In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Whey protein refers to a blend of globular proteins derived from whey, the liquid formed as a by-product of cheese production. Whey protein contains high protein substance as compared to egg, soy and other milk created proteins. This protein can be consumed by babies and adults.
The global whey protein market is anticipated to flourish at a CAGR of 7.6% during the forecast period 2017-2024. Further the market of whey protein was estimated at a value of USD 6.94 Billion in 2016 and the market is projected to reach USD 12.46 Billion by 2024. Factor such as, rising applications of whey in food and beverage products is anticipated to drive the growth of the global whey protein market over the forecast period.
In the regional market, North America is anticipated to account for a significant portion of market share in the overall market of whey protein during the forecast period. Factor such as, rising dairy protein products are anticipated to fuel the growth of the whey protein market over the forecast period.Further, Asia-Pacific whey protein market is expected to flourish at a significant rate over the forecast period. Factor such as, the growing of health concern and increase in disposable income is anticipated to drive the growth of the whey protein market over the forecast period. Europe whey protein market is expected to witness substantial growth over the forecast period. Rising awareness towards whey proteins and rising demand for food and beverages is anticipated to increase the growth whey protein market in Europe during the forecast period.
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Based on type, whey protein market is segmented into, whey protein concentrate, whey protein isolate, hydrolyzed whey protein and demineralized whey protein, out of which, whey protein concentrate is expected to dominate the overall whey protein market during the forecast period.
Our in-depth analysis has segmented global whey protein market into the following segments:
Global whey protein market is further classified on the basis of region as follows:
Factor such as increasing demand for dairy products are anticipated to intensify the growth of the global whey protein market during the forecast period. Further, rising demand for pediatric foods and increasing awareness about health among population is envisioned to bolster the growth of the global whey protein market in the upcoming years.
Apart from this, rise in the popularity of protein utilization is anticipated to be the dynamic factor behind the growth of the whey protein market over the forecast period. In addition, energy boosting products and rising disposable income is expected to supplement the growth of the global whey protein market during the forecast period.
However, extreme production cost, health & safety affects, governing concerns and certifications are some of the key factors which are expected to limit the growth of global whey protein market in upcoming years.