Whey Protein Market Insights
Global production of whey protein had amounted to 240 million MT in 2014 and is expected to increase by 3.5% annually. The global whey protein market was valued at USD 6.1 billion in 2016 and is projected to reach USD 9 billion by 2022, at a CAGR of 7.6% during the forecast period from 2017 to 2022. Whey protein is traditionally a by-product of the process of manufacturing cheese. It is the watery portion of milk separated from curd. It is considered a whole food as it contains all 20 essential amino acids that a normal functioning of a human body requires.
The rising global demand for dairy-based products, growing market for pediatric foods, and global trends in health and wellness, along with an increased popularity of protein consumption, are the major factors contributing towards this market’s growth. Other factors include the growing emphasis on read-to-drink and performance-boosting products and the advancements in technology that give rise to high quality and versatile product varieties. Although this market has various strong market drivers, it is still restrained by a few factors, which stunt this market’s growth. They are the high manufacturing costs of whey protein, health and safety concerns of the same, and the stringent regulatory concerns and required certifications for marketing whey protein. Rapidly growing demand for infant foods, processed foods, and dairy-based items, dietary supplements for elderly population, along with the higher scope of whey protein finding its application in the personal care and sports nutrition segment, are some of the opportunities for this market
Whey protein concentrate (WPC), whey protein isolate (WPI), and hydrolyzed whey protein (HWP) are three available forms of whey in the market. WPC, which is high in lactose and low in protein, constitutes over 25.0% of the total whey protein market share. It is used in the production of protein beverages and nutritional supplements. HWPs, which are high in protein, hold around 60.0% of the market share and are used in medical and sports nutrition products.
Whey proteins are versatile in their usage and find their application extensively in infant formulae, bakers & confectioneries, snacks, and dairy products. Functional beverages, such as sack and wine, employ whey as a major ingredient in the production processes. This is expected to be the fastest-growing segment in the next five years. With an identified nutritional value, 45.0% of the global market for whey protein has been centralized in the dietary supplements segment.
North America whey protein market accounts for about 35% of the global market share in 2016. Asia-Pacific whey protein market is growing rapidly owing to the growing of health concern and increase in disposable income. Asia-Pacific whey protein market accounted 18.9% share of the global whey protein market. The Europe whey protein market is also expected to substantial growth during the forecast period. Europe whey protein market is driven by the growing awareness towards whey proteins and rising demand for food and beverages.
Agropur MSI, American Dairy Products Institute, Arla Foods, DMK Group, Glanbia Plc and Westland Milk Products are some major players in the global whey protein industry. Their product portfolio, research & development, strategic initiatives, and commitment towards meeting customer demands play a major role in maintaining their respective market stability.
Key Deliverables in the Study