Functional Protein Market projected to Top $7.2 Billion by 2031: Coherent Market Insights, Inc

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Burlingame, June 11, 2024 (GLOBE NEWSWIRE) -- The global functional protein market size was valued at US$ 5.1 Billion in 2024 and is expected to reach US$ 7.2 Billion by 2031, growing at a compound annual growth rate (CAGR) of 5% from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Functional proteins are seen as highly nutritious dietary supplements that can help improve overall health and wellbeing. The health benefits of proteins such as weight management, muscle building, heart health, diabetes control etc. are driving more people to regularly consume functional protein powders, bars and other products.

Market Dynamics:

The functional protein market is primarily driven by the increasing demand for food products containing proteins from the food and beverage industry. Technological advancements in food processing has enabled manufacturers to enhance protein content in various foods such as dairy, bakery, and other snack products. Furthermore, growing health-conscious consumer preference for protein-rich diets is also contributing to the growth of the market. Growing vegetarian and vegan population is augmenting the demand for plant-based protein which is further fueling the market growth.

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Market Trends:

The demand for sports nutrition and weight management products containing high protein content is increasing globally. Protein helps in maintaining muscle mass and repairing muscles post-workout. Thus, protein-fortified sports drinks and weight management supplements are gaining traction. Plant-based Protein Gaining Popularity

Plant-based proteins from sources such as soy, pea, and wheat are witnessing increasing demand among health-conscious consumers. Flexitarians and vegansprefer plant-based proteins due to various health and environmental benefits. Plant-based proteins are a sustainable alternative to animal-based proteins.

Global Functional Protein Market Report Coverage

Report CoverageDetails
Market Revenue in 2024$5.1 billion
Estimated Value by 2031$7.2 billion
Growth RatePoised to grow at a CAGR of 5%
Historical Data2019–2023
Forecast Period2024–2031
Forecast UnitsValue (USD Million/Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredBy Type, By Source, By Form, By Application
Geographies CoveredNorth America, Europe, Asia Pacific, and Rest of World
Growth Drivers• Protein as functional ingredient

• The sports nutrition boom
Restraints & Challenges• Availability of traditional proteins

• Stricter labeling and regulations

Market Opportunities:

The rising health and wellness trend across the globe is a major driver for the functional protein market. Consumers are increasingly focusing on leading healthier lifestyles and consuming protein-rich products and supplements. Functional proteins help enhance muscle growth, strength and recovery. The COVID-19 pandemic has further accelerated this trend as people aim to boost their immunity through nutrition. This growing focus on fitness and preventive healthcare offers lucrative opportunities for functional protein producers to develop innovative products catering to this demand.

The wide range of applications of functional proteins in food and beverages presents another key opportunity in the market. Protein hydrolysates, concentrates and isolates are widely used in sports nutrition, clinical nutrition, infant formula and other foods and beverages due to their nutritional and functional properties. The expanding range of high-protein food products, including snacks, bakery, dairy and meat alternatives provides a growth avenue. Companies are innovating product formulations, textures and flavors to enhance taste and mouthfeel for various food and beverage applications.

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Key Market Takeaways

The global functional protein market is anticipated to witness a CAGR of 5% during the forecast period 2024-2031, owing to the growing demand for preventive healthcare and sports nutrition.

On the basis of product type, protein hydrolysates segment is expected to hold a dominant position, owing to wide usage in infant formula, clinical nutrition and convenience foods due to high solubility and easy digestibility.

On the basis of source, plant protein segment is expected to witness fastest growth over the forecast period due to rising demand for vegan and vegetarian products from health-conscious consumers.

On the basis of application, dietary supplements segment is expected to hold a dominant position over the forecast period, with increased usage of functional proteins in sports nutrition, protein bars and other supplements.

Regionally, North America is expected to hold a dominant position over the forecast period, due to growing health awareness, disposable incomes and penetration of sports nutrition products in the region.

Key players operating in the functional protein market include Kerry Inc, Fonterra Co-operative Group, Archer Daniels Midland Company, Cargill Inc, AMCO Proteins and Glanbia Plc among others. These companies are focusing on new product launches and strategic partnerships for business expansion.

Recent Developments:

In 2020, Kerry acquired Pevesa Biotech, a Spanish company specializing in non-allergenic and organic plant protein ingredients for infant, general, and clinical nutrition.

In 2018, Kerry acquired Ojah BV, a Dutch plant protein manufacturing company, in order to commercialize the latter's High Moisture Extrusion (HME) technology of texturizing vegetable proteins as meat and fish alternatives.

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Detailed Segmentation:

By Type:

  • Whey Protein
  • Casein Protein
  • Soy Protein
  • Collagen Protein
  • Egg Protein
  • Others (Pea Protein, etc.)

By Source:

  • Animal
  • Plant

By Form:

  • Dry
  • Liquid

By Application:

  • Dietary Supplements
  • Functional Food
  • Sports Nutrition
  • Others (Animal Nutrition, etc.)

By Regional:

North America:

  • U.S.
  • Canada

Latin America:

  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America

Europe:

  • Germany
  • U.K.
  • Spain
  • France
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific:

  • China
  • India
  • Japan
  • Australia
  • South Korea
  • ASEAN
  • Rest of Asia Pacific

Middle East:

  • GCC Countries
  • Israel
  • Rest of Middle East

Africa:

  • South Africa
  • North Africa
  • Central Africa

Browse More Insights:

Prepared Meal Delivery Market: The Prepared Meal Delivery Market is estimated to be valued at USD 10.92 Bn in 2024 and is expected to reach USD 23.85 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11.8% from 2024 to 2031.

Protein Crisps Market: The Protein Crisps Market size was valued at US$ 2.59 Billion in 2023 and is expected to reach US$ 5.90 Billion by 2030, growing at a compound annual growth rate (CAGR) of 12.5% from 2023 to 2030.

Abaca Fiber Market: The Abaca Fiber Market is estimated to be valued at USD 713.0 Mn in 2024 and is expected to reach USD 1,921.1 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 14.8% from 2024 to 2031.

Functional Beverage Market: The global functional beverage market size was valued at US$ 176.37 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 8.6% from 2023 to 2030.

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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Mr. Shah
Senior Client Partner – Business Development
Coherent Market Insights

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