Rise in demand for proteins as nutritional & functional ingredients and wide application of animal protein in the food & beverages sector drive the growth of the global animal protein market
PORTLAND, Ore., March 16, 2021 /PRNewswire/ — Allied Market Research recently published a report, titled, “Animal Protein Market by Product Type (Egg protein, Dairy protein, Fish Protein and Gelatin), Form (Solid and Liquid) and Application (food & beverages, pharmaceuticals & nutraceuticals, cosmetics & personal care and feed): Global Opportunity Analysis and Industry Forecast, 2021–2027″. As per the report, the global animal protein industry was pegged at $44.09 billion in 2019, and is projected to reach $58.50 billion by 2027, growing at a CAGR of 5.4% from 2021 to 2027.
Major determinants of the market players
Rise in demand for proteins as nutritional & functional ingredients and wide application of animal protein in the food & beverages sector drive the growth of the global animal protein market. However, rise in demand for plant-based proteins and strict food regulations toward animal-origin food additives hinder the market growth. On the contrary, the introduction of protein supplements in untapped market is projected to open lucrative opportunities for market players in the future.
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The Covid-19 pandemic has greatly affected the customer purchase of cosmetic and personal care products. In addition, the closure of party events, offices, and restaurants resulted in decline in the sale of cosmetics and personal care products across the globe. This hampered the demand for animal protein.
The prolonged lockdown resulted in disruption of the supply chain and rise in prices of raw materials. This created the supply-demand gap.
The egg protein segment held the lion’s share
By product type, the egg protein segment dominated the global animal protein market in 2019, accounting for nearly three-fifths of the market. This is due to increase in consumption in preparation of food products such as bakery, confectionery, snack products, processed meat, and seafood products and surge in need for nutritional food in the market. However, the gelatin segment is projected to register the highest CAGR of 7.9% during the forecast period, owing to rise in demand for convenience and functional food and beverage products, coupled with its augmented use in the pharmaceutical application.
The pharmaceuticals & nutraceuticals segment to manifest the highest CAGR through 2027
By application, the pharmaceuticals & nutraceuticals segment is anticipated to portray the highest CAGR of 7.1% from 2021 to 2027, due to surge in use of animal proteins as nutritional food and rise in health-conscious consumers. However, the food & beverage segment held the largest share in 2019, contributing to nearly half of the global animal protein market, owing to surge in demand for animal protein products in the food & beverages sector and rise in consumer demand for high nutritional drinks in the U.S. and Canada.
Europe, followed by North America, dominated the market
By region, the market across Europe, followed North America, held the lion’s share in 2019, accounting for nearly one-third of the market, due to development of the food & beverages industry and rise in demand for food such as bakery products and confectioneries that require egg protein for preparation. However, the global animal protein market across Asia-Pacific is expected to manifest the highest CAGR of 7.0% during the forecast period. This is owing to growth in awareness about dairy protein as sports or refreshment drinks and advancements in the cosmetics and personal care industries in the region.
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Major market players
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SOURCE Allied Market Research