Protein Ingredients Market Regional Analysis & Global Forecast
The global protein ingredients market is estimated to be valued at USD 61.0 billion in 2023. It is projected to reach USD 85.6 billion by 2028, recording a CAGR of 7.0% during the forecast period. Protein ingredients are produced by processing plant, animal, insect, and microbial sources to obtain high protein concentrations which can find applications in the food & beverages, feed, cosmetics & personal care, and pharma industries. The protein ingredients market is projected to grow at a significant rate with the rising significance of protein-rich diet.
The protein ingredients market in South America is expected to witness a rapid growth rate, with a significant Compound Annual Growth Rate (CAGR) in 2023. This growth will be driven by the region’s fast-developing economies, such as Brazil and Argentina. South America has experienced substantial growth in overall investment and consumer health awareness over the past decade, contributing to the region’s high demand for animal sources of protein. As one of the top producers and exporters of animal sources such as pork and beef and soy worldwide, Brazil and Argentina are essential contributors to the growth of both the animal and plant-based protein ingredients industry.
The level of investment in the region has increased significantly over the past decade, contributing to the overall growth of the protein ingredients industry. This growth is expected to continue in the coming years. Furthermore, the region has witnessed a rise in consumer health awareness, contributing to the high demand for animal sources of protein.
Brazil and Argentina are among the top producers and exporters of animal sources such as pork and beef worldwide. They are also one of the top producers of soy in the world. This production and exportation of animal sources and soy contribute significantly to the growth of both animal and plant-based protein ingredients industry in South America.
Europe dominates the protein ingredients market and is expected to be the largest market in terms of value in 2023, with an estimated worth of USD 21.4 billion. The region enjoys macroeconomic benefits such as developed economies, high disposable incomes, and consumer awareness. Additionally, market-specific developments such as government initiatives and investments contribute to the growth of the industry. Despite a predominantly meat-based diet, veganism trends and high demand for alternative protein sources in the form of plants and insects also drive the market in the region.
The key players headquartered in this market include Kerry Group plc (Ireland), Arla Foods amba (Denmark), Roquette Freres (France) and Cosucra (Belgium). They are further contributing to the industry ecosystem positively.
