The analysis comes from Indian-based MarketsandMarkets, a data intelligence firm delivering insights on high-growth niche markets.
It claimed the protein ingredients market, currently valued at $41.4bn, could be worth $58.5bn in the next five years.
By segmenting the protein market, the study analysed and made projections on the market size, growth and value of protein ingredients markets, such as animal products, soy, pharmaceuticals and livestock feed.
“According to our projections, the market for protein ingredients is growing at a compound annual growth rate (CAGR) of 6% for the forecast period of 2016-2022 and is estimated to be worth $58.5bn by 2022,” Soumya Ghoshal, senior analyst of food, beverages and agriculture at MarketsandMarkets, told this site.
“The market is being driven by health-conscious consumers who are opting for foods with a high nutritional value, such as proteins. Exciting innovations in food applications such as heat-stable whey protein and increasing demand for animal products is also leading to the growth of the protein ingredients market.”
Analysts expected food, unsurprisingly, would be key for protein ingredients. Last year, it had a 44% share of the market and the study expected it to increase up to 2022.
The study did not predict performance post-2022, so it is unclear whether the market will grow, stagnate or decline thereafter.
US leading the market
Companies from the US dominated a list of 10 firms described as “major players” in the protein ingredients field.
Global food and commodities trading firm Archer Daniels Midland Company was set to be the largest player in the market, if it is not already. Ireland-based Kerry Group and Cargill took second and third place respectively.
Arla Foods of Denmark and Gelita Ag, Germany, were the other two companies cited from Europe.
Meanwhile, Fonterra Co-Operative Group of New Zealand and Japan-based Kewpie Corporation represented interests outside North America and Europe.
In total, six US companies made up the top 10. MarketsandMarkets claimed America had the largest market share by region, with 35%. However, Asia-Pacific was expected to grow the most, with a CAGR of 8%.
Demand for meat was a primary growth driver for the protein ingredients markets, the study claimed.
The Organisation for Economic Co-operation and Development (OECD) expects global meat consumption to rise in line with population growth. Developing countries could see meat intake increase by a more than quarter by 2024.
Other drivers of growth in the protein ingredients market included demand for functional protein ingredients , such as emulsifiers, gelatine, forming agents and ingredients with water-binding properties, found the study.
Healthy eating will continue to drive change in consumer eating, with more people expected to use whey protein (a popular ingredient in protein shakes used by gym-goers) in the future, too.