Market Leaders: Major Players are Focusing on Investment and New Product Development to Strengthen Their Market Position in Wheat Protein Market
According to MarketsandMarkets, the wheat protein market is projected to reach USD 3.2 billion by 2028 from USD 2.5 billion by 2023, at a CAGR of 4.9% during the forecast period in terms of value. The demand for healthy diets and functional foods has resulted in positive consumer acceptance of the wheat protein market. The prevalence of lactose intolerance among infants and children in the Middle East and Africa is projected to be among the major driving factors for this market for the region.
The key players in this market include ADM (US), Cargill, Incorporated (US), Tereos (France), Südzucker AG (US), MGP Ingredients (US), Roquette Frères (France), Glico Nutrition Foods Co., Ltd. (Japan), Kerry Group PLC (Ireland), Manildra Group (Australia), Kröner-Stärke (Germany), among others. These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their global market presence.
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ADM is one of the global leaders in the nutrition segment. The company operates through four major segments: Ag services and oilseeds, carbohydrate solutions, nutrition, etc. It offers its plant protein products, such as wheat protein, under the nutrition segment, used in food applications, including bakery, snacks, confectionery, and cooking. ADM produces plant-based protein from various sources, such as pea, soy, and wheat, which find many applications in dairy and meat-alternative products and feed products. ADM has a global presence across North America, South America, Europe, Asia, Australia, and Africa.
Cargill, Incorporated is a global conglomerate catering to the demand in various industries. The company comprises 75 businesses classified into four key segments: agriculture, food, financial services, and industrial products. It offers plant protein, such as wheat protein products, under its food segment to meet the demand for food ingredients. The company operates in around 70 countries. It has an additional sales presence in nearly 125 countries. In July 2019, with a USD 200 million investment, Cargill expanded the variety of its starches and sweeteners and expanded its product line with wheat-based ingredients such as wheat protein. It made the investment at its German manufacturing facility in Krefeld. The investment allowed Cargill to diversify its portfolio by including specialty starches and wheat proteins.
MGP Ingredients is one of the leading manufacturers and suppliers of premium distilled spirits and specialty wheat proteins and starches. The company also produces industrial alcohol used in both food and non-food applications. It is the largest supplier of rye whisky, distilled gin, and specialty wheat proteins and starches in the US. The company operates through two segments—distillery products and ingredient solutions. The company has sales operations in the UK, Japan, Thailand, Canada, and Mexico. In April 2020, MGP Ingredients launched the ProTerra line of textured proteins. ProTerra is especially suited for use in vegetarian/vegan applications as well as in blended products as an extension or partial substitute for meat. This launch expanded its product portfolio.
Related Reports:
Wheat Protein Market by Product (Gluten, Protein Isolate, Textured Protein, Hydrolyzed Protein), Form, Concentration, Application (Bakery & Snacks, Pet Food, Nutritional Bars & Drinks, Processed Meat, Meat Analogs) & Region - Global Forecast to 2028
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