Milk proteins are used in various functional foods and beverages, such as protein bars, shakes, and fortified products. The demand for protein-rich sports nutrition products, including protein powders and shakes, drives the use of milk proteins among athletes.
NEWARK, Del, April 14, 2024 (GLOBE NEWSWIRE) — The milk protein market forecast can be visualized around a US$ 16.34 billion mark by 2034 at a sluggish CAGR of 3.3%. The projected milk protein market size by 2024 will be US$ 11.83 billion.
Consumer awareness regarding physical fitness and well-being is rising. Due to this, emerging trends in milk protein applications can be observed that will likely cast the milk protein market growth.
The milk protein market size will inflate as the use of milk protein in bakery and confectionery products is increasing. This is a crucial growth driver for the milk protein market.
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The impact of lactose intolerance on milk protein consumption is assertive as they can form the perfect replacement compounds for lactose products. Hence, this forecasts steady growth for the subject market.
Milk protein market demand analysis suggests that these compounds can widely be used in the healthcare sector due to their high nutritional values. Therefore, this factor drives the subject market heavily.
Shelf-life of products can be increased significantly, which supports the product placement. Consequently, brands can position themselves better in the market, fueling their growth and thereby assisting the milk protein market growth.
Key Takeaways from the Market Study
- The powdered form milk proteins are widely used and preferred, which causes their market share to increase drastically. It will likely hold 30.3% by 2024.
- The forecasted milk protein market growth is estimated to surpass the historical figure, helping new marketers explore different opportunities in the market. The forecasted and historical CAGRs are 3.3% and 3.05%, respectively.
- The Indian market is, by far, the market having the highest growth rate. It advances moderately at a CAGR of 6.7%.
- The United States of America will likely progress at a CAGR of 3.2%, the lowest among all.
“Disrupted supply chains create a critical market challenge for the milk protein market, which affects the forecasted market size,” says Nandini Roy Choudhury, Client Partner at Future Market Insights.
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Competitive Landscape
The competitive landscape of the milk protein market is governed by a large market share secured by key players. They expand using different market expansion modes, including strategic acquisitions, mergers, product launches, and partnerships.
However, the threat of new entrants affects their propulsion, reducing the growth rate. The following key developments were seen recently in the market: –
In February 2024, Cargill, Inc. extended a strategic partnership deal with ENOUGH. This partnership aims to deliver sustainable protein alternatives to consumers. Subsequently, the resources of these organizations will augment their portfolio, bolstering their market positions.
In March 2024, Saputo, Inc. signed a 15-year virtual power purchase agreement (VPPA). The organization aims to propel towards sustainability with the assistance of Schneider Electric. The power acquisition will help the enterprise generate 206,300 MWh of power.
Key Companies Profiled
- Cargill Inc.
- Saputo Inc.
- Glanbia, Plc.
- Kerry Group Plc.
- Arla Foods
- Fonterra Co-Operative Group Limited
- ROYAL FRIESLANDCAMPINA N.V.
- Nestlé
- Idaho Milk Products
- Others
More Valuable Insights Available
Future Market Insights offers an unbiased milk protein market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
Product Type (Concentrates, Hydrolyzed, Isolates, and Others), Form (Powder, Liquid, Paste/Spreadable, and Others), and Application (Food & Beverages, Nutraceuticals & Dietary Supplements, Pharmaceutical, Cosmetics & Personal Care, Infant Formula, Pet Care Industry, and Others) segment the market.
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Milk Protein Market- Key Segments
Product Type:
- Concentrates
- Hydrolyzed
- Isolates
- Others
Form:
- Powder
- Liquid
- Paste/Spreadable
- Others
Application:
- Food & Beverages
- Nutraceuticals & Dietary Supplements
- Pharmaceutical
- Cosmetics & Personal Care
- Infant Formula
- Pet Care Industry
- Others
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Explore FMI’s related ongoing Coverage in Food and Beverage Domain:
Milk protein hydrolysate market size exceeded USD 1.0 Bn in 2022 and is estimated to grow at over 6.9% CAGR between 2022 and 2032.
The global Textured Milk Protein market is expected to reach a market valuation of US$ 2,897 million by 2023, recording a CAGR of 4.1% from 2023 to 2033.
The global pea protein market size is projected to reach US$ 1,604.3 million in 2024. It will likely exhibit a compound annual growth rate (CAGR) of 11.4% during the forecast period, with overall pea protein sales totaling US$ 4,723.9 million by 2034.
The hydrolyzed animal protein market is expected to reach US$ 838.43 million by 2033, recording a CAGR of 6.1% over the forecast period, from an estimated value of US$ 463.78 million in 2023.
The algae protein market generated a total revenue of US$ 750 million in 2022. The industry is anticipated to rise at a healthy CAGR of 5.5% over the forecast period, to attain a market revenue of US$ 1,351.57 million by 2033.
According to the research of Future Market Insights, the market for Organic Rice Protein is anticipated to expand at a CAGR of 4.1% over the forecasted time period.
Texturized Vegetable Protein Market has forecast to reach US$ 1.03 Bn by the end of 2021 and to exhibit 6.5% CAGR between 2021 and 2031.
In 2022, the global hexane-free protein market was estimated to have acquired US$ 103.2 million.
According to Future Market Insights research, during the projected forecast period, the Hydrolyzed Oat Protein market is expected to grow at a CAGR of 3.5%. The market value projected to increase is from USD 1,724.8 Million in 2022 to USD 2,433.0 Million by 2032.
The egg protein market is anticipated to be US$ 8,895.73 million in 2023. The market’s growth is estimated to be steady from 2023 to 2033, with a CAGR of 6.7%.
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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