
The global protein ingredients market, valued at USD 61.0 billion in 2023, is poised for significant growth, projected to reach USD 85.6 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 7.0%. These ingredients, derived from various sources such as plants, animals, insects, and microbes, are essential components in industries like food & beverages, feed, cosmetics & personal care, and pharmaceuticals. The market's expansion is fueled by the increasing recognition of protein-rich diets.
Driving Growth in South America
South America emerges as the fastest-growing region in the protein ingredients market, with a significant projected CAGR. This growth is propelled by dynamic economies like Brazil and Argentina, witnessing substantial investments and a surge in consumer health consciousness. The region's preference for animal protein sources, alongside its prominence in soy production, particularly bolsters the industry.
Dominance of Europe
Europe stands as the dominant force in the protein ingredients market, commanding a value of USD 21.4 billion in 2023. Fueled by developed economies, robust consumer awareness, and governmental support, Europe exhibits a thriving market environment. While traditionally meat-centric, the region is witnessing a rise in veganism and demand for alternative protein sources like plants and insects, further stimulating market growth.
Key Players Driving Innovation
Leading players such as Kerry Group plc (Ireland), Arla Foods amba (Denmark), Roquette Freres (France), and Cosucra (Belgium) play pivotal roles in advancing the protein ingredients ecosystem. Their contributions span innovation, research, and development, bolstering the industry's growth trajectory.