Market Research Future Insights
According to marker research future insights analysis, the global milk protein market is expected to register a CAGR of 6.9 % from 2022 to 2030 and hold a value of over USD 18.22 billion by 2030.
The milk protein market is anticipated to grow over the forecast years due to a trend toward nutrient-dense and healthful diets, increased health consciousness, and more research and development to improve dairy protein ingredients' performance, scent, and flavor. Additionally, a rise in the rate of births worldwide and an increase in protein consumption to obtain additional nutrients from protein supplements are expected to drive the market in the upcoming years. Furthermore, it is anticipated that the market will be supported in the anticipated years by an increasing number of working women and an increase in milk production. A rise in the demand for nutrition-based goods in baby formula, clinical nutrition, and sports nutrition is anticipated to have a major impact on the milk protein market. Moreover, a rise in high-protein foods in the bakery and confectionery sectors is projected to impact the milk protein market significantly. Milk protein has emerging functional potential in new products, which is anticipated to create untapped opportunities for market players. However, some limitations and difficulties can impede market expansion. Plant proteins are becoming increasingly popular, which could limit market growth.
Key Players
Some key market players are Cargill, Inc., Saputo, Inc., Glanbia, Plc., Kerry Group, Plc., Arla Foods, Fonterra Co-Operative Group Limited, ROYAL FRIESLANDCAMPINA N.V., Nestlé, Idaho Milk Products and Others.
Market Segmentation
The global milk protein market has been segmented by product type, form, and application.
Based on product type, the market has been segmented into concentrates, hydrolyzed products, isolates, and others. The isolates category accounted for the largest milk protein market size in 2021. Manufacturers frequently add milk protein isolate, a protein supplement made from skim milk, to finished goods like high-protein supplements and snacks. Similar amounts of casein and whey protein to those found in cow's milk are used to make milk protein isolate. For the final product to contain at least 90% protein, filtering processes like ultrafiltration, microfiltration, and diafiltration are used to remove lactose and most of the minerals.
Based on the form, the market has been segmented into powder, liquid, paste/spreadable and others. In the 2021 milk protein market, the steel coil category accounted for the largest revenue share. Protein powder is a popular product category among athletes and those following specialised milk protein diets. Protein powder, especially whey protein, is crucial for vegetarians and non-vegetarians alike. Easily incorporated into powders and shakes, powdered milk protein is regarded as a good source of nutrition due to its high concentration of essential amino acids. Recent trends favour products with low lactose contents.
Based on the application, the market has been segmented into food and beverages, nutraceuticals and dietary supplements, pharmaceuticals, cosmetics and personal care, infant formula, the pet care industry, and others. In 2021, the infant formula category accounted for the largest revenue share in the milk protein market due to the huge demand in this market sector, which is a result of urbanisation and the rise in the number of working women, which encourages mothers to pursue careers without compromising the nutrition of their children.
Regional Analysis
North America dominated the milk protein market overview in 2021 due to increased demand for dairy proteins and protein-based food products in various foods and beverages because of their versatility and rising per capita income. One factor influencing the expansion of the target market in this region is the rising demand for milk protein added to low-fat food and beverage products. The target market is expanding in this region due to rising consumer preference for value-added goods and growing knowledge of the health advantages of milk protein.
Asia Pacific is expected to register lucrative growth in the milk protein market. This may be changing due to the rapid growth of the middle class in China and India. This region is anticipated to experience the largest growth rate, largely because the middle classes in these nations desire to mimic the diets of their Western counterparts. Governments in these countries have worked harder to promote the importance of proper nutrition for the general public, particularly for young children. They have pushed agricultural and food businesses to use milk protein powders in their products.
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