Global Whey Protein Market - Size, Share, & Forecasts Up To 2029

The Global Whey Protein Market is projected to register a CAGR of 4.45%

Key Highlights

• Largest Segment by Form - Concentrates : WPCs are less expensive and offer a wider range of benefits, such as high bioavailability, BCAA, and high glutamine content, thus boosting its demand in the F&B and supplements segments.
• Largest Segment by End User - Food and Beverages : Whey protein's high protein content, calorie-free nature, and ease of digestion are just a few of the benefits boosting the demand. Snacks dominate the application of whey protein in the F&B segment.
• Fastest-growing Segment by Form - Hydrolyzed : As hydrolyzed whey protein is less expensive, it is gaining popularity among global manufacturers looking to make a low-cost product that appeals to a wider audience.
• Fastest-growing Segment by End User - Supplements : It is becoming the fastest-growing segment due to the rising awareness of its benefits in aiding athletes to build a lean body and reduce the risk of gastrointestinal diseases in infants.

Whey Protein Market Trends

Food and Beverages is the largest segment by End User.

• The food and beverage segment held the biggest share of 67.20% by volume in 2022, owing to shifting preferences toward smaller meals, the substitution of conventional diets with more effective and accessible choices, such as protein-based snack bars, and increased demand for healthy drinks. Another factor driving the demand for healthy beverages is the global application of sugary food taxation.
• Asia-Pacific accounted for the largest market share, which is further projected to register a CAGR of 4.59% by value during the forecast period. Owing to the properties of whey, such as good water solubility and protein enrichment, its demand in the beverages segment increased. It is a good option for beverage manufacturers looking to develop high-protein drinks with good dispersibility. The number of fitness and health centers is also increasing in developing countries such as South Korea, China, and India. Whey protein intake is expected to increase among consumers in the region as many people choose a healthy lifestyle and better dietary options.
• The sport/performance nutrition sub-segment is projected to register the fastest CAGR of 5.9% by value during the forecast period. Whey protein supplementation helps athletes build lean body mass and boost muscle recovery. It is often used in conjunction with physiotherapy and psychotherapy to regain better vital signs and physical performances among athletes. These are the primary factors attributed to the rising number of muscle and fitness enthusiasts promoting WPS-based sports nutrition. For instance, in 2021, the US market had the largest number of health clubs, i.e., 38,477, followed by Brazil, with 34,509, and more than 7,000 gyms in the United Kingdom.

North America is the largest segment by Region.

• North America dominates the worldwide whey protein market. Sports nutrition has always focused on protein content, which has probably grown even stronger in recent years, with over 40% of US launches between 2017 and 2022. Whey protein is absorbed much faster and is also a rich source of cysteine, an amino acid thought to prevent post-exercise muscle fatigue. Whey protein also has a much higher content of branched-chain amino acids that help reduce protein degradation during heavy exercise and boost muscle synthesis.
• Asia-Pacific was the second-largest market in 2022, and it is projected to grow with the fastest CAGR of 4.59%, by value, during the forecast period. China accounted for 37.58% of the market share, by value, in 2022, as high-protein goods have gained significant public attention in China in recent years, identifying protein as one of the most sought-after elements prior to food purchase. Consumers try and opt for healthier alternatives, such as whey proteins while snacking. Increasing health awareness and rising demand for snacking products with functional benefits are considered the major driving factors for the growth of the whey protein market.
• Other market segments continue to have enormous development potential, which is tempting multinational businesses to spend heavily in the whey market in Africa, South America, and the Middle East. People adopting an active lifestyle is helping to increase gym memberships and the consumption of sports nutrition products. Whey protein supplementation reduces muscle damage and facilitates muscle recovery from strenuous training, thereby assisting sports performance. For example, 2.78 million people in South Africa had fitness and health club memberships in 2021.

Whey Protein Market Competitor Analysis

The Global Whey Protein Market is moderately consolidated, with the top five companies occupying 54.30%. The major players in this market are Arla Foods AMBA, Fonterra Co-operative Group Limited, Glanbia PLC, Kerry Group PLC and Royal FrieslandCampina NV (sorted alphabetically).

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