Market Size of Wheat Protein Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.31 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Wheat Protein Market Analysis
The wheat protein market size is expected to grow from USD 1,134.63 million in 2023 to USD 1,614.81 million by 2028, at a CAGR of 7.31% during the forecast period.
- A rise in demand for vegan food products primarily drives the wheat protein segment. Milk protein is one of the most commonly available proteins among others, and the increasing incidences of lactose intolerance among individuals have led to a rise in demand for alternative protein sources like wheat protein. The increasing application areas for wheat protein in the meat substitutes segment and others have also been propelling the market studied. Manufacturers operating in the market offer innovative meat alternative products, further increasing their market share.
- For instance, Archer Daniels Midland Company offers Nutriance, a range of innovative wheat protein concentrates, among its ingredients and solutions for taste, function, and nutrition. As per the company, the product delivers 85% protein and has a high glutamine content, as well as excellent digestibility, making it suitable for both the sports and senior nutrition markets.
- According to the Australian Bureau of Statistics, the gross value of poultry produced in Australia increased from AUD 2.93 billion (USD 2.1975 billion) in the year 2021 to AUD 3.18 billion (USD 2.385 billion) in the year 2022. There has been a significant increase in the demand for wheat protein applications in animal feed due to growing awareness regarding the benefit of wheat protein in animal or pet diets, which is anticipated to drive the demand for wheat protein. Moreover, significant benefits, such as high nutritional value and being a good source of several vitamins and minerals, coupled with technological advancements in the animal feed industry with growing demand for natural and organic substitutes, are expected to further drive market growth during the study period.
- Furthermore, the increasing innovations in wheat protein ingredients by various manufacturers have also been driving the global wheat protein market. For instance, in February 2022, MGP Ingredients announced the construction of a new extrusion plant in Kansas to manufacture its ProTerra line of texturized proteins.
- The USD 16.7 million facility will be located next to the company's Atchison site and will initially produce up to 10 million pounds of ProTerra per year. The new plant will assist MGP in meeting the rising demand for its ProTerra product line, which comprises pea and wheat protein ingredients used in applications such as plant-based meat substitutes. Such innovations, coupled with the rising demand for wheat protein across various end-user industries, are expected to drive the global wheat protein market.
