USD 5.35 billion
Report ID: SQMIG30I2196 | Region: Global | Published Date: June, 2023 | Pages: 157 | Tables: 59 | Figures: 75
Whey Protein Market size was valued at USD 5.35 billion in 2021 and is poised to grow from USD 6.05 billion in 2022 to USD 12.17 billion by 2030, growing at a CAGR of 10.50% in the forecast period (2023-2030).
The growing awareness about healthy lifestyles has led to an increase in the demand for whey protein. This trend has been fueled by the recommendation of protein supplements by fitness and sports clubs, which has drawn the attention of customers to whey protein. Besides, the food industry uses whey protein in various products such as baked goods, dairy products, beverages, cereals, chocolates, and baby foods, due to its antibacterial and antihypertensive properties. The increasing focus on consuming immunity-boosting products has also led to an upsurge in the demand for protein supplements in the daily diet of consumers. Whey protein is used to improve biological value, create superior textural, physical, and other food functional properties, and formulate low-lactose and high-protein products. Research efforts to discover new applications, such as the development of edible films, are expected to further support industry growth. The consumption of whey protein is also beneficial to cancer patients receiving radiation therapy or chemotherapy as it aids in digestion and provides an excellent alternative to meet their nutritional needs. In the personal care industry, whey protein is used as a significant ingredient in the formulation of skincare and hair care products, thanks to its skin-hydrating and hair-conditioning properties. Food and beverage producers are also substituting functional whey protein for high-fat and pricey components like cream cheese, milk, and butter in their packaged meals while maintaining the formulations' original look, flavour, and texture. The demand for products will increase as a result of companies adding functional ingredients to their product labels due to increased competition in the packaged food industry.
US Whey Protein Market is poised to grow at sustainable CAGR for the next forecast year.
Global Market Size
USD 5.35 billion
Whey protein concentrate (WPC)
Whey protein concentrate (WPC)
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Global Whey Protein market is segmented by type, application, form, and region. Based on type, the market can be segmented into whey protein concentrate (WPC), and whey protein isolate (WPI). Based on application, the market is segmented into dietary supplements, and food and beverages. Based on form, the market is segmented into powders, and liquids. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Whey Protein Market Analysis by Type
By type, the market can be segmented into whey protein concentrate (WPC), and whey protein isolate (WPI). Whey protein concentrate (WPC) dominated the global market. This is primarily due to its lower cost compared to WPI and other forms of whey protein. WPC is a high-quality protein with a protein content ranging from 35% to 80%, and it is widely used in sports nutrition products, dietary supplements, and functional foods.
Whey protein isolate (WPI) is the fastest-growing type, expected to witness significant growth in the coming years. WPI has a higher protein content (over 90%) compared to WPC, and it is used in a wide range of applications, including sports nutrition, infant formula, and medical nutrition. The growing demand for protein-rich diets, increasing health consciousness, and the popularity of sports and fitness activities are driving the growth of the WPI segment in the whey protein market.
Global Whey Protein Market Analysis by Application
By application, the market can be segmented into dietary supplements, and food and beverages. Dietary supplements dominated the whey protein market, accounting for the largest share. This is primarily due to the increasing demand for sports and fitness supplements among consumers, coupled with the growing awareness about the health benefits of protein-rich diets. Whey protein supplements are used for muscle building, weight management, and overall health and wellness, which is driving the growth of the dietary supplements segment in the whey protein market.
Food and beverages is the fastest-growing application segment of the whey protein market, expected to witness significant growth in the coming years. This is primarily due to the increasing demand for protein-fortified foods and beverages among consumers, as they are perceived to be healthier and provide various health benefits. Whey protein is used in a wide range of applications, including bakery products, dairy products, confectionery, and beverages, which is driving the growth of the food and beverages segment in the whey protein market.
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North America dominated the global whey protein market, owing to the increasing demand for protein supplements and sports nutrition products. The growing popularity of low-carb and high-protein diets, coupled with the rising number of fitness enthusiasts and athletes, has driven the demand for whey protein in the region. In addition, the increasing awareness about the health benefits of whey protein, such as improving muscle mass, reducing body fat, and boosting immunity, has further propelled the growth of the market in North America.
The Asia-Pacific region is expected to emerge as the fastest-growing market for whey protein during the forecast period. The growing population, rising disposable incomes, and increasing awareness about healthy lifestyles have driven the demand for protein supplements in the region. The booming e-commerce industry and the increasing number of gyms and fitness centers are also driving the growth of the market in APAC. Additionally, the rising demand for functional food and beverage products, including protein-fortified drinks and supplements, is expected to further drive the growth of the whey protein market in the region.
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Global Whey Protein Market Drivers
Increasing demand for protein supplements
Global Whey Protein Market Restraints
Increasing cost of whey protein
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The competitive landscape of the global whey protein market is highly fragmented, with numerous local and global players operating in the market. The market players are primarily focusing on product innovation, development, and expansion strategies, such as mergers and acquisitions, partnerships, collaborations, and agreements, to strengthen their market position. Additionally, market players are investing in research and development activities to develop new products with enhanced functionalities and nutritional value to meet the changing consumer preferences and sustain their competitive edge in the market.
Top Player’s Company Profiles in Global Whey Protein Market
Global Whey Protein Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global whey protein market analysis, the market is experiencing significant growth due to increasing consumer awareness regarding the health benefits of protein supplements and the rising demand for natural and clean label products. Whey protein is used in a variety of applications in the food and beverage industry, including baked goods, dairy products, beverages, cereals, and chocolates. Additionally, the personal care industry is incorporating whey protein into skincare and hair care products due to its skin-hydrating and hair-conditioning properties. The market is highly competitive, with numerous global and local players focusing on product innovation and expansion strategies. The market is expected to continue growing over the forecast period, driven by increasing demand for functional and nutritional ingredients in packaged foods and beverages.
|Market size value in 2021||USD 5.35 billion|
|Market size value in 2030||USD 12.17 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Whey Protein Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Whey Protein Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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