The global functional protein market was valued at USD 8.18 billion in 2023 and is expected to grow to USD 9.28 billion in 2024, reaching USD 28.02 billion by 2032, with a robust CAGR of 14.80% during the forecast period. In 2023, the Asia Pacific region led the market, accounting for a 35.45% share, showcasing its dominance. Meanwhile, the functional protein market in the U.S. is projected to expand substantially, reaching an estimated USD 4.45 billion by 2032, driven by the growing incorporation of protein supplements into daily diets.
Proteins are essential components of the body, found in bones, skin, muscles, hair, and other tissues. They play a vital role in enabling movement, transporting oxygen in the blood, and creating enzymes that facilitate chemical reactions. Proteins are composed of 20 amino acids, nine of which are classified as essential because the body cannot produce them. Foods containing all nine essential amino acids are known as "complete proteins," while those missing one or more are termed "incomplete proteins." Although many plant proteins are incomplete, consuming a variety of plant-based protein sources throughout the day can fulfill the body's amino acid requirements. Protein-rich plant foods include grains, beans, nuts, seeds, and legumes.
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List of Key Players Profiled in Market Report for Functional Protein:
- DuPont Nutrition (U.S.)
- Essentia Protein Solutions (U.S.)
- Glanbia plc (Ireland)
- ProtiFarm (Netherlands)
- ADM (U.S.)
- AMCO Proteins (U.S.)
- DSM (Netherlands)
- Merit Functional Foods (Canada)
- Plantible Foods (U.S.)
- Roquette Frères (France)
Segments:
Rising Protein Utilization in Meat & Poultry Application to Stimulate Growth
By source, the market is bifurcated into animal and plant-based proteins.
Based on the application, the market trifurcated into functional food & beverages, animal feed, and dietary supplements.
Finally, by geography, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report provides complete information and factual data regarding market development and recent trends in product development strategies. Also, the report sheds light on the impact of the COVID-19 pandemic on market growth and industrial expansion globally. Furthermore, drivers and restraints affecting market development in segmented regions are highlighted in the report. Key market players and their business development strategy are discussed further, along with key industrial development in recent years.
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Drivers & Restraints:
Rising Demand for Plant-Based Protein to Fuel Market
The market is expected to witness a high growth rate in the coming years due to the increasing consumption of dietary supplements and rising demand for plant-based proteins. These proteins are considered prominent alternatives to meat products to provide adequate protein. Consumers are willing to invest in health supplements and improve their immune systems to fight against viruses. Increasing demands for these proteins in competitive sports, body toning, and muscle-building activities are expected to drive the market during the projected period. These factors will likely ensure functional protein market growth in the coming years.
However, animal welfare sentiments may hinder the protein production sourced from the animal segment.
Regional Insights:
Asia Pacific Dominates Market Due to Rising Population
Asia Pacific dominates the global functional protein market share, where the region held its position by holding USD 1.82 billion in 2020. Increasing population and economic growth are attributed to exhibit exponential market growth in the coming years. Furthermore, rising income levels and increasing spending capacity of the population are anticipated to drive the market during the forecast period.
North America is expected to hold the second-largest global market share due to the rising dietary supplements consumption among the population. Increasing demand for these proteins on a daily basis is likely to boost the market and propel growth.
Competitive Landscape:
Innovative Product Development Allow Key Players to Sustain Market Position
Key players in the market focus on implementing innovative product development and differentiation strategies to propel growth and gain a competitive advantage. Also, the major companies focus on implementing growth strategies such as partnerships, alliances, acquisitions, and mergers.
Industry Developments:
- July 2021: ADM acquired Soja protein, a popular European producer of non-GMO soy ingredients. This acquisition underlines the expansion of ADM's global alternative protein portfolio.
- May 2020: Unilever entered into a partnership with food-tech firm ENOUGH to launch new plant-based meat products to market. The new product ABUNDA mycoprotein is a food ingredient containing essential amino acids and is high in dietary fiber.
