and food & beverages. The food and beverage segment dominates the applications segment with a 45% market share in 2020. It is due to the growing preference for whey protein in bakery and confectionery products due to its ability to emulsify, foam, brown, and thicken products. Moreover, the ingredients also augment the nutritional fortification, solubility, gelation, and water-binding properties of confectionery and bakery products, thus contributes to the food and beverage segment's growth in the forecast period.
Analysis by Region:
In the regional outlook of the global whey protein market, the North America region dominates with a 35% market share during the forecast period. It is due to the growing use of food supplements with low-calorie levels and high nutritional content. The growing prevalence of lifestyle-related diseases such as obesity and type 2 diabetes is also driving the market demand in the U.S and other regions of North America. For instance, As per the Center For Disease Control And Prevention, In 2018, The prevalence of obesity was in 40.0% of young adults( 20 to 39 years), about 44.8% of middle-aged adults (40 to 59 years), and 42.8% among adults aged 60 and older. From 1999–2000 through 2017–2018, obesity augmented from 30.5% to 42.4%, and the severe obesity prevalence expanded from 4.7% to 9.2%. Moreover, rising awareness about the consumption of protein-rich supplement products in Canada and Mexico contributes to the development of the whey protein market across North America.
Market Segmentation covered in the Report:
- Whey Protein Isolates
- Whey Protein Concentrates
- Whey Protein Concentrate 35
- Whey Protein Concentrate 50
- Whey Protein Concentrate 60-80
- Whey Protein Hydrolysates
- Nutritional Supplements
- Personal Care
- Food & Beverages
- Animal Feed & Pet Food
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.