South America is projected to be the fastest growing region in protein ingredients market

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.

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South America is projected to be the fastest growing region in protein ingredients market, in 2023; it is anticipated to grow at a significant CAGR

The protein ingredients market in South America is projected to witness strong growth driven by fast developing economies, such as Brazil and Argentina. The level of overall investment in the region has increased substantially over the past decade. The region has also witnessed a rise in consumer health awareness in recent years.

Protein Ingredients Market

The region has a high demand for consumption of animal sources of protein. Brazil and Argentina are among the top producers and exporters of animal sources such as pork and beef. They are also one of the top producers of soy in the world thereby contributing significantly to the growth of both animal and plant-based protein ingredients industry.

Europe is estimated to dominate the protein ingredients market with a value of USD 21.4 Billion in 2023.

Europe is a strong market in the protein ingredients industry which is estimated to be the largest market in terms of value in 2023. The region enjoys macroeconomic benefits such as developed economies, high disposable incomes, and consumer awareness. Apart from them market specific developments such as government initiatives and investments are contributing to the growth of the industry. Europeans have a predominantly meat-based diet. However, veganism trends, and high demand for alternative protein sources in the form of plants and insects is also driving the market in the region.

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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.