Europe with major share in the Whey Protein Ingredients Market
Europe dominates in whey protein market in terms of serving wide varieties of related food products in 2018, followed by North America. U.K. is the leading region in Europe, due to the rising demand of high-protein products. U.S. dominates the market in the North American region, whereas increasing disposable income in the developing countries such as China is estimated to enhance the growth rate in the Asia-Pacific whey protein ingredients market. The Asia-Pacific region is the fastest growing, with a CAGR of 11.68% through 2023. The growing demand from food and beverage applications in the APAC region results in the strong demand for whey protein ingredients.
Selected Product Type Analysis done in the full Report:
The growing prominence of performance products is driving the market. Whey protein isolates are growing at a double digit rate with 17.2% CAGR through 2018-2023. The Whey Protein Market is segmented into Protein Isolate, Hydrolysates, Concentrate and Demineralized whey protein powder. Among all the purest form of whey protein, isolates contain 90% of protein content and less than 1% of fat. Whey isolates are broadly used in proteins bars, nutritive drinks and supplement products. The other major applications for isolates proteins are bakery, meat and snacks. Whey protein hydrolysate holds the second largest revenue generating segment which is projected to grow at a CAGR of 6.4% with a steady growth. Whey protein hydrolysates are prepared by processing the protein concentrate with enzymes, and then drying the resulting soup to a powder. Medical nutritional products include wider application for hydrolyzed proteins. Compared with the above form of protein, demineralized whey powder is emerging and is estimated to grow at a CAGR of 4.7% during the forecast period. Demineralized whey acts as a significant alternative to sweet whey in applications requiring high lactose and low ash content.
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Excerpts on Market Growth Factors:
Increasing younger population with fitness consciousness propelled the demand for whey as an ingredient in body building supplements. The survey also says rising demand in sports nutrition and infant nutrition act as a key driver for influenced Whey protein market. As sports nutrition market has been reaching wide range of consumer groups, volume growth of whey proteins will be robust in the coming years as compared to value growth.
Major food & beverage players are expected to enter the protein snacks and shakes market due to the popularity and consumer attention related to rich protein diets. Consumers are seeking nutritive and less time consuming foods for their breakfasts which offer great prospects for protein for fortified breakfast cereals and snacks.
Increasing urbanization, and penetration of retail sector, the functional food sectors are opening new opportunities for development of protein ingredients for manufacturers to develop and deliver tailor made solutions.
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Key players of the Whey Protein Ingredients Market:
Major companies operating in the Whey Protein Ingredients Market includes Arla Foods AMBA, Cargill Inc., Hilmar Cheese Company, Davisco Foods International, Milk Specialties Global and Glanbia Plc. Arla Foods Amba is the key player in the whey protein ingredients market with 8.7% of the market share. Davisco Foods International is main producer of concentrates & isolates. Davisco accounts for 8.4% of the overall market share. The other category contributes 68%, consisting of companies such as Foremost Farms, Dairy Framers of America Inc., Carbery Food Ingredients and few others.
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