The functional proteins market was valued at USD 4.17 billion in 2017 and is projected to grow at a CAGR of 6.6% to reach a value of 5.73 billion by 2022. The increasing pet population and pet adoption trends to improve the palatability of pet food are some of the key trends influencing the growth of the functional proteins market.
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Increasing usage of functional protein by various end-user industries drives the demand close to USD 5.70 Billion
Functional proteins are used in various applications such as dietary supplements and food & beverages due to the rising demand for food products with improved functionalities. The ability of functional protein manufacturers to develop distinct isolates, concentrates, and other forms of protein ingredients for different food products, such as dairy products, beverages, dietary supplements, infant formula, bakery products, and confectionery products, is expected to drive the growth of the functional proteins market during the forecast period.
The global functional proteins market is projected to reach USD 5.73 billion by 2022, at a CAGR of 6.6% from 2017. The growth of the market is driven by consumer awareness about a healthy diet, increasing instances of chronic diseases, and technological upgradation in the functional proteins market. The key drivers for the market are the shift in demand from processed to healthy and functional food.
Regulations for animal-sourced proteins are major restraints for the market
The US-FDA (US Food & Drug Administration) has strict regulations regarding proteins sourced from mammalian tissues. For instance, the Ministry of Agriculture and Forestry (MAF) of New Zealand prohibits the feeding of ruminant protein in any form, composition, or admixture to ruminants due to the risk of spreading Bovine Spongiform Encephalopathy (BSE), also known as mad cow disease. As a result, the restriction has had an adverse effect on the supply of protein ingredients sourced from animals worldwide as it restricts the trade and availability of certain animal-based proteins meant for human consumption.
Whey protein is one of the major ingredients for manufacturing several milk-based products and is used by many food & beverage manufacturers as a protein source for product innovation. The major whey proteins are á-lactalbumin and â-lactoglobulin, which find significant demand from the processed food & beverage industry. The production of whey protein concentrates (WPCs) involves the processing of fluid whey through ultrafiltration to produce a variety of WPCs. WPCs are commonly used as a source of protein in functional food & beverages owing to their easy availability or ease of production and low cost as compared to hydrolysates and isolates.
WPCs have several functionalities in the food & beverage industry. For instance, they are used as water binding agents, enabling viscosity, as an emulsifier, foaming agent, and also as a flavoring agent in food & beverages.
North America estimated to be the most lucrative market for protein hydrolysates
In 2017, North America is estimated to hold a significant share of the global functional proteins market. The increase in the demand for functional proteins by the food processing industry is one of the major drivers for the functional proteins market in the region. In the U.S., the presence of major end-user companies has created a significant demand for functional proteins in the region. The Asia-Pacific region is projected to grow at the highest CAGR during the forecast period.
This report includes a study of the marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as Kerry Group (Ireland), Arla Foods (Denmark), and Fonterra Co-Operative Group (New Zealand).