The Asia Pacific Whey Protein Ingredients Market size was around USD 2.04 billion in 2021. It is expected to grow at a CAGR of 10.5% to reach USD 3.36 billion by 2026. It captures 20% of the global market.
Whey protein ingredients are globular proteins isolated from whey (the liquid material obtained as a by-product of cheese production). Consumers are widely adopting these ingredients for high protein content in contrast to soy, egg, and other milk-based proteins. Whey proteins are consumed worldwide as dietary supplements owing to various health claims associated with them. Whey protein is commonly utilized for improving lipid profile glucose levels and insulin response, thereby promoting arterial stiffness and a reduction in blood pressure. Moreover, whey protein concentration is regulated by the addition of denatured powder to provide balanced nutrition for the infants. Furthermore, these ingredients reduce hepatic cholesterol levels among the elderly.
Growth in popularity of whey supplements among youngsters and emergence of whey protein-based paediatric milk formulations coupled with advancements in production technologies are some of the key factors that drive the market growth. Factors like potential health benefits of dairy nutritional and nutraceutical ingredients, high demand for milk-based ingredients in skin and hair care cosmetics, and easy availability of caseins and caseinate drive the Asia-Pacific whey protein ingredients market. Moreover, whey protein isolates are estimated to witness rapid adoption in sports nutrition (protein shakes), frozen foods (processed meat), packaging, and bakery & confectionery (bakery muffins) applications. In addition, surge in demand for the ingredients in meat products, poultry, and fish on account of its water binding capacity further drives the market growth.
However, undefined regulatory guidelines, fluctuating milk prices, as well as issues associated with increase in number of diseases among animals are some of the key elements anticipated to hamper the growth of the market during the forecast period.
Asia Pacific Whey Protein Ingredients Market Segmentation Analysis:
The Asia Pacific whey protein ingredients market is segmented based on type and application. On the basis of type, the market is classified into whey protein concentrates, whey protein isolates, demineralized whey, and hydrolysed whey protein. The whey protein concentrates segment is further sub-categorized into whey protein concentrate 80 and whey protein concentrate 35. On the basis of application, the market is categorized into dairy products & frozen foods, sports nutrition, bakery & confectionery, beverages, meat products, medicine, and others (infant nutrition and personal care products). The whey protein concentrate segment dominated the Asia-Pacific market in 2016, and is anticipated to maintain its dominance throughout the forecast period. The whey protein concentrate segment is projected to grow at a significant CAGR of 9.3% during the forecast period.
On the basis of geography, Asia-Pacific market is segmented into India, China, Japan, Korea and others. It is the fastest growing market. Developing economies in Asia-Pacific region such as Korea, China, and India are anticipated to witness a significant growth rate owing to increase in consumption of sports nutrition and whey protein-based beverages and confectionery products. In addition, increase in investments by pharmaceutical giants in R&D on the use of ingredients for specific medicinal formulations is another key element that fuels the growth of the market.
Key Players in the Market:
Major key players in the Asia Pacific Whey Protein Ingredients Market are
The major companies in the Asia-Pacific whey protein ingredients market include Hilmar Cheese Company, Arla Foods, Cargill Incorporation, Fonterra Co-Operative Group Ltd, Carberry food ingredients, Glanbia plc, Davisco Food International, Maple Island Incorporation, Dairy Farmers of America, and Milk Specialities Asia-Pacific. Minor companies in the Asia-Pacific whey protein ingredients market include Foremost Farms, Kerry group, Valio Ltd, DMK Group, Westland Milk, Agropur MSI, Axiom Foods Incorporation, Amco proteins, Archer Daniels Midland Company, and CHS Incorporation.
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