The global functional proteins market, having surpassed a valuation of US$5 billion in 2020, is poised for impressive growth in the years to come. A key driver of this expansion is the rising popularity of phyto-proteins as a preferred alternative protein source.
Plant-Based Alternatives Fuel Market Growth
Consumer demand for alternative protein sources, particularly plant-based options, has surged over the past decade. This trend is driven by the increasing embrace of veganism, which has not only influenced the food and beverage industry but has also made a significant impact on the functional food sector. Plant-based functional protein sources like oat, soy, and nuts are gaining favor among individuals of all walks of life, including athletes and fitness enthusiasts. Furthermore, those with lactose intolerance are turning to plant-based functional proteins and other non-dairy products, establishing a robust foundation for the functional proteins markets growth. Factors such as animal welfare concerns and ethical considerations are also contributing to the evolution of plant-based functional proteins, shaping the global functional proteins market.
In addition to health considerations, plant-based protein alternatives are viewed as more sustainable and healthier compared to their animal-based counterparts. Plant-based proteins have a significantly lower environmental footprint while offering superior health benefits when compared to animal proteins, which contribute significantly to emissions. For instance, according to the Food and Agriculture Organization of the United Nations (FAO), cattle raised for both meat and milk account for approximately 65% of emissions in the livestock sector. This has further fueled the shift towards plant-based functional protein sources. Although alternatives like lab-grown meat proteins, algae proteins, and insect proteins are available, the demand for plant-based sources is expected to lead the way in the coming years, significantly influencing the growth of the functional proteins market.
Balanced Diet Awareness Boosts Market
The trend of health-consciousness is on the rise, driven by increasing consumer awareness of the importance of a balanced diet. Busy lifestyles have led to lifestyle disorders, resulting in chronic ailments such as diabetes, cancer, cardiovascular diseases, and obesity due to sedentary living. These conditions can lead to improper organ function, toxins buildup, and even organ failure. Increased awareness of these health risks has motivated individuals to opt for nutritious diets and food products rich in functional proteins. Millennials, in particular, are choosing functional proteins to maintain a healthier balanced diet, a factor that is crucial in driving the global growth of the functional proteins market.
Rising Dietary Supplement Consumption
Growing health awareness has also led to increased gym and fitness center memberships, driving the consumption of dietary and protein supplements to maintain balanced daily diets. Functional proteins offer various health benefits, including muscle mass development, improved bone density, weight management, and meeting the bodys overall protein requirements. Additionally, dietary supplements containing functional proteins aid in fat loss, reducing food cravings, and decreasing stress levels. As a result, the rising demand for dietary supplements is expected to bolster the growth of the functional proteins market in the coming years.
North America Leads the Way
Demand for functional proteins is expected to surge in North America, particularly in developed nations, in the coming years. The region has witnessed a continuous increase in the functional proteins market due to the rising incidence of chronic diseases like obesity, diabetes, and heart-related disorders. Changing lifestyles have led to a preference for balanced diets, driving sales of functional proteins. Additionally, the trend of veganism and the demand for low-cholesterol and processed foods have increased the need for plant-based protein sources like pea proteins and soy proteins. Stable GDP per capita growth and favorable infrastructure have attracted companies engaged in the manufacturing and distribution of functional proteins, contributing to market growth. This trend is expected to persist in North America in the years ahead.
Competitive Landscape
In recent years, players in the functional proteins market have adopted strategies such as capacity and portfolio expansion, collaborations, acquisitions, and partnerships. Key players in the market include Kerry Inc., Milk Specialties, Glanbia Plc, AMCO Proteins, Fonterra Co-operative Group, ADM, Ingredion, BENEO, BASF SE, DuPont, DSM, Cargill, Merit Functional Foods, and Omega Protein.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/functional-proteins-market
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