Global Whey Protein (Powder and Concentrate) Market Analysis & Forecasts to 2024

According to the latest report by IMARC Group, titled “Whey Protein (Powder and Concentrate) Market - Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global whey protein market size reached 4.2 Million Metric Tons in 2018, registering a CAGR of 3.7% during 2011-2018. Whey protein is obtained from the watery portion of milk, called whey, which gets separated while making cheese. This protein is available in three forms; namely, hydrolysate, concentrate and isolate, which are produced via different levels and types of processing. Whey is considered a complete protein source owing to the presence of all nine essential amino acids. Due to this, it is mostly preferred for improving athletic performance, increasing strength, reversing weight loss in patients who have HIV and preventing allergic incidences in infants. It is generally available in powder form and is consumed in smoothies, soft food items or liquids.

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Global Whey Protein Market Trends:

Over the past few years, the whey protein market has been witnessing rapid growth on account of rising health consciousness and expansion of the dietary supplement industry. Besides, the escalating demand for improved nutritional products has led market players to launch high-purity whey products across the globe. For instance, FrieslandCampina Ingredients Active Nutrition, a Dutch dairy protein company, recently launched Nutri Whey Isolate, a pure, clean-tasting, nutritionally balanced protein, which can be used in clear drinks and protein water applications. Manufacturers are also expanding their product portfolio by conducting R&D activities. This includes the construction of the whey- and milk-based ingredients innovation center by Arla Foods, a Denmark-based dairy products manufacturer. Expected to open in 2021, the center will house various scientists, technicians and innovators, who will concentrate on all aspects of R&D within milk and whey, ranging from advanced separation technologies to pasteurization technology for improving the shelf-life and functionality of the products. Owing to the aforementioned drivers, the market volume is expected to reach 5.6 Million Metric Tons by 2024, at a projected CAGR of 4.8% during 2019-2024.

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Insights on Market Segmentation:

Market Breakup by Type

1. Whey Protein Concentrate
2. Whey Protein Isolate
3. Whey Protein Hydrolysates

The market has been segmented on the basis of the type, which mainly consists of whey protein concentrates, isolates and hydrolysates. Amongst these, whey protein isolate is the most preferred product.

Market Breakup by Application

1. Food and Beverages
2. Nutrition Products and Pharmaceuticals
3. Feed Applications
4. Others

The report has analyzed the market according to the application, which includes food and beverage, nutrition products and pharmaceuticals, and feed applications. Currently, whey protein is mostly used in the formulation of nutrition products and pharmaceuticals.

Market Breakup by Region

1. European Union
2. North America
3. Oceania
4. Eastern Europe
5. Latin America
6. Others

On a regional basis, the European Union represents the biggest market for whey protein, accounting for the majority of the production volume. The growth is the result of rising geriatric population and an increasing number of fitness clubs in Germany, France, Spain and Italy. Other major markets include North America, Oceania, Eastern Europe, and Latin America.

Competitive Landscape

The competitive landscape of the market has also been examined with some of the key players being Arla Foods, Agropur Inc., Hilmar Cheese Company, Inc., Glanbia Plc, Kerry Group Plc, Milk Specialties Global, Leprino Foods Company, Carbery, Grande Cheese Company, and Lactalis Group.

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