According to a new report published by Allied Market Research, titled, “Dairy Protein Market by Type, Application, and Form: Global Opportunity Analysis and Industry Forecast, 2019-2026,” The global dairy protein market size was $9.3 billion in 2018, and is anticipated to reach $14.5 billion by 2026, with a CAGR of 5.6% during the forecast period. The market is expected to exhibit an incremental revenue opportunity of $5.2 billion from 2019 to 2026. Dairy protein such as whey protein, casein & derivatives and milk protein concentrates are widely consumed across industries such as food & beverages, nutrition, feed, personal care, cosmetics, and textiles. Their multipurpose nature and functionalities such as thickening, binding, gelling, and texturizing have led to their wide adoption in these application industries.
The dairy protein market growth is propelled by the growing demand for nutritional food in the market. Due to rise in awareness about health and nutritional food products, people are ultimately shifting toward healthy diets and increasing their protein intake, by using protein supplements, thereby fueling the growth for dairy protein industry. Busy lifestyle and increasing women participation in the labor force have contributed to their focus toward nutritional supplements for their babies, which is offered by infant formula. Dairy protein are one of the major components of infant formula, which is likely to drive the demand for dairy protein in the future. Protein supplements and protein-based food products are still in nascent stages in various regions of Africa such as Zimbabwe, Liberia, Eritea, and Burundi and various other developing regions. These are still untapped, which present a great opportunity for manufacturers of dairy protein.
The dairy protein market is segmented on the basis of types, application, form, and region. By type, it is categorized into casein & derivatives, whey protein, and milk protein concentrate. Whey protein are the most preferred choice of dairy protein among consumers due to their high protein content and functionality.
In the dairy protein market analysis, the whey protein segment was valued at $4.7 billion in 2018, and is expected to grow with a CAGR of 5.0% from 2019 to 2026, to reach $7.1 billion by 2026. The casein & derivatives segment is estimated to be the fastest growing segment during the forecast period. This is attributed to its growing demand due to versatility in its applications in food & beverages, nutrition and personal care industries.
On the basis of application, it is categorized into food & beverages, nutrition, personal care & cosmetics, feed, and others. The food & beverages segment led the dairy protein market in 2018, and is estimated to grow with a CAGR of 5.0% during the forecast period. This segment is expected to reach $6.5 billion by 2026. The nutrition segment is anticipated to be the fastest growing segment during the dairy protein market forecast. Growing awareness about the benefits of nutritional supplements among consumers in developing countries is likely to drive the nutrition application segment in the dairy protein market.
On the basis of form, the solid segment held a significant share in the global market in 2018. However, the solid segment is expected to grow at a higher CAGR, owing to increase in inclination of consumer toward solid form of products. In addition, due to its better stability and ease of handling and storage, as compared to liquid form, it is likely to remain dominant over the forecast period.
On the basis of region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, and Rest of Asia-Pacific), and LAMEA (the Middle East, Latin America, and Africa). North America led the market for dairy protein globally in 2018. This can be attributed to high per capita consumption of protein supplements in the U.S. and high demand for protein-based food products and dairy protein in various food & beverages due to their multifunctionalities. Furthermore, the market in Asia-Pacific is expected to witness the highest CAGR, owing to the growth in awareness about functional characteristics of dairy protein, rise in demand for nutritional supplements in developing countries, expansion of retail industry, and rising disposable income of consumers.
Key findings of the study
- By type, the casein & caseinates segment is estimated to witness the fastest growth, registering a CAGR of 6.7% during the forecast period.
- In 2018, by application, the food & beverage segment held the highest share, accounting for around half of the global dairy proteins market share.
- In 2018, North America was the most prominent market in the North America region and is expected to grow at a significant CAGR throughout the forecast period.
The key players profiled in the dairy protein market report include Kerry Inc, Arla Foods inc, Archer Daniels Midland Company, Fonterra Co-Operative Group (Fonterra), Groupe Lactalis, Cabot Creamery, Royal Frieslandcampina, Dana Dairy Group, Schreiber Foods, and Saputo.