Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Protein ingredients are essential for cell functioning that promote repairing and healing of the human body. Protein such as amino acids are essential for repairing and healing of the body where human body is incapable of producing amino acids. Hence such proteins become utmost importance to consume via diet. Protein can be extracted through plant or animal source - this is called soy and milk protein.
The global soy and milk protein ingredients market is estimated to account for US$ 30,141.3 Mn in terms of value and 1,128.3 Kilo Tons in terms of volume by the end of 2019.
Growing consumer awareness regarding the proteinaceous diet is propelling the market growth of the soy and milk proteins ingredient. Rising prevalence of disorder associated with the deficiency of the protein in the body coupled with the growing health-conscious consumer is shifting consumer preferences towards protein-rich food is projected to foster the market growth.
Growth in the food and beverage industry due to increasing government as well as consumers spending is projected to foster the market growth of soy and milk proteins ingredient. According to the United States Department of Agriculture Economic Research Service, in 2019, U.S. consumers, businesses, and government entities spent $1.77 trillion on food and beverages in grocery stores and other retailers and on away-from-home meals and snacks.
Figure 1. Global Soy and Milk Protein Ingredients Market Share (%) in terms of Value, By Region, in 2019
Europe region dominated the global soy and milk protein ingredients market in 2019, accounting for 46.3% share in terms of value, followed by North America and Asia Pacific.
Lack of clarity regarding ingredients and labeling in government regulation leads to various complications for producers. This restricts the manufacturer to enter into the protein ingredient market, thereby hampering the market growth of soy and milk proteins ingredient.
Excessive consumption of protein ingredients leads to various side-effects such as constipation, nausea, and skin allergy is expected to restrict the adoption of protein ingredients. This is expected to hamper the market growth of soy and milk proteins ingredient.
Soy and Milk Protein Ingredients Market Report Coverage
||Market Size in 2019:
||US$ 10,392.3 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 18,187.8 Mn
- 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, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Africa
- By Soy Protein Types: Soy Protein Isolates, Soy Protein Concentrates, Soy Protein Hydrolysates, and Others.
- By Milk Protein Types: Milk Protein Concentrates, Casein/Caseinates, Whey Protein Concentrates, Whey Protein Isolates, Whey Protein Hydrolysates.
- By Application: Food & Beverage, Infant Formulations, Personal Care & Cosmetics and Animal Feed.
Archer Daniels Midland Company (ADM), Scoular Company, Cargill Inc., Dupont-Solae, Linyi Shansong Biologicals Products Cp. Ltd., Solbar Ltd.
- Growing consumer awareness regarding the proteinaceous diet is propelling the market growth of the soy and milk proteins ingredient
- Growth in the food and beverage industry due to increasing government initiatives
|Restraints & Challenges:
- The volatile price of raw materials due to a gap in supply and demand for grain is expected to hamper the market growth
Increasing application of protein-based ingredient in the beverage in a sports drink is expected to offer potential market opportunities in the near future. For instance, in February 2020, Ascent Protein, launched Recovery Water, a water-based beverage that has high-quality protein with electrolytes to help athletes optimally recover post-workout. It is prepared by using Ascent's proprietary native whey protein formulation process, it combines both form and function to deliver muscle recovery and hydration.
Growing production of grains supported by favorable government policies is expected to provide lucrative market opportunities in the near future. According to the Food and Agriculture Organization of the United Nations, in India 2017-2018, total food grain production was estimated at 275 million tons (MT). India is the largest producer (25% of global production), the consumer (27% of world consumption) and importer (14%) of pulses in the world.
Figure 2. Global Soy and Milk Protein Ingredients Market– Opportunity Analysis
The global plant protein ingredients market was valued at 33,246.7 USD million in 2019 and is forecast to reach a value of US$ 53,229.9 by 2027 at a CAGR of 6.1% between 2020 and 2027
Increasing consumption of protein-based ready-to-eat snacks among consumers is a key trend in the market. This is attributed to the changing lifestyle of the consumer and increasing disposable income. For instance, in July 2019, MusclePharm Corporation a performance-lifestyle sports nutrition company announced the launch of eight ready to eat protein snacks with GNC, a health and wellness brand. Thus, the growing demand for protein-based ready-to-eat snacks is expected to foster market growth.
Partnership and agreement among manufacturers for expanding business presence is a key trend in the market. For instance, in January 2020, Merit Functional Foods and its technology partner Burcon NutraScience announce that they have entered into a joint development agreement (JDA) with Nestlé. The goal of the joint agreement is to develop and commercialize Merit’s novel plant protein ingredients for use in Nestlé’s plant-based foods and beverages.
Figure 3. Global Soy and Milk Protein Market Share (%) in terms of Value, By Soy Protein Types, in 2019
Global Soy and Milk Protein Ingredients Market - Impact of Coronavirus (Covid-19) Pandemic
Coronavirus is expected to have a significant impact on food & beverage sector. Food & beverage companies increased consumption as consumers globally are panic buying the essential commodities including the food items. On the other hand, the coronavirus is expected to alter the dietary patterns of the consumers. The animal protein consumption is expected to decline even post the pandemic situation. Moreover, the sales of plant-based meat alternatives have been increased by about 200%. Thereby, hinder the growth of animal protein ingredients market over the forecast period.
- Archer Daniels Midland Company (ADM)
- SCOULAR COMPANY
- CARGILL INC
- LINYI SHANSONG BIOLOGICALS PRODUCTS CO. LTD
- SOLBAR LTD (Now acquired by CHS)
Few Recent Developments
In May 2019, At IFFA, Archer Daniels Midland Company presented its latest plant-based protein ingredients that allow cost-effective meat processing as well as vegetarian and vegan alternatives to serve current consumer trends.