USD 6.05 billion
Whey Protein Market Size, Share, Growth Analysis, By Type(Whey protein concentrate (WPC) and Whey protein isolate (WPI)), By Form(Powder and Liquid), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2196 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
59
|Figures:
75
Whey Protein Market Insights
Global Whey Protein Market size was valued at USD 6.05 billion in 2022 and is poised to grow from USD 6.69 billion in 2023 to USD 14.86 billion by 2031, growing at a CAGR of 10.50% in the forecast period (2024-2031).
The growing awareness about healthy lifestyles has led to an increase in the demand for whey protein. This trend has been fueled by the recommendation of protein supplements by fitness and sports clubs, which has drawn the attention of customers to whey protein. Besides, the food industry uses whey protein in various products such as baked goods, dairy products, beverages, cereals, chocolates, and baby foods, due to its antibacterial and antihypertensive properties. The increasing focus on consuming immunity-boosting products has also led to an upsurge in the demand for protein supplements in the daily diet of consumers. Whey protein is used to improve biological value, create superior textural, physical, and other food functional properties, and formulate low-lactose and high-protein products. Research efforts to discover new applications, such as the development of edible films, are expected to further support industry growth. The consumption of whey protein is also beneficial to cancer patients receiving radiation therapy or chemotherapy as it aids in digestion and provides an excellent alternative to meet their nutritional needs. In the personal care industry, whey protein is used as a significant ingredient in the formulation of skincare and hair care products, thanks to its skin-hydrating and hair-conditioning properties. Food and beverage producers are also substituting functional whey protein for high-fat and pricey components like cream cheese, milk, and butter in their packaged meals while maintaining the formulations' original look, flavour, and texture. The demand for products will increase as a result of companies adding functional ingredients to their product labels due to increased competition in the packaged food industry.
US Whey Protein Market is poised to grow at sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Whey protein concentrate (WPC)
Fastest Growth
Whey protein isolate (WPI)
Growth Rate
10.50% CAGR
Global Whey Protein Market ($ Bn)
Country Share for North America Region (%)
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Whey Protein Market Segmental Analysis
Global Whey Protein market is segmented by type, application, form, and region. Based on type, the market can be segmented into whey protein concentrate (WPC), and whey protein isolate (WPI). Based on application, the market is segmented into dietary supplements, and food and beverages. Based on form, the market is segmented into powders, and liquids. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Whey Protein Market Analysis by Type
By type, the market can be segmented into whey protein concentrate (WPC), and whey protein isolate (WPI). Whey protein concentrate (WPC) dominated the global market. This is primarily due to its lower cost compared to WPI and other forms of whey protein. WPC is a high-quality protein with a protein content ranging from 35% to 80%, and it is widely used in sports nutrition products, dietary supplements, and functional foods.
Whey protein isolate (WPI) is the fastest-growing type, expected to witness significant growth in the coming years. WPI has a higher protein content (over 90%) compared to WPC, and it is used in a wide range of applications, including sports nutrition, infant formula, and medical nutrition. The growing demand for protein-rich diets, increasing health consciousness, and the popularity of sports and fitness activities are driving the growth of the WPI segment in the whey protein market.
Global Whey Protein Market Analysis by Application
By application, the market can be segmented into dietary supplements, and food and beverages. Dietary supplements dominated the whey protein market, accounting for the largest share. This is primarily due to the increasing demand for sports and fitness supplements among consumers, coupled with the growing awareness about the health benefits of protein-rich diets. Whey protein supplements are used for muscle building, weight management, and overall health and wellness, which is driving the growth of the dietary supplements segment in the whey protein market.
Food and beverages is the fastest-growing application segment of the whey protein market, expected to witness significant growth in the coming years. This is primarily due to the increasing demand for protein-fortified foods and beverages among consumers, as they are perceived to be healthier and provide various health benefits. Whey protein is used in a wide range of applications, including bakery products, dairy products, confectionery, and beverages, which is driving the growth of the food and beverages segment in the whey protein market.
Global Whey Protein Market Size By Type
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Whey Protein Market Regional Insights
North America dominated the global whey protein market, owing to the increasing demand for protein supplements and sports nutrition products. The growing popularity of low-carb and high-protein diets, coupled with the rising number of fitness enthusiasts and athletes, has driven the demand for whey protein in the region. In addition, the increasing awareness about the health benefits of whey protein, such as improving muscle mass, reducing body fat, and boosting immunity, has further propelled the growth of the market in North America.
The Asia-Pacific region is expected to emerge as the fastest-growing market for whey protein during the forecast period. The growing population, rising disposable incomes, and increasing awareness about healthy lifestyles have driven the demand for protein supplements in the region. The booming e-commerce industry and the increasing number of gyms and fitness centers are also driving the growth of the market in APAC. Additionally, the rising demand for functional food and beverage products, including protein-fortified drinks and supplements, is expected to further drive the growth of the whey protein market in the region.
Global Whey Protein Market By Region
- Largest
- Fastest
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Whey Protein Market Dynamics
Global Whey Protein Market Drivers
Increasing demand for protein supplements
- One major driver of the global whey protein market is the increasing demand for protein supplements and sports nutrition products due to the growing popularity of low-carb and high-protein diets. Additionally, the rising number of fitness enthusiasts and athletes, coupled with the increasing awareness about the health benefits of whey protein, such as improving muscle mass, reducing body fat, and boosting immunity, has further propelled the growth of the market.
Global Whey Protein Market Restraints
Increasing cost of whey protein
- One major restraint of the global whey protein market is the high cost of whey protein compared to other protein sources. The production process of whey protein involves advanced technology and equipment, which makes it expensive. This limits the affordability of whey protein for price-sensitive consumers, particularly in developing economies. Additionally, the high concentration of lactose in whey protein can cause lactose intolerance in some individuals, which restricts the consumption of whey protein and may hinder the growth of the market.
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Whey Protein Market Competitive Landscape
The competitive landscape of the global whey protein market is highly fragmented, with numerous local and global players operating in the market. The market players are primarily focusing on product innovation, development, and expansion strategies, such as mergers and acquisitions, partnerships, collaborations, and agreements, to strengthen their market position. Additionally, market players are investing in research and development activities to develop new products with enhanced functionalities and nutritional value to meet the changing consumer preferences and sustain their competitive edge in the market.
Top Player’s Company Profiles in Global Whey Protein Market
- Arla Foods amba (Denmark)
- Agropur Cooperative (Canada)
- AMCO Proteins (US)
- Carbery Group (Ireland)
- Cargill, Incorporated (US)
- Davisco Foods International, Inc. (US)
- DMK Group (Germany)
- Fonterra Co-operative Group Limited (New Zealand)
- Glanbia plc (Ireland)
- Hilmar Cheese Company, Inc. (US)
- Kerry Group plc (Ireland)
- Lactalis Ingredients (France)
- Milk Specialties Global (US)
- MÜLLER MILCHERZEUGNISSE GmbH & Co. KG (Germany)
- ProtiFarm (Netherlands)
- Sachsenmilch Leppersdorf GmbH (Germany)
- Saputo Inc. (Canada)
- The Archer Daniels Midland Company (US)
- Volac International Limited (UK)
- Westland Milk Products (New Zealand)
Global Whey Protein Market Recent Developments
- In February 2024, UK-based sports nutrition brand SCI-MX added a new clear whey protein isolate to its line-up of high-protein products.
- In February 2024, the ice cream makers at Unilever’s Breyers brand partnered with animal-free dairy protein supplier Perfect Day for their latest product innovation. Breyers Lactose-Free Chocolate, made with Perfect Day’s whey protein that is produced through precision fermentation, launched at retailers throughout the United States.
- In January 2024, Israeli startup Imagindairy acquired industrial-scale precision fermentation production lines at an undisclosed location “in close proximity to Israel” and now expects products containing its animal-free whey protein to launch in the US this year.
Whey Protein Key Market Trends
- One key market trend in the global whey protein market is the growing demand for clean label and natural products. Consumers are becoming increasingly health-conscious and are seeking products with fewer additives and ingredients. This has led to a shift towards natural and organic products, including whey protein. Market players are responding to this trend by offering clean label and natural whey protein products with minimal additives and processing. Additionally, product labeling and transparency have become more critical as consumers seek greater information about the origin and quality of the ingredients used in whey protein products.
Whey Protein Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global whey protein market analysis, the market is experiencing significant growth due to increasing consumer awareness regarding the health benefits of protein supplements and the rising demand for natural and clean label products. Whey protein is used in a variety of applications in the food and beverage industry, including baked goods, dairy products, beverages, cereals, and chocolates. Additionally, the personal care industry is incorporating whey protein into skincare and hair care products due to its skin-hydrating and hair-conditioning properties. The market is highly competitive, with numerous global and local players focusing on product innovation and expansion strategies. The market is expected to continue growing over the forecast period, driven by increasing demand for functional and nutritional ingredients in packaged foods and beverages.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 6.05 billion |
| Market size value in 2031 | USD 14.86 billion |
| Growth Rate | 10.50% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Whey Protein Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Whey Protein Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Whey Protein Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Whey Protein Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Whey Protein Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Whey Protein Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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