Market Trends of whey protein Industry
Rising health awareness and growing demand from millennials
- The primary factors influencing the growth of the sports drink market are the rising demand for protein-enriched beverages due to rising health awareness and growing demand from millennials. However, in 2020, it witnessed a steep decline of 3.50% in its Y-o-Y growth rate, attributed to gym closures due to lockdowns and COVID-19-related restrictions in the United States, the United Kingdom, China, India, and Germany. Being one of the common sales channels for supplements, health clubs impacted the sales of supplements.
- Sports drinks have long been promoted as ways to replace electrolytes lost during intense activity or exercise, increase carbohydrates and salts, and replenish water. They also claim to improve performance during workouts and sports activities. As consumers become more health conscious, demand for functional beverages is growing, rising by 11% in 2020. In recent years, people wanting to lead a more active and healthy lifestyle turned to these sports beverages. The increase in middle-aged and elderly populations participating in sports also accelerated the expansion of the sports nutrition industry.
- North America is one of the leading sports nutrition markets across the world, owing to the increasing trend of athleticism, rising concerns relating to health, and shift in dietary patterns due to changing lifestyles. Innovation in flavors with health benefits is also predicted to support the market and result in a 5.14% growth during the forecast period. Europe is emerging as the second-largest market, with 70% of the market being dominated by the United Kingdom, Germany, Spain, and France.
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Dairy and dairy derivatives production to support dry whey production
- Raw milk is a source of whey proteins. Milk is produced by smallholders in most developing nations, and milk production contributes to household livelihood, food security, and nutrition. Milk provides small-scale producers with relatively quick returns and is a significant source of financial revenue. Global milk production increased by more than 59% in the last three decades, from 530 million tons in 1988 to 843 million tons in 2018. Whey, a by-product generated during the manufacturing of cheese and casein-based dairy products, is rich in nutrients and has several commercial uses. Due to consumer demand for coagulated milk products, such as Greek yogurt, which has tripled in recent years, waste whey production volumes have increased.
- Globally, India is the leading milk producer, followed by the United States, China, Pakistan, and Brazil. India's milk production rose by 55.79% by 2019-2020 compared to the last nine years resulting in the high demand for whey protein. The production of milk is further projected to grow significantly, supported by distinct government initiatives to increase the productivity of livestock. Whey protein concentrates have been also used as economic egg-white replacers in food formulations. With increasing protein content, whey protein concentrates provide greater nutritional value as well as improved functional properties such as emulsification, foaming, water binding, viscosity building, and gelling to foods.
- Due to poverty and bad climatic conditions in some countries of Africa, milk production has nascent growth as compared to the other developing regions. China, Italy, the Russian Federation, Mexico, Algeria, and Indonesia have milk deficits, making them dependent on imports for local consumption, including whey protein production.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Asia-pacific held major market share
- Healthy trends in beverages impacting market growth
- Hike in the demand for single-serve packets may augment production
- Dairy alternative to witness significant growth
- Meat protein alternatives are revolutionizing the meat segment
- Healthy snacking preference to support market growth
- Natural ingredients highly driving the segmental sales
- Dairy and dairy derivatives production to support dry whey production
- Strong hold of the retail sector is supporting market growth
- Growing preference for convenient breakfast options
- Rising at-home consumption and demand for healthy confectionery products
- Growing nutritional concerns for aging populations
- Ready-to-cook and frozen foods witnessed a surge in sales
- Growing demand for compound feed
- Animal protein consumption and usage in cosmetics and nutracosmetics, are supporting the market growth globally
