Protein ingredients market size to surpass US$62 billion by 2032

A report on worldwide protein ingredients from Global Market Insights, Protein Ingredients Market Size to Surpass US$62 billion by 2032, has suggested the market was worth US$42 billion market in 2022 but this will surpass a revenue collection of US$62 billion by 2032, with an annual growth rate of 7.9% over 2023 to 2032.

The global protein ingredient market is set to grow at a decent CAGR from 2023 to 2032 owing to the ongoing R&D operations to explore various novel product applications.

Protein ingredients produced from both plant and animal sources have emerged as essential ingredients in the food and beverage industries. Consumer demand for healthy and nutritious food options, particularly plant-based alternatives, will drive market growth.

Protein components are being used in various unique applications, including liquid protein fortification, plant-based dairy products, snacks, and nutritional supplements. Moreover, consumers are seeking sustainable and functional food options therefore these creative applications for products consider evolving dietary tastes and lifestyle choices.

Advancements in extraction, purification, and processing technologies have revolutionized the production and functionality of protein ingredients. These innovations have led to the development of new and improved protein sources, such as plant-based proteins, and enhanced the quality and nutritional value of existing protein ingredients.

Additionally, innovative techniques such as enzymatic hydrolysis, microencapsulation, and protein modification have expanded the applications of protein ingredients in various food and beverage products. Such technological innovations will fuel the protein ingredient market by meeting consumer demands for high-quality, nutritious, and sustainable protein sources in a wide range of food and beverage products.

The plant protein ingredient market is gaining remarkable traction in recent years, attributed to the increasing consumer demand for plant-based alternatives. Increasing awareness about sustainability and health benefits, in line with technological innovations in plant protein extraction and processing methods, has fostered product demand.

Furthermore, plant proteins derived from sources like soy, pea, and rice are finding applications in a variety of food products, including meat substitutes, dairy alternatives, snacks, and beverages which are becoming popular due to the rising vegetarian and vegan populations globally.

The protein ingredient market is experiencing significant growth from the soy protein concentrates segment on account of its versatile applications in various food products, such as meat substitutes, beverages, and bakery items, which are driving market expansion and fueling innovation in this segment.

Based on application, the protein ingredient industry from personal care and cosmetics segment is estimated to grow at over 9% CAGR between 2023 and 2032 owing to the rising consumer awareness towards their hair and skin care. The growing use of hydrolyzed soy protein in skin and hair product applications due to high amino acid content will contribute to segment growth.

The protein ingredients market consists of  Roquette, ADM, Cargill, Scoular, CHS, and Fonterra.