Whey Protein Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global whey protein market is projected to grow at a CAGR of 7.13% during the forecast period (2021-2026).
The consumption of the protein-rich diet increased during the COVID-19 pandemic, as consumers started to consume more of those food and beverage, which had high nutritional claims, so as to keep their overall health in check. Therefore, this factor derived the revenue for global whey protein ingredients in the global market during the COVID-19 pandemic.
The key factors that drive the growth of the whey protein market in the region are rising demand for dairy ingredients, consumer awareness towards a healthy diet, rising trend of the health club and fitness centre, an increasing percentage of elder age people across the globe and keen interest of youngsters towards sports and nutrition.
Flavours, nutritional values, ease of carrying and perishable nature are making whey snacks a popular choice amongst not only health-conscious people but millennials who are looking for quick snack option to full meals, and older people looking for protein reach diet.
Growing demand from the health, performance and sports industry has led to significant growth of the whey protein-based product market. At the same time, food-processing industries are using whey protein for the manufacturing of health drinks. In Asian countries, the growing middle-class population and economic growth have led to an increase in the consumption rate of health drinks. Awareness among the mass to be fit and remain in shape, along with enhancing the body immunity, has lead to significant growth in demand for whey protein in urban areas. This increase in the number of muscle and fitness enthusiasts has prompted a growing consumer demand for protein sports beverages, specialized nutritional drinks, nutritional snack bars, and other products, which are designed to optimize athletic performance.
By size of the global whey protein market, North America and Europe account for the highest share of the global region. The key drivers of the market are the performance diet of non-athletes and increased demand for performance nutrition and beverages. However, the undefined regulatory guidelines, health/safety concerns when use is not regulated, and the competition from plant proteins act as restraints to the growth of the market studied. Besides that, Asia-Pacific is considered to be the fastest-growing region for the whey protein market owing to the awareness of fitness and protein-intake in the body.
Developed markets, in particular Western Europe, along with the United States and Canada, have witnessed a paradigm shift in terms of consumption patterns of whey protein among consumers. The market is dominated by players, such as Arla Foods, Glanbia Nutritionals, Lactatis Ingredients, Fonterra Group, Agropur, and Friesland Campina. Other prominent players in the market include Murray Goulburn, DMK Group, Carbery and Hilmar Cheese Company, amongst others. Owing to the rising penetration of whey protein into the sports nutrition industry, the major companies are focusing on new and innovative product launches.