Protein Market Size, Share, Growth Analysis, By Type (Natural Protein A, Recombinant Protein A), By Product (Agarose-based Protein A, Organic Polymer-based Protein A), By End Users (Pharmaceuticals and Biopharmaceuticals Companies, Academic Research Institutes), By Region -Industry Forecast 2024-2031

Global Protein Market size was valued at USD 1.4 Billion in 2022 and is poised to grow from USD 1.49 Billion in 2023 to USD 2.24 Billion by 2031, growing at a CAGR of 6.49% in the forecast period (2024-2031).

Manufacturers are using rice protein and oil-based proteins in new formulations. Increasing government support for plant-based proteins is also contributing to the growth of the market in North America. For example, the Canadian government is focused on commercializing plant-based innovations for the food, animal feed, water and agricultural industries. In June 2020, the Canadian prime minister announced that he would withdraw from the U.S. $100 million to Merit Functional Foods, a manufacturer of alternative animal proteins. The company will use the money to build its manufacturing plant in Canada.

Moreover, increasing demand for fortified products, plant-based protein sources, more stable and the long-lasting products has increased the consumption of protein in sports nutrition and supplements. The manufacturing processes influence the quality of protein ingredients and end products, such as protein bars, protein powders, and beverages.

Some proteins, such as wheat gluten and hemp, are associated with a starchy, bitter, and distinctive aroma. There have been significant developments in manufacturing processes on the market to address this issue and extract tetrahydrocannabinol (THC) from marijuana seeds. Applied Food Sciences has improved the process for extracting protein from hemp seeds by adding a new step. The outer shell of the cannabis seed is removed to produce a bitter tasteless substance associated with marijuana.