The global whey protein market size was USD 10.26 billion in 2021. The market is expected to grow from USD 11.0 billion in 2022 to USD 18.12 billion by 2029, exhibiting a CAGR of 7.4% during the forecast period. Increasing consumer awareness regarding a healthy diet and strong demand for premium products may foster industry development. Fortune Business Insights™ presents this information in its report titled “Whey Protein Market, 2022-2029.”
Rising consumer awareness regarding a healthy diet is expected to boost the product demand among consumers. Further, growing innovations in protein manufacturing containing several amino acids may increase the product’s adoption. Moreover, robust demand for premium products may facilitate the product demand. In addition, the strong demand for premium products across the personal care industry is expected to propel industry development during the upcoming years.
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Adoption of Online Retail to Boost Industry Growth
This market is expected to be positively impacted during the pandemic because of the adoption of online retail. The sudden spike in COVID patients led to the closure of online retail, thereby increasing reliance on online platforms. The rising adoption of smartphones and developed 5G infrastructures may boost the adoption of why protein. In addition, the adoption of part-time shifts, automated production machinery, and reduced capacities may enable companies to recover costs and enhance their operations. These factors may propel industry growth during the pandemic.
List of Key Players Profiled in the Report
- Hilmar Cheese Company, Inc. (U.S.)
- Saputo Inc. (Canada)
- Glanbia plc (Ireland)
- Fonterra Co-operative Group Ltd. (New Zealand)
- Arla Foods (Denmark)
- Alpavit (Germany)
- Wheyco GmbH (Germany)
- Milk Specialties (U.S.)
- Carbery Group (Ireland)
- LACTALIS Ingredients (France)
By type, it is segmented into isolates, concentrates, and others. Based on application, it is classified into animal feed, food and beverages, and others. Geographically, it is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Strong Demand for Protein-Rich Diet to Nurture Industry Progress
The rising demand for a protein-rich diet is expected to foster the demand for whey protein. The rising popularity of ready-to-cook meals and packaged foods leads to high-quality protein foods. Further, growing chronic illnesses are expected to boost the demand for the product from the population. Also, the rising per-capita spending and adoption of healthy lifestyles may bolster the product’s consumption. In addition, the rising demand for sports supplements from athletes and gym enthusiasts can drive the whey protein market growth.
However, the strong demand for plant-based protein may hinder the market’s progress in the coming years.
Rising Awareness Regarding Easy Usability and Convenience to Boost Growth in North America
North America is expected to dominate the whey protein market share due to rising awareness regarding easy usability and convenience. The market in North America stood at USD 3.73 billion in 2021 and is expected to gain a huge portion of the global market share. Further, evolving consumer preferences and tastes may boost the product demand. These factors may propel industry growth.
In Europe, increasing trends of preventive healthcare, rising emphasis on healthy living, and growing demand for protein supplements may foster the product’s demand. In addition, the adoption of proteins in naturally and synthetically derived foods may propel market growth.
In Asia Pacific, the rising domestic demand and exports for dairy-based products, such as whey and casein, may foster market development.
Companies Announce Acquisition Strategies to Reinforce their Stance
Prominent companies operating in the market announce acquisition strategies to reinforce their market position globally. For example, Saputo Inc. declared two acquisitions in the value-added and dairy alternatives segment. The company invested nearly USD 146.94 million and acquired Wisconsin Specialty Protein, LLC’s Reedsburg facility. It produces value-added ingredients such as whey, goat, organic lactose, and others. This acquisition may enable the company to reinforce its market stance globally. Furthermore, companies adopt product launches, mergers, partnerships, and research and development strategies to boost their annual revenues.
- May 2021: Hilmar Cheese Company announced strategies for developing a new top-of-the-line whey protein and cheese processing plant in the U.S.