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Market Overview
The global whey
protein market was valued at USD 11.79 billion in 2023 and is expected to
grow from USD 12.64 billion in 2024 to USD 22.63 billion by 2032, reflecting a
CAGR of 7.5% during the forecast period. North America led the market in 2023,
holding a 35.96% share. In the U.S., the market is anticipated to expand
significantly, reaching an estimated USD 5.11 billion by 2032, driven by
increasing health awareness and growing consumer focus on daily protein intake.
Rising consumer awareness regarding a healthy diet is
expected to boost consumer product demand. Further, growing innovations in
protein manufacturing containing several amino acids may increase the product’s
adoption. Moreover, robust demand for premium products may facilitate the
product demand. In addition, the strong demand for premium products across the
personal care industry is expected to propel industry development during the
upcoming years.
List of Key Players Profiled in the Report
Segments
By type, it is segmented into isolates, concentrates, and
others. Based on application, it is classified into animal feed, food and
beverages, and others. Geographically, it is clubbed into North America,
Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments
and the latest trends in the market. It comprehensively discusses the driving
and restraining factors and the impact of COVID-19 on the market. Additionally,
it examines the regional developments and the strategies undertaken by the
market's key players.
Source: https://www.fortunebusinessinsights.com/whey-protein-market-106555
Drivers and Restraints
Strong Demand for Protein-Rich Diet to Nurture Industry
Progress
The rising demand for a protein-rich diet is expected to
foster the demand for whey protein. The rising popularity of ready-to-cook
meals and packaged foods leads to high-quality protein foods. Further, growing
chronic illnesses are expected to boost the demand for the product from the
population. Also, the rising per-capita spending and adoption of healthy
lifestyles may bolster the product’s consumption. In addition, the rising
demand for sports supplements from athletes and gym enthusiasts can drive the
whey protein market growth.
However, the strong demand for plant-based protein may
hinder the market’s progress in the coming years.
Regional Insights
Rising Awareness Regarding Easy Usability and Convenience
to Boost Growth in North America
North America is expected to dominate the whey protein
market share due to rising awareness regarding easy usability and convenience.
The market in North America stood at USD 3.73 billion in 2021 and is expected
to gain a huge portion of the global market share. Further, evolving consumer
preferences and tastes may boost the product demand. These factors may propel
industry growth.
In Europe, increasing trends of preventive healthcare,
rising emphasis on healthy living, and growing demand for protein supplements
may foster the product’s demand. In addition, the adoption of proteins in
naturally and synthetically derived foods may propel market growth.
In Asia Pacific, the rising domestic demand and exports for
dairy-based products, such as whey and casein, may foster market development.
Competitive Landscape
Companies Announce Acquisition Strategies to Reinforce
their Stance
Prominent companies operating in the market announce
acquisition strategies to reinforce their market position globally. For
example, Saputo Inc. declared two acquisitions in the value-added and dairy
alternatives segment. The company invested nearly USD 146.94 million and
acquired Wisconsin Specialty Protein, LLC’s Reedsburg facility. It produces
value-added ingredients such as whey, goat, organic lactose, and others. This
acquisition may enable the company to reinforce its market stance globally.
Furthermore, companies adopt product launches, mergers, partnerships, and
research and development strategies to boost their annual revenues.
Industry Development
November 2023: FrieslandCampina Ingredients, a leading global protein supplier,
announced the launch of Nutri Whey ProHeat. The company's new ingredient is
microparticulated and heat-stable, designed for the medical nutrition market.
Market Overview
The global whey
protein market was valued at USD 11.79 billion in 2023 and is expected to
grow from USD 12.64 billion in 2024 to USD 22.63 billion by 2032, reflecting a
CAGR of 7.5% during the forecast period. North America led the market in 2023,
holding a 35.96% share. In the U.S., the market is anticipated to expand
significantly, reaching an estimated USD 5.11 billion by 2032, driven by
increasing health awareness and growing consumer focus on daily protein intake.
Rising consumer awareness regarding a healthy diet is
expected to boost consumer product demand. Further, growing innovations in
protein manufacturing containing several amino acids may increase the product’s
adoption. Moreover, robust demand for premium products may facilitate the
product demand. In addition, the strong demand for premium products across the
personal care industry is expected to propel industry development during the
upcoming years.
List of Key Players Profiled in the Report
Segments
By type, it is segmented into isolates, concentrates, and
others. Based on application, it is classified into animal feed, food and
beverages, and others. Geographically, it is clubbed into North America,
Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments
and the latest trends in the market. It comprehensively discusses the driving
and restraining factors and the impact of COVID-19 on the market. Additionally,
it examines the regional developments and the strategies undertaken by the
market's key players.
Source: https://www.fortunebusinessinsights.com/whey-protein-market-106555
Drivers and Restraints
Strong Demand for Protein-Rich Diet to Nurture Industry
Progress
The rising demand for a protein-rich diet is expected to
foster the demand for whey protein. The rising popularity of ready-to-cook
meals and packaged foods leads to high-quality protein foods. Further, growing
chronic illnesses are expected to boost the demand for the product from the
population. Also, the rising per-capita spending and adoption of healthy
lifestyles may bolster the product’s consumption. In addition, the rising
demand for sports supplements from athletes and gym enthusiasts can drive the
whey protein market growth.
However, the strong demand for plant-based protein may
hinder the market’s progress in the coming years.
Regional Insights
Rising Awareness Regarding Easy Usability and Convenience
to Boost Growth in North America
North America is expected to dominate the whey protein
market share due to rising awareness regarding easy usability and convenience.
The market in North America stood at USD 3.73 billion in 2021 and is expected
to gain a huge portion of the global market share. Further, evolving consumer
preferences and tastes may boost the product demand. These factors may propel
industry growth.
In Europe, increasing trends of preventive healthcare,
rising emphasis on healthy living, and growing demand for protein supplements
may foster the product’s demand. In addition, the adoption of proteins in
naturally and synthetically derived foods may propel market growth.
In Asia Pacific, the rising domestic demand and exports for
dairy-based products, such as whey and casein, may foster market development.
Competitive Landscape
Companies Announce Acquisition Strategies to Reinforce
their Stance
Prominent companies operating in the market announce
acquisition strategies to reinforce their market position globally. For
example, Saputo Inc. declared two acquisitions in the value-added and dairy
alternatives segment. The company invested nearly USD 146.94 million and
acquired Wisconsin Specialty Protein, LLC’s Reedsburg facility. It produces
value-added ingredients such as whey, goat, organic lactose, and others. This
acquisition may enable the company to reinforce its market stance globally.
Furthermore, companies adopt product launches, mergers, partnerships, and
research and development strategies to boost their annual revenues.
Industry Development
November 2023: FrieslandCampina Ingredients, a leading global protein supplier,
announced the launch of Nutri Whey ProHeat. The company's new ingredient is
microparticulated and heat-stable, designed for the medical nutrition market.
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