Market Highlights
The Global Vegan milk protein market has witnessed continued growth over the last few years and is projected to grow by USD 5,039.9 Million from 2018 to 2025 at a CAGR of 6.1%.
Milk protein finds widespread application in various segments of the food & beverage industry, including dairy products and frozen desserts, infant formula, dietary supplements, bakery and confectionery, beverages, and sweet and savory snacks. The growing demand for high-protein food products and dietary supplements has resulted in the increased demand for various types of milk protein ingredients. The growing adoption of milk protein in these applications has increased opportunities for manufacturers to introduce milk protein products in the market. The demand for sports drinks and dietary supplements has been growing over the last few years. The rise in awareness regarding health and the need for adequate nutrition have fostered the sales of dietary supplements and sports nutrition products.
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The milk protein manufacturing companies are expected to expand their businesses in developing economies such as India, China, ASEAN countries, and Brazil. The food & beverage industry is growing at a steady rate in India, China, and other developing countries. The rising demand for protein ingredients in products such as dairy and frozen desserts and infant formula in developing countries across the globe is creating growth opportunities for milk protein manufacturers. Companies are using different mediums, such as seminars and events, to increase awareness about their milk protein-based products, including yogurt and ice cream. However, fluctuating raw material prices is a major factor challenging the growth of the market players.
Segmental Analysis
The global vegan milk protein market has been segmented based on type, form, application, and region.
Based on type, the global market has been divided into milk protein concentrate (MPC), milk protein isolate (MPI), milk protein hydrolysates (MPH), casein & caseinates, whey protein concentrate (WPC), whey protein isolate (WPI), and others. In terms of revenue, the whey protein concentrate (WPC) segment dominated the global vegan milk protein market in 2018. However, the whey protein isolate (WPI) segment is projected to register the highest CAGR of 6.8% during the forecast period. WPC is a white- to light cream-colored product with a bland, clean flavor, which is available in fluid, concentrate, or dry product form. Whey protein concentrates and isolates are widely used in applications such as dietary supplements, infant formula, and dairy products.
By form, the market has been categorized as dry and liquid. The dry segment garnered a larger share of the global vegan milk protein market in 2018. The dry form of milk protein is more popular than liquid owing to its longer shelf life and convenient storage. However, the easy application of liquid milk proteins, especially in beverages, is expected to result in the segment registering a higher CAGR during the forecast period.
Based on application, the global vegan milk protein market has been classified as dairy products & frozen desserts, infant formula, dietary supplements, bakery & confectionery, beverages, sweet & savory snacks, and others. The dairy products & frozen desserts segment has been further divided into cheese, yogurt, ice cream, and others. In 2018, the dietary supplements segment constituted the largest revenue share of the market as the products are widely consumed as nutritional supplements to enhance strength and build muscle mass in resistance training regimens. Whey protein is known as a fast protein as it is quickly broken down into amino acids and absorbed into the bloodstream, which results in an increase in its adoption by consumers. Furthermore, according to the US Dairy Export Council, whey proteins were demonstrated to be effective and affordable recovery agents for malnutrition in young children. In 2016, in Malawi and Mozambique significantly more children recovered from moderate acute malnutrition when fed a whey-based supplement instead of a soy-based supplement.
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Market Players
Market Research Future recognizes Kerry Group plc (Ireland), Fonterra Co-Operative Group Limited (New Zealand), AMCO Proteins (US), Royal FrieslandCampina N.V. (Netherlands), Saputo Inc. (Canada), Glanbia plc (Ireland), Havero Hoogwegt Group (Netherlands), Groupe Lactalis (France), Theo Müller Group (Germany), and Arla Foods amba (Denmark) as the key players active in the global vegan milk protein market.
Regional Analysis
Geographically, the global vegan milk protein market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, Europe dominated the market, accounting for the largest market share of nearly 35% in 2018. However, the Asia-Pacific vegan milk protein market is expected to register the highest CAGR of 6.5% during the forecast period 2019–2025.
Key Findings of the Study
- The Global Vegan milk protein market is expected to register a growth rate of 1% between 2019 and 2025. Growing health concerns among consumers are anticipated to propel the growth of the global vegan milk protein market.
- By type, the whey protein concentrate (WPC) segment is projected to maintain its dominance from 2019 to 2025. The segment is expected to register a substantial growth rate of 0% during the forecast period.
- Based on application, the dietary supplements segment is estimated to hold the largest market share during the forecast period and is projected to register a growth rate of 5.9%.
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