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Protein Ingredients Market by Source (Animal and Plant), Form (Solid and Liquid), and Application (Food & Beverages, Animal Feed, Cosmetics & Personal Care, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2027
| A07178 | Pages: 335 | Sep 2020 | 1206 Views | | |
| Author(s) : Raju Kale , Roshan Deshmukh | Tables: 152 | Charts: 77 | Formats*: | |
COVID-19
Pandemic disrupted the entire world and affected many industries.
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Request Now !The global protein ingredients market size was valued at $53.78 billion in 2019, and is anticipated to reach $91.89 billion by 2027, with a CAGR of 6.4% during the forecast period.
In 2019, the animal protein segment accounted for more than half of the total protein ingredients market share. Animal and plant-based proteins are potential and multipurpose ingredients used in the preparation of a range of food products. They exhibit many beneficial functionalities and bioactivities in the processing of food products. They work as thickening agents, gelling agents, texture modifiers, carriers, and foaming agents in food preparations. These are also used in multiple applications across industries, including nutrition, personal care, and animal feed.
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Increase in health care awareness has led consumers to shift their focus toward nutritional & healthy diets and increase their protein consumption to get extra nutrients from protein supplements prepared using protein ingredients, thereby fuelling the protein ingredients market growth. Whey and egg proteins are widely consumed as animal protein supplement, which is expected to drive the protein ingredients market.
Consumer perception of high nutritional content of infant formula due to health consciousness of their children increases the demand for infant formula made from protein ingredients. Organizations, such as Innovation Center for U.S. Dairy, and dairy ingredient manufacturers invest in R&D activities to enhance properties such as flavor, aroma, and performance of protein ingredients. Therefore, this is anticipated to provide lucrative opportunities for manufacturers to offer improved variety of protein ingredients in the market to achieve higher market share.
Moreover, the outbreak of the novel coronavirus has positively affected the growth of the protein ingredients market. This increase in growth of the protein ingredients market can be attributed to the awareness of consumers about building strong immunity.
Protein Ingredients Market
By Type
The Animal segment held the major share of 78.32% in 2019
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According to the protein ingredients market analysis, the market is segmented on the basis of source, form, application, and region. By source, it is categorized into animal and plant. Further, animal protein is segregated into whey protein, casein & caseinates, milk protein, egg protein, and others. Plant protein is classified into soy protein, wheat protein, pea protein, and others. By form, it is bifurcated into solid and liquid. By application, it is divided into food & beverages, animal feed, cosmetics & personal care, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, Indonesia, New Zealand, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, the UAE, Nigeria, Turkey, South Africa, and rest of LAMEA).
On the basis of source, the animal protein segment accounted for the maximum share in the global protein ingredients market in 2019, and is expected to remain dominant during the forecast period. This can be attributed to increase in awareness of health and fitness. Moreover, meat protein is predominantly used in various applications, such as pet food and cosmetics, whereas egg and milk proteins are extensively used in bakery and confectionary products.
Protein Ingredients Market
By Form
The Solid segment witness a CAGR of 6.1% from 2021-2027
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On the basis of form, the solid protein ingredients segment accounted for the maximum share in the global protein ingredients market in 2019. The solid form is most preferred in a wide range of applications, such as nutrition, food & beverages, feed, and personal care, owing to longer shelf life and better handling properties. Moreover, solid form of protein ingredients consumption remains higher compared to liquid form. This factor has impacted the application of animal-based protein powder, especially in food & beverages.
On the basis of application, the food & beverages segment held the significant market share in 2019. This is attributed to surge in number of health-conscious consumers. Furthermore, proteins used in food & beverages are easily accessible and highly nutritious as they meet the needs of busy consumers who seek for appealing options, but are unwilling to compromise on health, thereby driving the growth of global protein ingredients market.
Protein Ingredients Market
By Appplication
The Food & Beverages segment helds the higest market share of 45.01% in 2019
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On the basis of region, North America dominated the market in 2019, and accounted for the maximum share. The North America protein ingredients market is mature and homogenous with high penetration. It is dominated by leading key players such as Kerry Group, Cargill, ADM, and DuPont. Furthermore, the North America fitness industry is expected to grow at a faster rate during the protein ingredients market forecast period. This is attributed to rise in number of consumers in the U.S. who adopt a healthy lifestyle or indulge in activities that promote an active and healthy lifestyle. Presently, about 20% of adults in the U.S. have fitness club memberships and the number is expected to increase in future. In addition, increase in demand for protein-rich food, owing to rise in number of health-conscious customers is anticipated to propel the market growth.
Players in the protein ingredients market have adopted business expansion and product launch as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in the report include Cargill, ADM, DuPont, Kerry Group, Omega Protein Corporation, Friesland, Mead Johnson Nutrition Company, Fonterra Co-operative Group, Kewpie Corporation, and Bunge Limited.
Protein Ingredients Market
By Region
The North America region helds the higest market share of 35.03% in 2019
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Key benefits for stakeholders
- The report provides quantitative analysis of the current protein ingredients market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing protein ingredients market opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size & segmentation assist to determine the market potential.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the protein ingredients industry.
Key market segments
By Type
- Animal
- Whey Protein Ingredients
- Casein & Caseinates
- Milk Protein
- Egg Protein
- Others
- Plant
- Soy Protein
- Wheat Protein
- Pea Protein
- Others
By Form
- Solid
- Liquid
By Application
- Food & Beverages
- Animal Feed
- Cosmetics & Personal Care
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- Australia
- South Korea
- Indonesia
- New Zealand
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Turkey
- Nigeria
- South Africa
- Rest of LAMEA
CHAPTER 1:INTRODUCTION
1.1.Key benefits for stakeholders
1.2.Key market segments
1.3.Research methodology
1.3.1.Secondary research
1.3.2.Primary research
1.3.3.Analyst tools and models
CHAPTER 2:EXECUTIVE SUMMARY
2.1.Key findings of the study
2.2.CXO perspective
CHAPTER 3:MARKET OVERVIEW
3.1.Market definition and scope
3.2.Key findings
3.2.1.Top investment pockets
3.3.Value chain analysis
3.4.Porter’s five forces analysis
3.4.1.Moderate Bargaining Power of Suppliers
3.4.2.High Bargaining Power of Buyers
3.4.3.High Threat of Substitution
3.4.4.High Threat of New Entrants
3.4.5.Moderate Intensity of Competitive Rivalry
3.5.Market dynamics
3.5.1.Drivers
3.5.1.1.Rising per capita income and the middle class
3.5.1.2.Consumer awareness about healthy diet
3.5.1.3.Increase in demand for proteins as nutritional and functional ingredients
3.5.1.4.Rise in consumption of protein ingredients in natural sports drinks
3.5.1.5.Changes in lifestyle and food habits
3.5.2.Restraint
3.5.2.1.Undefined regulatory guidelines
3.5.2.2.High price of clean label protein ingredient product
3.5.3.Opportunities
3.5.3.1.Introduction of protein supplements in untapped market
3.5.3.2.Product innovation and rise in demand for protein ingredients
3.6.Market share analysis
3.6.1.By source
3.6.2.By form
3.6.3.By Application
3.6.4.By Region
3.7.COVID Analysis
3.7.1.Introduction
3.7.2.Impact on the Food & Beverage Industry
3.7.3.Impact on Protein ingredients Market
CHAPTER 4:PROTEIN INGREDIENTS MARKET, BY SOURCE
4.1.Overview
4.1.1.Market size and forecast
4.2.Animal
4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast
4.2.3.Whey Protein Ingredients
4.2.3.1.Key market trends, growth factors, and opportunities
4.2.4.Casein and Caseinates
4.2.4.1.Key market trends, growth factors, and opportunities
4.2.5.Milk Protein
4.2.5.1.Key market trends, growth factors, and opportunities
4.2.6.Egg Protein
4.2.6.1.Key market trends, growth factors, and opportunities
4.2.7.Others
4.2.7.1.Key market trends, growth factors, and opportunities
4.3.Plant
4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast
4.3.3.Soy Protein
4.3.3.1.Key market trends, growth factors, and opportunities
4.3.4.Wheat Protein
4.3.4.1.Key market trends, growth factors, and opportunities
4.3.5.Pea Protein
4.3.5.1.Key market trends, growth factors, and opportunities
4.3.6.Others
4.3.6.1.Key market trends, growth factors, and opportunities
CHAPTER 5:PROTEIN INGREDIENTS MARKET, BY FORM
5.1.Overview
5.1.1.Market size and forecast
5.2.Solid
5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast
5.3.Liquid
5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast
CHAPTER 6:PROTEIN INGREDIENTS MARKET, BY APPLICATION
6.1.Overview
6.1.1.Market size and forecast
6.2.Food & Beverages
6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast
6.3.Animal feed
6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast
6.4.Cosmetics & personal care
6.4.1.Key market trends, growth factors, and opportunities
6.4.2.Market size and forecast
6.5.Others
6.5.1.Key market trends, growth factors, and opportunities
6.5.2.Market size and forecast
CHAPTER 7:PROTEIN INGREDIENTS MARKET, BY REGION
7.1.Overview
7.1.1.Market size and forecast, by region
7.2.North America
7.2.1.Key market trends, growth factors, and opportunities
7.2.2.Market size and forecast, by source
7.2.3.Market size and forecast, by form
7.2.4.Market size and forecast, by application
7.2.5.Market size and forecast, by country
7.2.5.1.U.S.
7.2.5.1.1.Market size and forecast, by source
7.2.5.1.2.Market size and forecast, by form
7.2.5.1.3.Market size and forecast, by application
7.2.5.2.Canada
7.2.5.2.1.Market size and forecast, by source
7.2.5.2.2.Market size and forecast, by form
7.2.5.2.3.Market size and forecast, by application
7.2.5.3.Mexico
7.2.5.3.1.Market size and forecast, by source
7.2.5.3.2.Market size and forecast, by form
7.2.5.3.3.Market size and forecast, by application
7.3.Europe
7.3.1.Key market trends, growth factors, and opportunities
7.3.2.Market size and forecast, by source
7.3.3.Market size and forecast, by form
7.3.4.Market size and forecast, by application
7.3.5.Market size and forecast, by country
7.3.5.1.Germany
7.3.5.1.1.Market size and forecast, by source
7.3.5.1.2.Market size and forecast, by form
7.3.5.1.3.Market size and forecast, by application
7.3.5.2.France
7.3.5.2.1.Market size and forecast, by source
7.3.5.2.2.Market size and forecast, by form
7.3.5.2.3.Market size and forecast, by application
7.3.5.3.UK
7.3.5.3.1.Market size and forecast, by source
7.3.5.3.2.Market size and forecast, by form
7.3.5.3.3.Market size and forecast, by application
7.3.5.4.Italy
7.3.5.4.1.Market size and forecast, by source
7.3.5.4.2.Market size and forecast, by form
7.3.5.4.3.Market size and forecast, by application
7.3.5.5.Spain
7.3.5.5.1.Market size and forecast, by source
7.3.5.5.2.Market size and forecast, by form
7.3.5.5.3.Market size and forecast, by application
7.3.5.6.Russia
7.3.5.6.1.Market size and forecast, by source
7.3.5.6.2.Market size and forecast, by form
7.3.5.6.3.Market size and forecast, by application
7.3.5.7.Rest of Europe
7.3.5.7.1.Market size and forecast, by source
7.3.5.7.2.Market size and forecast, by form
7.3.5.7.3.Market size and forecast, by application
7.4.Asia-Pacific
7.4.1.Key market trends, growth factors, and opportunities
7.4.2.Market size and forecast, by source
7.4.3.Market size and forecast, by form
7.4.4.Market size and forecast, by application
7.4.5.Market size and forecast, by country
7.4.5.1.China
7.4.5.1.1.Market size and forecast, by source
7.4.5.1.2.Market size and forecast, by form
7.4.5.1.3.Market size and forecast, by application
7.4.5.2.Japan
7.4.5.2.1.Market size and forecast, by source
7.4.5.2.2.Market size and forecast, by form
7.4.5.2.3.Market size and forecast, by application
7.4.5.3.India
7.4.5.3.1.Market size and forecast, by source
7.4.5.3.2.Market size and forecast, by form
7.4.5.3.3.Market size and forecast, by application
7.4.5.4.Australia
7.4.5.4.1.Market size and forecast, by source
7.4.5.4.2.Market size and forecast, by form
7.4.5.4.3.Market size and forecast, by application
7.4.5.5.South Korea
7.4.5.5.1.Market size and forecast, by source
7.4.5.5.2.Market size and forecast, by form
7.4.5.5.3.Market size and forecast, by application
7.4.5.6.Indonesia
7.4.5.6.1.Market size and forecast, by source
7.4.5.6.2.Market size and forecast, by form
7.4.5.6.3.Market size and forecast, by application
7.4.5.7.New Zealand
7.4.5.7.1.Market size and forecast, by source
7.4.5.7.2.Market size and forecast, by form
7.4.5.7.3.Market size and forecast, by application
7.4.5.8.Rest of Asia-Pacific
7.4.5.8.1.Market size and forecast, by source
7.4.5.8.2.Market size and forecast, by form
7.4.5.8.3.Market size and forecast, by application
7.5.LAMEA
7.5.1.Key market trends, growth factors, and opportunities
7.5.2.Market size and forecast, by source
7.5.3.Market size and forecast, by form
7.5.4.Market size and forecast, by application
7.5.5.Market size and forecast, by country
7.5.5.1.Brazil
7.5.5.1.1.Market size and forecast, by source
7.5.5.1.2.Market size and forecast, by form
7.5.5.1.3.Market size and forecast, by application
7.5.5.2.Argentina
7.5.5.2.1.Market size and forecast, by source
7.5.5.2.2.Market size and forecast, by form
7.5.5.2.3.Market size and forecast, by application
7.5.5.3.United Arab Emirates
7.5.5.3.1.Market size and forecast, by source
7.5.5.3.2.Market size and forecast, by form
7.5.5.3.3.Market size and forecast, by application
7.5.5.4.Nigeria
7.5.5.4.1.Market size and forecast, by source
7.5.5.4.2.Market size and forecast, by form
7.5.5.4.3.Market size and forecast, by application
7.5.5.5.Turkey
7.5.5.5.1.Market size and forecast, by source
7.5.5.5.2.Market size and forecast, by form
7.5.5.5.3.Market size and forecast, by application
7.5.5.6.South Africa
7.5.5.6.1.Market size and forecast, by source
7.5.5.6.2.Market size and forecast, by form
7.5.5.6.3.Market size and forecast, by application
7.5.5.7.Rest of LAMEA
7.5.5.7.1.Market size and forecast, by source
7.5.5.7.2.Market size and forecast, by form
7.5.5.7.3.Market size and forecast, by application
CHAPTER 8:COMPETITIVE LANDSCAPE
8.1.Top winning strategies
8.2.Product mapping
8.3.Competitive dashboard
8.4.Competitive heat map
8.5.Key developments
8.5.1.Acquisition
8.5.2.Business Expansion
8.5.3.Product Launch
CHAPTER 9:COMPANY PROFILES
9.1.Archer-Daniels-Midland Company
9.1.1.Company overview
9.1.2.Key Executives
9.1.3.Company snapshot
9.1.4.Operating business segments
9.1.5.Product portfolio
9.1.6.Business performance
9.1.7.Key strategic moves and developments
9.2.Bunge Limited
9.2.1.Company overview
9.2.2.Key Executives
9.2.3.Company snapshot
9.2.4.Product portfolio
9.3.Cargill
9.3.1.Company overview
9.3.2.Key Executives
9.3.3.Company snapshot
9.3.4.Operating business segments
9.3.5.Product portfolio
9.3.6.Business performance
9.3.7.Key strategic moves and developments
9.4.DuPont
9.4.1.Company overview
9.4.2.Key Executives
9.4.3.Company snapshot
9.4.4.Operating business segments
9.4.5.Product portfolio
9.4.6.R&D Expenditure
9.4.7.Business performance
9.5.Fonterra Co-operative Group
9.5.1.Company overview
9.5.2.Key Executives
9.5.3.Company snapshot
9.5.4.Operating business segments
9.5.5.Product portfolio
9.5.6.Business performance
9.5.7.Key strategic moves and developments
9.6.Friesland
9.6.1.Company overview
9.6.2.Key Executives
9.6.3.Company snapshot
9.6.4.Operating business segments
9.6.5.Product portfolio
9.6.6.R&D Expenditure
9.6.7.Business performance
9.7.Kewpie Corporation
9.7.1.Company overview
9.7.2.Key Executives
9.7.3.Company snapshot
9.7.4.Operating business segments
9.7.5.Product portfolio
9.7.6.R&D Expenditure
9.7.7.Business performance
9.7.8.Key strategic moves and developments
9.8.Mead Johnson Nutrition Company
9.8.1.Company overview
9.8.2.Key Executives
9.8.3.Company snapshot
9.8.4.Product portfolio
9.8.5.Business performance
9.8.6.Key strategic moves and developments
9.9.Kerry Group
9.9.1.Company overview
9.9.2.Company snapshot
9.9.3.Product portfolio
9.9.4.Business performance
9.9.5.Key strategic moves and developments
9.10.Omega Protein Corporation
9.10.1.Company overview
9.10.2.Key Executives
9.10.3.Company snapshot
9.10.4.Operating business segments
9.10.5.Product portfolio
9.10.6.R&D Expenditure
9.10.7.Business performance
9.10.8.Key strategic moves and developments
LIST OF TABLES
TABLE 01.GLOBAL PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 02.PROTEIN INGREDIENTS MARKET REVENUE FOR ANIMAL SOURCE, BY REGION, 2019–2027 ($MILLION)
TABLE 03.PROTEIN INGREDIENTS MARKET REVENUE FOR PLANT SOURCE, BY REGION, 2019–2027 ($MILLION)
TABLE 04.GLOBAL PROTEIN INGREDIENTS MARKET REVENUE, BY FORM 2019–2027 ($MILLION)
TABLE 05.PROTEIN INGREDIENTS MARKET REVENUE FOR SOLID, BY REGION, 2019–2027 ($MILLION)
TABLE 06.PROTEIN INGREDIENTS MARKET REVENUE FOR LIQUID, BY REGION, 2019–2027 ($MILLION)
TABLE 07.GLOBAL PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 08.PROTEIN INGREDIENTS MARKET REVENUE BY FOOD & BEVERAGES, BY REGION, 2019–2027 ($MILLION)
TABLE 09.PROTEIN INGREDIENTS MARKET REVENUE BY ANIMAL FEED, BY REGION, 2019–2027 ($MILLION)
TABLE 10.PROTEIN INGREDIENTS MARKET REVENUE BY COSMETICS & PERSONAL CARE, BY REGION, 2019–2027 ($MILLION)
TABLE 11.PROTEIN INGREDIENTS MARKET REVENUE BY OTHERS, BY REGION, 2019–2027 ($MILLION)
TABLE 12.PROTEIN INGREDIENTS MARKET REVENUE, BY REGION, 2019–2027 ($MILLION)
TABLE 13.NORTH AMERICA PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 14.NORTH AMERICA PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 15.NORTH AMERICA PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 16.NORTH AMERICA PROTEIN INGREDIENTS MARKET REVENUE, BY COUNTRY, 2019–2027 ($MILLION)
TABLE 17.U.S. PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 18.U.S. PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 19.U.S. PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 20.CANADA PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 21.CANADA PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 22.CANADA PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 23.MEXICO PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 24.MEXICO PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 25.MEXICO PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 26.EUROPE PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 27.EUROPE PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 28.EUROPE PROTEIN INGREDIENTS MARKET REVENUE, BYAPPLICATION, 2019–2027 ($MILLION)
TABLE 29.EUROPE PROTEIN INGREDIENTS MARKET REVENUE, BY COUNTRY, 2019–2027 ($MILLION)
TABLE 30.GERMANY PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 31.GERMANY PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 32.GERMANY PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 33.FRANCE PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 34.FRANCE PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 35.FRANCE PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 36.UK PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 37.UK PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 38.UK PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 39.ITALY PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 40.ITALY PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 41.ITALY PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 42.SPAIN PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 43.SPAIN PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 44.SPAIN PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 45.RUSSIA PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 46.RUSSIA PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 47.RUSSIA PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 48.REST OF EUROPE PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 49.REST OF EUROPE PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 50.REST OF EUROPE PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 51.ASIA-PACIFIC PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 52.ASIA-PACIFIC PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 53.ASIA-PACIFIC PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 54.ASIA-PACIFIC PROTEIN INGREDIENTS MARKET REVENUE, BY COUNTRY, 2019–2027 ($MILLION)
TABLE 55.CHINA PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 56.CHINA PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 57.CHINA PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 58.JAPAN PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 59.JAPAN PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 60.JAPAN PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 61.INDIA PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 62.INDIA PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 63.INDIA PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 64.AUSTRALIA PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 65.AUSTRALIA PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 66.AUSTRALIA PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 67.SOUTH KOREA PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 68.SOUTH KOREA PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 69.SOUTH KOREA PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 70.INDONESIA PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 71.INDONESIA PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 72.INDONESIA PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 73.NEW ZEALAND PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 74.NEW ZEALAND PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 75.NEW ZEALAND PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 76.REST OF ASIA-PACIFIC PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 77.REST OF ASIA-PACIFIC PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 78.REST OF ASIA-PACIFIC PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 79.LAMEA PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 80.LAMEA PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 81.LAMEA PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 82.LAMEA PROTEIN INGREDIENTS MARKET REVENUE, BY COUNTRY, 2019–2027 ($MILLION)
TABLE 83.BRAZIL PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 84.BRAZIL PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 85.BRAZIL PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 86.ARGENTINA PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 87.ARGENTINA PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 88.ARGENTINA PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 89.UNITED ARAB EMIRATES PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 90.UNITED ARAB EMIRATES PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 91.UNITED ARAB EMIRATES PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 92.NIGERIA PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 93.NIGERIA PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 94.NIGERIA PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 95.TURKEY PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 96.TURKEY PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 97.TURKEY PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 98.SOUTH AFRICA PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 99.SOUTH AFRICA PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 100.SOUTH AFRICA PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 101.REST OF LAMEA PROTEIN INGREDIENTS MARKET REVENUE, BY SOURCE, 2019–2027 ($MILLION)
TABLE 102.REST OF LAMEA PROTEIN INGREDIENTS MARKET REVENUE, BY FORM, 2019–2027 ($MILLION)
TABLE 103.REST OF LAMEA PROTEIN INGREDIENTS MARKET REVENUE, BY APPLICATION, 2019–2027 ($MILLION)
TABLE 104.ADM: KEY EXECUTIVES
TABLE 105.ADM: COMPANY SNAPSHOT
TABLE 106.ADM: KEY EXECUTIVES
TABLE 107.ADM: PRODUCT PORTFOLIO
TABLE 108.ADM: NET SALES, 2017–2019 ($MILLION)
TABLE 109.BUNGE LIMITED: KEY EXECUTIVES
TABLE 110.BUNGE LIMITED: COMPANY SNAPSHOT
TABLE 111.BUNGE LIMITED: PRODUCT PORTFOLIO
TABLE 112.CARGILL: KEY EXECUTIVES
TABLE 113.CARGILL: COMPANY SNAPSHOT
TABLE 114.CARGILL: OPERATING SEGMENTS
TABLE 115.CARGILL: PRODUCT PORTFOLIO
TABLE 116.CARGILL: NET SALES, 2017–2019 ($MILLION)
TABLE 117.DUPOUNT: KEY EXECUTIVES
TABLE 118.DUPOUNT: COMPANY SNAPSHOT
TABLE 119.DUPOUNT: OPERATING SEGMENTS
TABLE 120.DUPOUNT: PRODUCT PORTFOLIO
TABLE 121.DUPOUNT: R&D EXPENDITURE, 2017–2019 ($MILLION)
TABLE 122.DUPOUNT: NET SALES, 2017–2019 ($MILLION)
TABLE 123.FONTERRA CO-OPERATIVE GROUP: KEY EXECUTIVES
TABLE 124.FONTERRA CO-OPERATIVE GROUP: COMPANY SNAPSHOT
TABLE 125.FONTERRA CO-OPERATIVE GROUP: OPERATING SEGMENTS
TABLE 126.FONTERRA CO-OPERATIVE GROUP: PRODUCT PORTFOLIO
TABLE 127.FONTERRA CO-OPERATIVE GROUP: NET SALES, 2017–2019 ($MILLION)
TABLE 128.FRIESLAND: KEY EXECUTIVES
TABLE 129.FRIESLAND: COMPANY SNAPSHOT
TABLE 130.FRIESLAND: OPERATING SEGMENTS
TABLE 131.FRIESLAND: PRODUCT PORTFOLIO
TABLE 132.FRIESLAND: R&D EXPENDITURE, 2017–2019 ($MILLION)
TABLE 133.FRIESLAND: NET SALES, 2017–2019 ($MILLION)
TABLE 134.KEWPIE CORPORATION: KEY EXECUTIVES
TABLE 135.KEWPIE CORPORATION: COMPANY SNAPSHOT
TABLE 136.KEWPIE CORPORATION: OPERATING SEGMENTS
TABLE 137.KEWPIE CORPORATION: PRODUCT PORTFOLIO
TABLE 138.KEWPIE CORPORATION: R&D EXPENDITURE, 2017–2019 ($MILLION)
TABLE 139.KEWPIE CORPORATION: NET SALES, 2017–2019 ($MILLION)
TABLE 140.MEAD JOHNSON NUTRITION COMPANY: KEY EXECUTIVES
TABLE 141.MEAD JOHNSON NUTRITION COMPANY: COMPANY SNAPSHOT
TABLE 142.MEAD JOHNSON NUTRITION COMPANY: PRODUCT PORTFOLIO
TABLE 143.MEAD JOHNSON NUTRITION COMPANY: NET SALES, 2017–2019 ($MILLION)
TABLE 144.KERRY GROUP: COMPANY SNAPSHOT
TABLE 145.KERRY GROUP: PRODUCT PORTFOLIO
TABLE 146.KERRY GROUP: NET SALES, 2017–2019 ($MILLION)
TABLE 147.OMEGA PROTEIN CORPORATION: KEY EXECUTIVES
TABLE 148.OMEGA PROTEIN CORPORATION: COMPANY SNAPSHOT
TABLE 149.OMEGA PROTEIN CORPORATION: OPERATING SEGMENTS
TABLE 150.OMEGA PROTEIN CORPORATION: PRODUCT PORTFOLIO
TABLE 151.OMEGA PROTEIN CORPORATION: R&D EXPENDITURE, 2017–2019 ($MILLION)
TABLE 152.OMEGA PROTEIN CORPORATION: NET SALES, 2017–2019 ($MILLION)
LIST OF FIGURES
FIGURE 01.GLOBAL PROTEIN INGREDIENTS MARKET SNAPSHOT
FIGURE 02.GLOBAL PROTEIN INGREDIENTS MARKET: SEGMENTATION
FIGURE 03.TOP INVESTMENT POCKETS
FIGURE 04.VALUE CHAIN ANALYSIS
FIGURE 05.PROTEIN INGREDIENTS MARKET: DRIVERS, RESTRAINTS, AND OPPORTUNITIES
FIGURE 06.GLOBAL PROTEIN INGREDIENTS MARKET, BY SOURCE, 2019 (%)
FIGURE 07.COMPARATIVE COUNTRY MARKET SHARE ANALYSIS FOR PROTEIN INGREDIENTS MARKET REVENUE FOR ANIMAL SOURCE, 2019 AND 2027 (%)
FIGURE 08.COMPARATIVE COUNTRY MARKET SHARE ANALYSIS FOR PROTEIN INGREDIENTS MARKET REVENUE FOR PLANT SOURCE, 2019 AND 2027 (%)
FIGURE 09.GLOBAL PROTEIN INGREDIENTS MARKET, BY FORM, 2019 (%)
FIGURE 10.COMPARATIVE COUNTRY MARKET SHARE ANALYSIS OF PROTEIN INGREDIENTS MARKET FOR SOLID, 2019 AND 2027 (%)
FIGURE 11.COMPARATIVE COUNTRY MARKET SHARE ANALYSIS OF PROTEIN INGREDIENTS MARKET FOR LIQUID, 2019 AND 2027 (%)
FIGURE 12.GLOBAL PROTEIN INGREDIENTS MARKET, BY APPLICATION, 2019 (%)
FIGURE 13.COMPARATIVE COUNTRY MARKET SHARE ANALYSIS OF PROTEIN INGREDIENTS MARKET FOR FOOD & BEVERAGES, 2019 AND 2027 (%)
FIGURE 14.COMPARATIVE COUNTRY MARKET SHARE ANALYSIS OF PROTEIN INGREDIENTS MARKET FOR ANIMAL FEED, 2019 AND 2027 (%)
FIGURE 15.COMPARATIVE COUNTRY MARKET SHARE ANALYSIS OF PROTEIN INGREDIENTS MARKET FOR COSMETICS & PERSONAL CARE, 2019 AND 2027 (%)
FIGURE 16.COMPARATIVE COUNTRY MARKET SHARE ANALYSIS OF PROTEIN INGREDIENTS MARKET FOR OTHERS, 2019 AND 2027 (%)
FIGURE 17.PROTEIN INGREDIENTS MARKET, BY REGION, 2019 (%)
FIGURE 18.U.S. PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 19.CANADA PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 20.MEXICO PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 21.GERMANY PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 22.FRANCE PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 23.UK PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 24.ITALY PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 25.SPAIN PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 26.RUSSIA PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 27.REST OF EUROPE PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 28.CHINA PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 29.JAPAN PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 30.INDIA PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 31.AUSTRALIA PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 32.SOUTH KOREA PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 33.INDONESIA PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 34.NEW ZEALAND PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 35.REST OF ASIA-PACIFIC PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 36.BRAZIL PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 37.ARGENTINA PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 38.UNITED ARAB EMIRATES PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 39.NIGERIA PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 40.TURKEY PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 41.SOUTH AFRICA PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 42.REST OF LAMEA PROTEIN INGREDIENTS MARKET REVENUE, 2019–2027 ($MILLION)
FIGURE 43.TOP WINNING STRATEGIES, BY YEAR, 2017–2020*
FIGURE 44.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2017–2020* (%)
FIGURE 45.TOP WINNING STRATEGIES, BY COMPANY, 2017–2020*
FIGURE 46.PRODUCT MAPPING OF TOP 10 KEY PLAYERS
FIGURE 47.COMPETITIVE DASHBOARD OF TOP 10 KEY PLAYERS
FIGURE 48.COMPETITIVE HEATMAP OF TOP 10 KEY PLAYERS
FIGURE 49.ADM: NET SALES, 2017–2019 ($MILLION)
FIGURE 50.ADM: REVENUE SHARE BY DIVISION, 2019 (%)
FIGURE 51.ADM: REVENUE SHARE BY REGION, 2019 (%)
FIGURE 52.CARGILL: NET SALES, 2017–2019 ($MILLION)
FIGURE 53.CARGILL: REVENUE SHARE BY SEGMENT, 2019 (%)
FIGURE 54.CARGILL: REVENUE SHARE BY REGION, 2019 (%)
FIGURE 55.DUPOUNT: R&D EXPENDITURE, 2017–2019 ($MILLION)
FIGURE 56.DUPOUNT: NET SALES, 2017–2019 ($MILLION)
FIGURE 57.DUPOUNT: REVENUE SHARE BY SEGMENT, 2019 (%)
FIGURE 58.DUPOUNT: REVENUE SHARE BY REGION, 2019 (%)
FIGURE 59.FONTERRA CO-OPERATIVE GROUP: NET SALES, 2017–2019 ($MILLION)
FIGURE 60.FONTERRA CO-OPERATIVE GROUP: REVENUE SHARE BY SEGMENT, 2019 (%)
FIGURE 61.FONTERRA CO-OPERATIVE GROUP: REVENUE SHARE BY REGION, 2019 (%)
FIGURE 62.FRIESLAND: R&D EXPENDITURE, 2017–2019 ($MILLION)
FIGURE 63.FRIESLAND: NET SALES, 2017–2019 ($MILLION)
FIGURE 64.FRIESLAND: REVENUE SHARE BY SEGMENT, 2019 (%)
FIGURE 65.FRIESLAND: REVENUE SHARE BY REGION, 2019 (%)
FIGURE 66.KEWPIE CORPORATION: R&D EXPENDITURE, 2017–2019 ($MILLION)
FIGURE 67.KEWPIE CORPORATION: NET SALES, 2017–2019 ($MILLION)
FIGURE 68.KEWPIE CORPORATION: REVENUE SHARE BY SEGMENT, 2019 (%)
FIGURE 69.KEWPIE CORPORATION: REVENUE SHARE BY REGION, 2019 (%)
FIGURE 70.MEAD JOHNSON NUTRITION COMPANY: NET SALES, 2017–2019 ($MILLION)
FIGURE 71.MEAD JOHNSON NUTRITION COMPANY: REVENUE SHARE BY SEGMENT, 2019 (%)
FIGURE 72.KERRY GROUP: NET SALES, 2017–2019 ($MILLION)
FIGURE 73.KERRY GROUP: REVENUE SHARE BY SEGMENT, 2019 (%)
FIGURE 74.OMEGA PROTEIN CORPORATION: R&D EXPENDITURE, 2017–2019 ($MILLION)
FIGURE 75.OMEGA PROTEIN CORPORATION: NET SALES, 2017–2019 ($MILLION)
FIGURE 76.OMEGA PROTEIN CORPORATION: REVENUE SHARE BY SEGMENT, 2019 (%)
FIGURE 77.OMEGA PROTEIN CORPORATION: REVENUE SHARE BY REGION, 2019 (%)
Rise in demand for innovative functions and applications of protein ingredient products is one of the major factors that boost their consumption. Huge demand for protein ingredient products in nutritional supplements has been witnessed in the past, which is anticipated to continue during the forecast period. Inclination of the food & beverages industry toward functional ingredients, with high nutritional content, propels the market growth. The demand for animal & plant ingredients in innovative food and other applications has led manufacturers to invest more in R&D. Therefore, this has led to manufacture protein with better functionalities for preparation or processing of innovative products in the market.
North America leads in animal protein consumption as the region experiences higher consumption of nutrition-based food products compared to other regions. Asia-Pacific offers lucrative opportunities for plant protein; therefore, the market in the region is anticipated to grow at the highest CAGR during the forecast period.
Q1. What is the total market value of the protein ingredients market report?
A. The global protein ingredients market size was valued at $53.78 billion in 2019, and is anticipated to reach $91.89 billion by 2027, growing at a CAGR of 6.4% from 2021 to 2027.
Q2. What would be the forecast period in the protein ingredients market report?
A. The forecast period in the protein ingredients market report is from 2021 to 2027.
Q3. Which is the base year calculated in the protein ingredients market report?
A. 2019 is the base year calculated in the protein ingredients market report.
Q4. Which are the top companies hold the market share in the protein ingredients market?
A. The top companies hold the market share in the protein ingredients market are Cargill, ADM, DuPont, Kerry Group, Omega Protein Corporation, Friesland, Mead Johnson Nutrition Company, Fonterra Co-operative Group, Kewpie Corporation, and Bunge Limited.
Q5. Which is the most influencing segment growing in the protein ingredients market report?
A. Animal is the most influencing segment growing in the protein ingredients market report.
Q6. Which region holds the maximum market share of the protein ingredients market?
A. North America holds the maximum market share of the protein ingredients market.
Q7. How the company profile has been selected?
A. The top companies are selected based on their product mapping and market share analysis.
Q8. What is the market value of the protein ingredients market in 2019?
A. The market value of the protein ingredients market in 2019 is $53.78 billion.
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