Whey Protein Market Is Expected To Reach USD 15,367.03 Million By 2024

Whey Protein Market Is Expected To Reach USD 15,367.03 Million By 2024

Research Nester – Market Research Consulting & Industry reports
According to Research Nester, The global whey protein market is anticipated to grow at a CAGR of 7.59% during the forecast period 2020-2024. During 2018, the market was valued at USD 9970.22 million and is currently expected to reach USD 15,367.03 million by the end of 2024.

Research Nester released a report titled “Global Whey Protein Market Outlook: Industry Demand Analysis & Opportunity Assessment 2012–2024”which delivers detailed overview of the  global whey protein marketin terms of market segmentation by product type, form, by price, by application, distribution channel and by regions.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

The global whey protein market is anticipated to grow at a CAGR of 7.59% during the forecast period 2020-2024. During 2018, the market was valued at USD 9970.22 million and is currently expected to reach USD 15,367.03 million by the end of 2024.

The global whey protein market is segmented on the basis of product into hydrolyzed whey protein, whey protein concentrate, whey protein isolate and native whey protein. Among these segments, whey protein concentrate (WPC) occupied the largest market share of 36.26% during 2018 and is further expected to sustain growth in the coming years by CAGR of 6.91% throughout the forecast period. 

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Global whey protein market is segmented by region into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. Apart from catering to developed economies, global whey protein market has made its presence increasingly felt across developing countries including India, Brazil, China, Malaysia and others. While the market in North America region is expected to hold major market share that is majorly driven by global forces such as relaxation in trade policies and growing demand for whey in developed countries such as U.S.A. and Canada along with general awareness about obesity and its adverse effects on individuals, the market in Asia Pacific region is poised to achieve a higher rate of growth owing to the rise in young population and adoption of western habits which has enhanced the demand for whey protein ingredients in the region.

Rising Disposable Income and Emergence of Health Conscious Millennial Population is Expected to Escalate the Growth of the Market

The rise in the income levels of middle-class people and health-conscious consumers has led to a significant increase in demand for whey protein ingredients and supplements in the recent years. With the emergence of younger population affected by obesity and the increase in health awareness among them has helped to drive the demand for a healthy protein based diet globally. However, the availability of whey protein products at exorbitant prices could hamper the progress of the market. In addition to this, the lack of availability in rural areas with lack of knowledge among them may negatively impact the growth of the market during the forecast period.

Notably, in some cases, inappropriate dosage of whey protein causing nausea, headache etc. and allergies, adverse health effects prevalent among certain individuals due to milk and milk products is likely to impede the growth of the market.

This report also provides the existing competitive scenario of some of the key players of the global whey protein market which includes company profiling of Arla Foods, Nestle, Hilmar Cheese Company Inc., Tatua Co-operative Dairy Company Ltd., Glanbia PLC, Agropur, SiS Limited, Kerry Inc., Saputo Inc. and Valio Oy.

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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global whey protein market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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