Europe protein ingredients market is also projected to record a remunerative growth period over the coming years. Consumers across Italy, Germany, Austria, and Switzerland are increasingly shifting their diets towards vegan protein substitutes in an effort to boost sustainability measures and reduce their respective carbon footprints. In fact, as per reports, the consumers across Germany are becoming much aware about sustainability and are consciously making more informed purchase decisions. This rising shift towards sustainable products is expected to further shape the European food industry outlook and foster the launch of new and innovative solutions.
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The global protein ingredients market is estimated to exceed $62 billion valuation by 2026, as per a research report by Global Market Insights, Inc.
In terms of application, animal feed segment in protein ingredients market is anticipated to exceed a valuation of approximately $10.5 billion by the end of the analysis time period due to the growing healthy seafood demand. Stringent fishing laws and rising prevalence of seafood induced disease outbreaks would foster the aquaculture industry further over the coming years. Furthermore, adoption of protein rich aquaculture feed solutions due to its growth enhancing and metabolism boosting features will also augment protein ingredients industry share.
The rapid penetration of protein ingredients in collagen and anti-aging serums across the cosmetics industry will also compliment the protein ingredients market share over the coming years. The protein ingredients industry growth graph is forecast to depict a major rise owing to growing awareness towards the benefits of healthy nutritional habits among consumers and the subsequent rise in the demand for natural, protein rich ingredients in infant formulations.
Several key market participants are further trying to capitalize on evolving health and wellness trends across protein ingredients market landscape. Manufacturers are also engaging long-term contracts with suppliers in an effort to keep production stable and continuous in limited means and offer a competitive price point advantage. Likewise, prominent market players are also investing more in marketing and branding related initiatives to enhance their brand image and strengthen their brand equity across numerous industry verticals.
Given the growing inclination towards natural ingredients in F&B sector, the key industry players are increasingly focusing on consolidating their market position through numerous tried-and-tested means such as mergers & acquisitions, and joint ventures. For instance, in March of 2019, Beneo, a renowned functional ingredient manufacturer, reportedly entered an existing JV with BioWanze and invested approximately €4.3 million to establish a new wheat protein plant in Belgium. The ingredient has a stable texture and a neutral taste, which could allow it to be used as a meat alternative across an extensive range of products that are traditionally meat-based, like nuggets, bolognaise sauce, and burgers.
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Archer Daniels Midland (ADM), Tessenderlo, Cargill, Kewpie Egg Corporation, Fonterra, DuPont, and Crop Energies Bio Wanze among many others are some of the key players operating in the protein ingredients market.
APAC protein ingredients market is slated to grow with a CAGR of around 7.5% over the forecast time period due to rapid adoption of muscle & health building supplements. Rising awareness regarding the benefits of whey protein coupled with easily available economical and top quality whey powders is expected to drive the product demand. Moreover, several global and local market players are increasingly launching more easily digestible whey protein powders that specifically target the young consumer demographic. This new trend is bringing in significant revenues to the industry share.
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