Having crossed the valuation of US$5 Bn in 2020, global functional proteins market is all set to showcase impressive growth during the next few years. Phyto-proteins that are emerging popular as a preferred alternative protein source will play a vital role in driving the market.
Demand for Plant-based Alternative Protein Sources Drives Growth of Functional Proteins Market
Consumer inclination toward alternative protein sources such as plant-based options has been on an upswing since the past decade. This is mainly owing to growing veganism trend that not only has impacted the food and beverage sector but also the functional food space. Plant-based functional protein sources such as oat, soy, and nuts are gaining popularity not only among common individuals but also among athletes and gym professionals. Furthermore athletes, individuals and gym professionals that are lactose intolerant are consuming plant-based functional proteins, and other non-dairy products. This is expected to create a strong base for the growth of functional proteins market. The other factors apart from focus on health such as animal welfare sentiments, and ethical considerations are also likely to drive the evolution of plant-based functional proteins, shaping the global functional proteins market.
In addition, plant-based protein alternatives are considered more sustainable and healthier as compared to their animal counterparts. Also, plant-based proteins have a much lower environment impact while offering better health benefits as compared to animal proteins that have a significant impact on the emissions. For instance, according to Food and Agriculture Organization of the United Nations (FAO), cattle that is raised for both milk and meat are responsible for most of the emissions accounting for around 65% of the overall emissions from the livestock sector. This has further driven the shift toward plant-based functional protein sources. Furthermore, other alternatives such as lab-grown meat proteins, algae proteins and insect proteins are also available, however, demand for plant-based sources are likely to spearhead in the coming years. In this backdrop, growing preference for plant-based sources is expected to significantly influence the growth of the functional proteins market.
Growing Awareness Regarding Significance of Balanced Diet to Bode Well for Functional Proteins Market
The health conscious trend has been witnessing rampant proliferation on the back of growing awareness among consumers regarding nutritional food consumption. Owing to busy lifestyles, individuals have been facing lifestyle disorders. Such diseases further lead to chronic ailments such as diabetes, cancer, cardiovascular diseases, and obesity due to sedentary lifestyle. This can result in improper functioning of heart and other vital organs in the body resulting in improper removal of toxins and often leading to organ failures. Growing awareness regarding these conditions has pushed individuals to opt for nutritional diet and food products rich in functional proteins. That said, individuals especially millennial population prefers functional proteins to maintain a healthier balanced diet. This factor remains crucial in driving the growth of functional proteins market on the global front.
Increased Consumption of Dietary Supplements to Influence Functional Proteins Market Growth
Increasing health awareness has also resulted in consumers joining gyms and fitness centres. This has triggered the consumption of dietary supplements, and protein supplements to effectively balance their daily diets. In addition, consumption of functional proteins is also associated with several health benefits such as building up of muscle mass, bone density and weight management and fulfilling overall requirement of proteins the body needs. Moreover, consumption of dietary supplements with functional proteins also facilitates fat loss, decrease food cravings, and reduce stress levels. That said, increasing demand for dietary supplements is expected to bolster the growth of functional proteins market in the coming years.
North America Poised to Slate Dominance in Global Functional Proteins market
Demand for functional proteins across developed nations in North America is expected to increase at an unprecedented rate in the forthcoming years. The functional proteins market in the region has been witnessing an upswell since past several years in the back of rising chronic ailments including obesity, diabetes, and heart-related disorders. In addition, lifestyle changes have resulted in the consumption of balanced diets in turn fuelling sales of functional proteins. Also, the veganism trend along with demand for low cholesterol and processed foods is driving the need for plant-based protein sources such as pea proteins, and soy proteins. Other macro aspects such as stable growth in GDP per capita and favourable infrastructure has attracted companies involved in manufacturing and distribution of functional proteins. These factors have largely driven sales of functional proteins and hence their market in North America and the scenario is expected to maintain status quo in the forthcoming years.
Functional Proteins Market: Competitive Landscape
Since past few years, strategies such as capacity and portfolio expansion, collaborations, acquisitions, and partnerships have been adopted in the functional proteins market. A few of the major players in functional proteins market include Kerry Inc., Milk Specialties, Glanbia Plc, AMCO Proteins, Fonterra Co-operative Group, ADM, Ingredion, BENEO, BASF SE, DuPont, DSM, Cargill, Merit Functional Foods, and Omega Protein.
Recent Notable Developments
The Global Functional Proteins Market Is Segmented As Below:
Key Elements Included In The Study: Global Functional Proteins Market
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