The global functional protein market Size is expected to rise in the coming years, owing to the increasing demand for plant-based proteins and awareness about healthy dietary supplement consumption. Fortune Business Insights™ presents this information in the report titled "Functional Protein Market, 2024-2032." According to the report, the functional protein market was valued at USD 8.18 billion in 2023. It is projected to grow from USD 9.28 billion in 2024 to USD 28.02 billion by 2032, achieving a compound annual growth rate (CAGR) of 14.80% during the forecast period of 2024-2032.
Functional proteins are essential for building and repairing body tissues, coordinating physiological processes, and enhancing metabolic reactions. They support the body’s structural integrity and help maintain pH and fluid balance. The increasing consumer demand for dietary supplements and plant-based proteins, driven by a focus on healthy lifestyle choices, is expected to propel market expansion during the forecast period.
Information Source: https://www.fortunebusinessinsights.com/functional-proteins-market-102458
Segments:
Rising Protein Utilization in Meat & Poultry Application to Stimulate Growth
By source, the market is bifurcated into animal and plant-based proteins.
Based on the application, the market trifurcated into functional food & beverages, animal feed, and dietary supplements.
Finally, by geography, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The research provides extensive information and precise statistics on market development and current product development strategies. It also examines the impact of the COVID-19 pandemic on global industrial and commercial growth. The study highlights factors driving and hindering market development across different regions. Additionally, it covers significant industry developments in recent years and details the strategies of key market players and their company growth initiatives.
Drivers & Restraints:
Rising Demand for Plant-Based Protein to Fuel Market
The market for functional proteins is anticipated to grow rapidly in the coming years, fueled by the rising demand for plant-based proteins and increased consumption of dietary supplements. Functional proteins are becoming popular alternatives to animal-based products for meeting protein needs. Consumers are willing to invest in health supplements to boost their immunity and overall health. The demand for functional proteins is also expected to rise due to their use in competitive sports, body-toning, and muscle-building activities.
However, the production of animal-derived proteins may face challenges due to growing concerns about animal welfare, which could potentially impact the market growth for protein from animal sources.
Regional Insights:
Asia Pacific Dominates Market Due to Rising Population
As of 2020, Asia Pacific holds a significant share of the global functional protein market, valued at USD 1.82 billion. The market in this region is expected to experience substantial growth due to increasing population and economic development. Additionally, rising purchasing power and income levels are anticipated to further drive market expansion in the coming years.
North America is projected to be the second-largest market, driven by the growing popularity of dietary supplements. The increasing daily demand for functional proteins in the region is expected to contribute to significant market growth.
Competitive Landscape:
Innovative Product Development Allow Key Players to Sustain Market Position
To drive growth and gain a competitive edge, major companies in the functional protein market focus on new product development and differentiation strategies. Additionally, they implement expansion plans through alliances, mergers, acquisitions, and partnerships to strengthen their market position and enhance their offerings.
Industry Developments:
- July 2021: ADM acquired Soja protein, a popular European producer of non-GMO soy ingredients. This acquisition underlines the expansion of ADM's global alternative protein portfolio.
- May 2020: Unilever entered into a partnership with food-tech firm ENOUGH to launch new plant-based meat products to market. The new product ABUNDA mycoprotein is a food ingredient containing essential amino acids and is high in dietary fiber.
List of Key Players Profiled in Market Report for Functional Protein:
- DuPont Nutrition (U.S.)
- Essentia Protein Solutions (U.S.)
- Glanbia plc (Ireland)
- ProtiFarm (Netherlands)
- ADM (U.S.)
- AMCO Proteins (U.S.)
- DSM (Netherlands)
- Merit Functional Foods (Canada)
- Plantible Foods (U.S.)
- Roquette Frères (France)
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