Whey protein Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
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- Status : Ongoing
- Published on: April 2021
- Report ID: KDMI-6999
- Available Format: PDF/Excel/DOC
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Whey protein Market : Overview and Definition
The global whey protein market size was USD 10.3 billion in 2021. The market is projected to reach USD 21.5 billion by 2032, at a CAGR of 9.8% during the forecast period 2022-2032. Whey protein are the leftovers of milk when milk is fermented and processed to form yogurt and cheese, the remaining liquid is known as whey. After these liquids are collected as by-products of yogurt and cheese after several processing steps, concentrated whey protein is produced. The extraction of concentrated whey protein is different than isolated whey protein. When it gets processed, 80% of the content is made up of the slower-digesting casein proteins, and only 20% of the protein in milk is whey. Whey protein is used as a functional ingredient in the dietary supplement, as it consists of several fast-digesting proteins.
Whey protein concentrate contains several functional, nutritious, and biological properties, making it an excellent ingredient to be used in a wide range of food and medicinal products, eventually making the demand for whey protein concentrate rise at a healthy rate making a profile in the market. Presently, the whey protein concentrate is associated with the consumers after their work-out as it helps muscles grow and initiate muscle recovery. Apart from muscle building, it also helps in losing fat, decreased cravings, stress reduction, and boosting immunity, and it helps in easy digestion. Hence, the above-mentioned facts may fuel the growth of the global whey protein concentrate market during the forecast period of 2022 to 2032.
The whey protein market is a rapidly growing industry that includes the production and sale of whey protein products, including whey protein powders, concentrates, isolates, and hydrolysates. Whey protein is a high-quality protein derived from milk and is a popular dietary supplement among fitness enthusiasts, bodybuilders, and athletes.
Whey protein Market : Key Drivers
The whey protein market has been growing at a significant rate in recent years, and several factors are driving this growth. Here are some of the key drivers of the whey protein market:
Increasing Demand for Sports Nutrition Products: The demand for sports nutrition products, including whey protein, is on the rise, driven by an increase in the number of fitness enthusiasts, bodybuilders, and athletes. Whey protein is a popular choice among these consumers due to its high protein content, fast absorption, and muscle-building properties.
Rising Health Consciousness: Consumers are becoming more health-conscious and are increasingly seeking out protein-rich foods and supplements. Whey protein is seen as a healthy and convenient way to increase protein intake, promote muscle growth, and support overall health and well-being.
Growing Demand for Functional Foods: There is a growing demand for functional foods that provide health benefits beyond basic nutrition. Whey protein is being incorporated into a range of functional foods, including meal replacements, energy bars, and baked goods, to provide added protein and other health benefits.
Increasing Demand in Emerging Markets: The whey protein market is expanding in emerging markets such as Asia-Pacific, Latin America, and the Middle East. The increasing disposable income, urbanization, and changing dietary habits in these regions are driving the demand for protein-rich foods and supplements.
Product Innovation: Manufacturers are introducing new and innovative whey protein products to meet the changing needs and preferences of consumers. For instance, there are now plant-based whey protein alternatives for vegan and vegetarian consumers.
The daily rising chronic illness due to the changing lifestyles and the rising desire to consume protein and healthy life are the key factors for adopting protein-rich food items. These factors are likely to boost the growth of the global market demand for whey protein.
The changing consumer behavior within the U.S. is prompting food and beverage companies to incorporate functional whey protein in their packaged foods. It can replace high fat and expensive ingredients like milk, butter, cheese while maintaining the identical flavour, texture, and appearance as that of original formulations. Increased competition within the packaged food industry also prompts companies to include functional ingredients to strengthen product labels.
The product has significant usage within the formulation of personal care products like hair care and skin care products as a result of its skin-hydrating and hair conditioning properties. The positive outlook of the worldwide beauty and private care industry on account of the rising population of working women and increasing penetration of e-commerce is predicted to favor the penetration of the merchandise within the aid application segment.
The market is gaining momentum thanks to the increasing health consciousness and a rising number of fitness centers around the globe. The increasing product popularity among fitness lovers may give additional growth and demand of whey protein in the forecast period . Increasing reliance on supplements to satisfy the daily nutritional requirements because of changing lifestyles is predicted to drive the merchandise demand further.
Whey protein Market : Challenges
While the whey protein market has been experiencing significant growth in recent years, there are also several challenges that the industry is facing. Here are some of the key challenges for the whey protein market:
Price Volatility: The prices of whey protein can be volatile, and this can impact the profitability of the industry. The prices of whey protein are influenced by factors such as milk prices, supply and demand, and currency exchange rates.
Intense Competition: The whey protein market is highly competitive, with many players vying for market share. This can result in price wars, which can impact the profitability of manufacturers and distributors.
Quality Control: Whey protein is a high-value product, and ensuring its quality is critical. However, maintaining quality can be a challenge, especially in the supply chain, where the protein can be exposed to various contaminants and degradation factors.
Regulatory Issues: The whey protein industry is subject to various regulatory requirements, including labeling requirements, health claims, and safety standards. Non-compliance with these regulations can result in fines and legal action, which can impact the profitability of companies.
Health Concerns: While whey protein is generally considered safe, there have been concerns raised about the potential health risks associated with high protein consumption. This has led to some negative publicity for the industry, which can impact consumer confidence and demand.
Whey protein Market : Report Scope
Base Year Market Size
Forecast Year Market Size
Whey protein Market : Segmentation
- Whey Protein Isolates
- Whey Protein Concentrates
- Whey Protein Concentrate 35
- Whey Protein Concentrate 50
- Whey Protein Concentrate 60-80
- Whey Protein Hydrolysates
- Application Outlook
- Nutritional Supplements
- Personal Care
- Food & Beverages
- Animal Feed & Pet Food
- Regional Outlook
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia
- North America
Whey protein Market : Regional Synopsis
North America dominated the market in 2019 and accounted for over 39.0% share of global revenue. The region has a vast population facing the health problems like obesity and bad lifestyle-related diseases caused by their dietary habits, high disposable income, and easy availability of fast and packet foods.
In the region of Asia-Pacific, the market was valued at USD 1.6 Bn in 2019 and is anticipated to show the highest growth over the forecast years on account of rise in exports and domestic demand. China is one of the largest producers of milk-based protein, making raw materials easy.
In addition, an increase in health awareness among people, let alone an increasing number of fitness clubs in India, is predicted to drive the merchandise market over the following few years. The remarkable growth of the food and beverage industry in India and, therefore, the increase in purchasing power parity of consumers are expected to spice up the demand for healthy and functional foods rich in protein content.
Whey protein Market : Key Players
- Saputo Inc.
- Glanbia plc
- Fonterra Co-operative Group Ltd
- Arla Foods
- Whey GmbH
- Milk Specialties
- Carbery Group
- LACTALIS Ingredients
- Olam International
- Davisco Foods International, Inc.
- Milk at SA
- Hilmar Cheese Company, Inc.
Whey protein Market : Recent Developments
The whey protein market is dynamic and constantly evolving. Here are some recent developments in the industry:
Increasing Focus on Sustainable Production: There is a growing trend towards sustainable production in the whey protein industry, with companies investing in renewable energy, waste reduction, and eco-friendly packaging. For instance, Arla Foods has pledged to become carbon net-zero by 2050, while Fonterra has set a target to reduce its emissions by 30% by 2030.
Expansion of Plant-Based Options: There is an increasing demand for plant-based protein options, and several companies are now offering plant-based whey protein alternatives. For instance, Perfect Day has developed a whey protein alternative that is derived from microflora instead of dairy.
Innovations in Processing Technologies: New processing technologies are being developed to improve the efficiency and sustainability of whey protein production. For instance, Arla Foods has developed a new filtration system that reduces water consumption in the production of whey protein.
Increased Mergers and Acquisitions: The whey protein market has seen several mergers and acquisitions in recent years, as companies seek to expand their product portfolios and market reach. For instance, Glanbia acquired the nutrition bar company thinkThin in 2015, and Fonterra acquired the US whey protein supplier, Dairy Country, in 2020.
Emergence of New Applications: There are new and emerging applications for whey protein, such as in the production of high-protein pet food and functional beverages. For instance, Arla Foods has launched a whey protein concentrate for use in pet food, while Fonterra has developed a whey protein ingredient for use in sports drinks.
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