Market Overview
The Global functional protein market is slated to touch 2,280 kilo tons by 2022 while growing at a CAGR of 3.78% by 2022.
Market Dynamics
The sports and nutrition sector has grown in tandem with the rise of the functional protein market. The medical nutrition market has also been one of the most powerful forces in the industry, with tremendous growth. The demand trend for functional proteins has been revived due to a renewed focus on the animal feed industry. The introduction of functional proteins into beverages by major manufacturers has accelerated the market's growth. Consumption of protein-rich foods is expected to rise as sports nutrition functional foods and dietary supplements gain popularity among working professionals. Furthermore, major growth in demand for medical nutrition in developing countries, such as Germany, to sustain nutrition levels in pregnant women and infants is expected to have a significant effect.
The consumption of functional proteins is expected to rise as a result of technological advancements in the production of colostrum milk, which has significant properties aimed at improving hormone growth. Furthermore, the expanding animal feed industry in developing economies such as China, India, and Brazil, as a result of increased domestic sales of dairy derivatives, is expected to extend the use of functional nutritional ingredients.
Food and beverage manufacturers all over the world have been fortifying their products with protein ingredients derived from soy and whey in recent years. Over the forecast period, the primary motivation for introducing the above-mentioned additives in the food beverage industry is to improve the nutritional value of food products.
Segmental Analysis
The international market for functional protein is divided on certain basis for better analysis. The division on the basis of source comprises of plant protein, animal protein and others. The function category includes digestive nutrition, weight management nutrition, sport nutrition and others. The delivery format category includes capsules, powder, liquids, creams and others. Finally the distribution channel segment includes e-commerce, hypermarket, pharmaceutical store, convenience store, supermarket and others.
Regional Analysis
The European market for silk protein will maintain its dominance with an additional 35 percent market share, and it is expected to reach more than 828 kilo tonnes by 2022, with a CAGR of 2.36 percent. The market is growing due to an increase in interest in sports nutrition and nutritional weight control in the European region.
During the forecast period from 2016 to 2022, the APAC area will expand at a faster pace of 5.48 percent. In the Asia Pacific region, changing lifestyles and increasing awareness of the health benefits of functional protein have played a key role in the sector's growth in recent years. Growing urban populations, hectic lifestyles, and growing disposable income are all expected to contribute to an increase in dietary supplement sales. This trend is expected to encourage dietary supplement manufacturers to locate production facilities in the region, resulting in new business opportunities. Over the forecast period, the increase in milk product manufacturing capacity in New Zealand and China is expected to lower raw material prices for functional protein processors. Over the next eight years, technological progress in the production of energy drink mix in emerging markets such as China and India is expected to open up new business opportunities.
Furthermore, the functional protein market in North America will expand at a rate of 4.88 percent over the forecast period, owing to an increase in the use of products with low calorie levels and high nutritional content. Furthermore, new product launches in Mexico are expected to increase consumer awareness of nutraceuticals, expanding the application spectrum over the forecast period.
Competitive Analysis
The influx of creative businesses is fueling a rapidly evolving volume-intensive growth pattern. This has allowed for the production of a diverse range of produce types. Companies are attempting to capture a significant portion of the consumer division as soon as possible with effective strategic strategies that can bridge this gap and confirm dominance of market dynamics. Effective business policies are aimed at closing this gap and gaining control of the market's dynamics of competition. Long-term growth can be accomplished by maintaining constant process improvements and financial flexibility to invest in the most important initiatives as they emerge.
The foremost players in the global market for this sector are Herbalife Ltd (U.S.), Archer Daniels Midland Company (U.S.), Glanbia Plc.(Ireland) and GNC Holdings Inc (U.S.) to name a few.
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