In a recently published report by Research Nester titled “Whey Protein Market Outlook: Industry Demand Analysis & Opportunity Assessment 2012–2024” delivers detailed overview of the global whey protein market in terms of market segmentation by product type, form, by price, by application, by distribution channel and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The increased awareness about leading a healthy lifestyle among the global population particularly the younger population accompanied by rising disposable income and growing geriatric population, many of whom suffer from protein deficiency has accelerated the demand for whey protein. Whey protein ingredients are increasingly used in the food & beverage industry on account of its functional and nutritional properties. The global whey protein market which was valued at USD 9970.22 million during 2018 is anticipated to grow at a steady pace to earn revenue of USD 15367.03 million by end of 2024.
The steady rise in population affected by obesity especially among younger population is expected to drive the expansion of the market globally. Moreover, the global whey protein market is estimated to witness a CAGR of 7.59% during the forecast period (2020-2024). However, in some cases, the availability of whey protein products at expensive prices beyond the reach of a common man could pose a threat to the growth of the market.
The global whey protein market is categorized into five (5) segments geographically, i.e., North America, Latin America, Europe, Asia Pacific and Middle East and Africa. Among these regions, the market in North America region comprising of U.S.A. and Canada is projected to lead by holding the largest market share of 31.57% by 2024 owing to increase in disposable income of the people during the forecast period. With prominent market share, U.S. Whey Protein market is expected to achieve Y-o-Y growth rate of 6.79% in 2024 as compared to 2023.
Additionally, the global whey protein market is segmented by product type into hydrolyzed whey protein, whey protein concentrate, whey protein isolate and native whey protein, out of which, the whey protein concentrate (WPC) is projected to hold dominant share in the market in the coming years with revenue expected to touch USD 5536.92 million by end of 2024. Among distribution channel, comprising of both online and offline stores, offline stores segment occupies the largest market share around the globe.
This report also provides the existing competitive scenario of some of the key players of the global whey protein market which includes company profiling of Arla Foods, Nestle, Hilmar Cheese Company Inc., Tatua Co-operative Dairy Company Ltd., Glanbia PLC, Agropur, SiS Limited, Kerry Inc., Saputo Inc. and Valio Oy.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global whey protein market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.