Global Milk Protein Market - Forecasts from 2022 to 2027
The global milk protein market is estimated to grow from US$11.791 billion in 2020 to US$21.342 billion in 2027 at a CAGR of 8.85%.
Due to the increasing concern about health and the adverse impact of many protein supplements consumed in the gym, youngsters around the world have started to become aware of the health benefits of milk and milk products. The protein consumed through milk has no side effects on the body. This has led to an increase in the market size and is expected to show the same steady growth for the next five to six years. North America, Europe, and Asia-Pacific are the leading regions in the milk protein market. Royal Friesland Campina N.V. and Fonterra Co-operative Group Limited are among the few major players who are leading in the milk protein market.
Factors driving the milk protein market Due to the increase in awareness regarding the benefits of a healthy diet, people have shifted their priority to dairy-based protein supplements. Additionally, in developed countries, a large part of the population has a hectic lifestyle due to which they suffer from very poor metabolic health. Milk protein helps in rebuilding body tissue and increases the potential of the immune system as well. Milk products have a high amount of whey and casein proteins. These are the supplements that have a high demand for consumption. Dairy products are used for a wide range of food product preparation, purposes, such as thickening the food product, gelling, modifying the food texture, and foaming a food product. This is likely to drive the demand for the milk protein market.
The vegan population who strictly consumes only plant-based food products and restricts the consumption of food products made from animals are the ones who avoid dairy products. Instead, they consume the required nutrients and proteins like the milk protein from the plants. Thus, the demand for plant-based proteins will also rise in the upcoming year. It has been observed that since 2019, the vegan food product market has shown growth at a CAGR of X.X%.
Due to the pandemic, many governments globally imposed lockdowns. This has directly affected the transportation economy. Even other industries went on a halt for around a year. The global milk protein market was also severely impacted as a result of this. The process of making milk, or the ingredients required to make the milk concentrate, raises the price. Thus, the overall economy needed for the production got higher, this also raised the milk price during the same period. Thus, it affected the milk protein industry and took away many customers from consumption. An increase in the global hunger rate is evidence of a decrease in food consumption. Plus, according to a survey conducted in the UK, there is around 55% of vegan consumption post lockdown. This is due to a threat among a major group all over the world to animal-related products as the COVID-19 itself has a strong connection with an animal (bat). Despite all these reasons, the milk protein market has still marked growth as an attribute to the healthy factors of milk and the key strategies of the market players.