Protein Ingredients Market

The global protein ingredients market is estimated to be valued at USD 61.0 billion in 2023. It is projected to reach USD 85.6 billion by 2028, recording a CAGR of 7.0% during the forecast period. The rising awareness and significance of protein-rich food consumption, especially after the COVID-19 pandemic has re-revolutionized the functional food & beverages industry. With growing veganism to support sustainablilty, the demand for alternative cruelty-free sources of protein is also on a spike, especially in European countries. The developed regions such as North America and Europe are also perceived as a huge market for insect-based protein ingredients. The fast-growing South American and Asia-Pacific market, is seen as a huge opportunity for players in the industry. Thus, key market players are undertaking multiple strategic initiatives such as agreements, innovative new product launches, acquisitions, and expansions to tap the growing market potential around the world, particularly in high-growth markets such as South America and Asia.

Key players in this market include DuPont (US), ADM (US), Kerry Group plc (Ireland), Cargill, Incorporated (US), Arla Foods amba (Denmark), BRF Global (Brazil), Roquette Freres (France), AMCO Proteins (US) and A&B Ingredients (US).

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ADM (US) primarily produces food, animal feed & feed ingredients. It is one of the key players in the agricultural processing and food ingredient sectors. The company’s network spans across more than 190 countries around the world. The company has four business segments, namely Ag Services and Oilseeds, Carbohydrate Solutions, Nutrition, and Other Business. It provides protein ingredients through the Nutrition segment for human consumption, animal feed, and pet food applications. Its protein Nutrition Solutions portfolio offers – pea protein, soy protein, and wheat protein types. In April 2022, ADM announced a USD 300 million expansion by opening a Protein Innovation Center in Decatur, US. The project is expected to be completed by the first quarter of 2025. The expansion will double the company’s protein concentrate extrusion capacity.

Cargill, Incorporated (US) operates in 70 countries, with a sales presence on around 125 countries. It is an international producer and marketer of food, agriculture, financial, and industrial products, and services. Cargill offers products and solutions through segments such as food ingredients & bio-industrial, animal nutrition, protein & salt, agricultural supply chain and services, and ocean freight metals & shipping services. It offers various protein ingredients derived from non-GMO and organic soy, wheat, pea, and corn through Food Ingredients & Bio industrial segment. The company offers protein ingredients such as for food applications such as meat alternatives, bakery and confectionery, beverages, dairy alternatives, and infant nutrition, among others. In December 2019, Cargill, Incorporated launched RadipureTM, a pea protein developed and manufactured in Asia, to support the Asian consumer market and demand for plant-based proteins. It is a versatile ingredient that can be used in dairy, ready-to-drink beverages, bakery, and meat alternatives.

Kerry Group Plc is engaged in the manufacturing and marketing of technology-based taste and nutrition solutions for the food, beverage, and pharmaceutical industries. The company operates through two business segments: taste & nutrition and consumer foods. The company offers its protein ingredient products under taste & nutrition segment. It is involved in providing customized taste & nutrition systems, nutritional & functional ingredients, and pharmaceutical systems. The company operates in 26 countries across Europe, the Middle East, North & South America, and Asia Pacific, with 132 manufacturing facilities. In February 2020, the group acquired Spanish plant-protein specialist, Pevesa Biotech. The acquisition helped Kerry, expand its production capacity in the alternative protein category particularly in the hydrolysed plant protein space.

Arla Foods amba is a cooperative dairy company that develops and manufactures milk-based ingredients, bioactive phospholipids, minerals, permeate, and lactose for food & beverage manufacturers. The company operates its business through several subsidiaries, such as Arla Foods Ingredients Group P/S (Denmark), Rynkeby Foods A/S (Denmark), Cocio Chokolademælk A/S (Denmark), and Arla Ingman Oy AB (Finland). It seeks to make affordable and nutritious food solutions and aims to meet the needs of its customers. It offers a wide range of protein ingredients for various food applications, including bakery, beverage, cheese, clinical nutrition, fresh dairy products, health foods, ice cream, infant nutrition, sport, culinary, and meat. The company has a presence in Central Europe, the Middle East & Africa, North America, Latin & South America, and Asia Pacific. In March 2020, Arla Foods Amba launched three oat drinks introduced under the new brand, JÖRÐ, that will help the company meet the demands of its European customers. JÖRÐwill be the umbrella brand for an entire selection of plant-based food products.

Related Reports:

Protein Ingredients Market by Source (Animal, Plant, Insect, and Microbial), Form (Dry and Liquid), Application (Food & Beverages, Feed, Cosmetics & Personal Care Products, and Pharmaceuticals), and Region - Global Forecast to 2028

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