The increasing sale of whey protein ingredient is driven by the increase in the demand for high protein-containing products. The sale of whey protein as a functional beverage is high amongst the athletes. Whey is popular due to its application in infant food formula as it provides the necessary protein needed for the infant growth. Rising health concerns is one of the major factors contributing to the growth of the global whey protein ingredients market.
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Market Forecast: The global whey protein ingredients market share in the foods and beverages industry is escalated by the rising demand for dairy products in the developed countries. The consumption of whey protein ingredients is high, based on the high protein content and nutritional value of the product. Whey protein ingredients are found to have multi-purpose application in various other industries, amongst which the application in the sports nutrition food and beverages is increasing at a higher rate.
Increasing demand for overall health and wellness products with protein-rich foods and beverages is driving the growth of the whey protein ingredients market. Furthermore, advance processing methods & technologies, and high opportunities in developing countries are positively supporting the growth of the global whey protein ingredients market.
However, whey protein ingredients have been facing many challenges due to the changing preference for vegan alternatives such as plant protein ingredients. The market players are responding to these new opportunities by expanding their service offerings/product lines, which has boosted the share of the whey protein ingredients in the global market. The global whey protein ingredients market is expected to grow at a CAGR of 8.9% during the forecast period 2017-2023.
Regional Analysis: Global Whey Protein Ingredients Market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). The North American region is dominating the whey protein ingredients market followed by Europe owing to increasing demand for high protein functional food & beverage products.
Key players in the whey protein ingredients market are largely located in North America and Europe. Key players from Belgium, the U.S., and the U.K are following strategies of merger and acquisition with small players to expand their business in other regions due to increasing demand of whey protein as a dietary supplement.
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Market Segmentation: Whey Protein Ingredients Market is Segmented on the Basis of Type, Application and Region.
Key Players:Some of the key players profiled in the global whey protein ingredients market: Archer Daniels Midland Company (U.S.), Omega Protein Corporation (U.S.), Fonterra Co-operative Group Ltd. (New Zealand), Arla Foods amba (Denmark), Hilmar Cheese Company, Inc. (U.S.), Associated British Foods plc (U.K), Wacker Chemie
AG (Germany), Cargill Inc. (U.S.), Carbery Food Ingredients Ltd.(Ireland), and Davisco Foods International, Inc. (U.S.)