Market Trends of asia-pacific whey protein ingredients Industry
Increasing number of health and fitness centers is driving the market
- The sector is driven by increased health-related concerns and expanding membership at health clubs. The increasing number of fitness clubs/health clubs further fosters the availability of consumers and their involvement rate. For instance, in 2020, China had the most health and fitness clubs in the region, with 27,000 clubs. South Korea and Japan had 6,590 and 4,950 fitness clubs, respectively.
- The increase in the number of health and fitness clubs majorly impacts the market as they are the major marketplace for sports nutrition products in the region. According to the International Health, Racquet, and Sportsclub Association (IHRSA), there is an increase in fitness franchises in the region, driving sales of the sports nutrition segment. IHRSA launched national and state-level grassroots campaigns, ranging from reopening health clubs to urging lawmakers to include the health and fitness industry in any coronavirus relief package, as more than 79,000 fitness professionals and consumers took action on IHRSA campaigns relating to the coronavirus pandemic.
- The importance of leading a healthy lifestyle fuels the sports nutrition marketplace. The accelerated growth of the Indian sports nutrition market in the last few years has been spurred primarily by the huge growth in India’s sports industry, strong demand for various health supplements and energy drinks among athletes and bodybuilders, and increasing youth participation in sports and activities that require a high level of fitness and nutrition. Protein supplements lead the market, having a share of 70% in the overall consumption in this segment. The Indian sports nutrition market currently lies in the unorganized sector with a market size of over INR 1,300 crores and a Y-o-Y growth of about 25%
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Increasing dry whey production to stabilize whey protein prices during forecast period
- Dry whey powder is considered the basic raw material for whey protein production and the graph given is given for dry whey powder. The increasing acceptance of ingredients mainly drives whey production in the region. China's cheese market reached 53,000 MT in 2021, an increase of 10% compared to the previous year, impacting the release of dry whey as a by-product from cheese production. The United States State Council Tariff Commission launched a tariff exclusion process that allows China to apply for tariff exclusion for specific consignments, which includes milk and cream in solid form, whey, and modified whey. The Chinese government is taking steps to standardize and improve the dairy sector by implementing grading and evaluation standards.
- The rise in the production of cheese, chickpeas, and other processed milk industries is majorly impacting whey production in Asia-Pacific. In India, dairy companies, such as Parag, started producing whey, a by-product of their dairy processing sector. The corporation invested roughly INR 110 crore in the first phase, with plans to raise it to INR 70 crore over time. It currently supplies pharmaceutical and baby food companies with demineralized whey protein (DWP 28). More formulations are in the works, including 70% and 80% whey protein concentrates. The monthly production volume is projected to be around 450 tons.
- Milk is the primary commodity for the production of whey protein globally. Asia-Pacific increased the production of milk. In 2019, the production of whole fresh milk in Asia rose to 368 million tons, an increase of 3.8% over the previous year. The generally positive trend in output was largely a result of the moderate increase in the number of producing animals and a tangible expansion in yield figures.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Changing lifestyles with increasing number of working women is boosting the market
- Market competitiveness is boosting the growth
- Sauces segment to maintain lion's share in the APAC market
- Soaring demand for plant-based dairy products within APAC countries
- APAC's growing appetite for plant-based meats to boost demand
- Healthy snacking is likely to impel the market
- Increasing demand for natural/organic beauty and personal care products
- Rising consumption of bakery goods as a meal is driving the industry
- Increased consumer preference for convenient breakfast cereal products
- Premium confectionery is a current market trend
- Increase in elderly population to drive demand
- Increasing developments spiking the segmental sales
- Increase in demand for ruminant feed
- Whey and milk protein to increase its share in animal protein consumption
