Whey Protein Market Size & Growth Analysis to 2030

The global whey protein market size is anticipated to register a significant CAGR of 9.5% during the forecast period 2021 to 2027 and valued at over USD 9 billion by 2020. The rising prevalence of chronic conditions due to changing lifestyle around the world is a primary factor to drive the market growth. The increasing consumer shift towards natural food and the rising adoption of a rich protein diet among the young population is further expected to fuel the market in next upcoming years. Moreover, the rapid growth in sports activities is led to an increase in the demand for nutritional products which is expected to propel the market growth.

Market Drivers:

Increasing Demand for Nutritional Supplements: The global demand for nutritional supplements, including protein supplements, has been on the rise. Whey protein is a popular choice among athletes, fitness enthusiasts, and individuals seeking to meet their protein requirements for muscle building, recovery, and overall health. The growing awareness of the benefits of protein supplementation has fueled the demand for whey protein.

Growing Health and Wellness Consciousness: Consumers are increasingly focused on maintaining a healthy lifestyle and making conscious dietary choices. Whey protein is widely recognized as a high-quality protein source, rich in essential amino acids and bioactive peptides that offer various health benefits. It is associated with muscle growth, weight management, satiety, and immune support. The increasing health consciousness among consumers has boosted the demand for whey protein.

Rise in Sports Nutrition and Fitness Trends: The popularity of sports nutrition and fitness activities has grown significantly in recent years. Whey protein, known for its rapid absorption and ability to support muscle recovery and growth, is extensively used in sports nutrition products such as protein powders, bars, and ready-to-drink beverages. The increasing participation in sports and fitness activities has driven the demand for whey protein in these markets.

Growth of the Functional Food and Beverage Industry: The demand for functional food and beverages, which offer additional health benefits beyond basic nutrition, has been increasing. Whey protein is incorporated into a wide range of functional food and beverage products such as protein-fortified snacks, beverages, and meal replacements. Its versatility and functional properties make it an attractive ingredient for manufacturers looking to develop nutritious and functional products.

Technological Advancements in Processing Techniques: Advances in whey protein processing technologies have improved the quality, taste, and texture of whey protein products. These advancements have led to the development of different forms of whey protein, such as whey protein isolate and whey protein concentrate, with varying protein content and functional properties. Technological innovations have expanded the application possibilities of whey protein and contributed to its market growth.

Growing Demand for Dairy Alternatives: While whey protein is derived from dairy, the market has also benefited from the rising demand for dairy alternatives. Many individuals, including those with lactose intolerance or dietary preferences like vegans, seek plant-based protein sources. However, whey protein isolates or concentrates are often used in plant-based protein powders and other dairy alternative products to enhance their nutritional profile. This crossover demand has positively impacted the whey protein market.

Increased Research and Development Activities: The continuous research and development efforts in the field of whey protein have resulted in new product innovations and improved understanding of its health benefits. Scientific studies highlighting the positive effects of whey protein on muscle synthesis, weight management, and other health outcomes have increased consumer confidence and contributed to market growth.

Growing Market Penetration in Emerging Economies: The whey protein market has witnessed substantial growth in emerging economies, driven by factors such as increasing disposable income, urbanization, changing dietary patterns, and a rising focus on health and fitness. As the middle-class population expands in these regions, the demand for high-quality protein sources like whey protein is growing.

Market Attributes:

Market Insights:

The global whey protein market is divided into type, application, distribution channel, and geography. On the basis of type, the market is further segmented into isolates, concentrates, and hydrolysates type. The concentrates segment held the largest market share in 2020 by revenue and accounted to hold a major market share around half of the market, globally. The segment growth is attributed to its wide use in various applications such as dairy dessert, yogurt, and beverage products. Furthermore, the concentrate whey protein is employed as a source of protein fortification for infant food and nutritional products. On the other hand, the hydrolystates whey protein segment is accounted to register the highest growth rate over the forecast period.

By application, the whey protein market is bifurcated into nutritional supplements, personal care, food & beverages, and animal feed & pet food. The food and beverage segment is accounted to hold the largest market segment in 2020 and accounted to hold around half of the market share in terms of revenue. The segment growth is attributed to the high use of whey protein in the bakery and dairy industry due to its ability to emulsify, foam, and thicken products. it also enhances the gelation, water-binding capabilities, solubility, and nutritional value of bakery and dairy products.

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The whey protein comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2020 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

Global whey protein market size and forecast were obtained by using “Bottom-up” and “Top-down” approaches. Extensive secondary research was conducted to understand the market insights and trends, followed by primary interviews to further validate the information sourced. The report provides both, qualitative and quantitative analyses of the market, the competitive landscape, and the preferred development strategies of key players which help to formulate competitive market strategies and make informed decisions.

The whey protein market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Type:

• Isolates
• Concentrates
• Hydrolysates

By Application:

• Nutritional Supplements
• Personal Care
• Food & Beverages
• Animal Feed & Pet Food

By Distribution Channel:

• Supermarkets
• Specialist Store
• Online
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage:

North America dominated the global whey protein market in 2020 and accounted to hold the major market share of around 40% of the market. The rising awareness of consumers regarding healthy and nutritional food is a major factor to drive the market growth in the region. Furthermore, the increasing demand for food supplements with low calorie and high nutritional value is expected to witness steady growth in the market in North America. In contrast, the Asia Pacific is accounted to grow at the fastest growth rate over the forecast period.

Market Competition Assessment:

Key players operating in the global whey protein market are Hilmar Cheese Company, Inc., Saputo Inc., Glanbia plc, Fonterra Co-operative Group Ltd, and Arla Foods. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Hilmar Cheese Company, Inc.
• Saputo Inc.
• Glanbia plc
• Fonterra Co-operative Group Ltd
• Arla Foods
• Alpavit
• Wheyco GmbH
• Milk Specialties
• Carbery Group
• LACTALIS Ingredients

Key Questions Answered by Whey Protein Market Report:

• Global whey protein market forecasts from 2021-2027
• Regional whey protein market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East and Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Whey protein submarket forecasts from 2021-2027 covering the market by type, by application, by distribution channel, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to the whey protein market
• Analysis of the key factors driving and restraining the growth of the global, regional and country-level whey protein markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the whey protein market