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Milk Protein Concentrate Market to Hit $3.92 Bn, Globally, by 2027 at 5.3% CAGR: Allied Market Research
Rise in demand for nutritional food, surge in awareness regarding health and nutritional food products, and increase in adoption of healthy lifestyle & diet drive the growth of the global milk protein concentrate market. Moreover, increase in protein intake using protein supplements the market growth. However, rise in trend of veganism hinders the market growth. On the contrary, untapped market for protein supplements and protein-based food products is expected to open lucrative opportunities for the market players in the future.
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By application, the packaged products segment held the lion's share in 2019, accounting for more than one-third of the global milk protein concentrate market. Moreover, the segment is estimated to register the highest CAGR of 5.6% during the forecast period, due to rise in the consumption of protein-rich packaged foods and surge in demand for functional dairy and high protein cheese among consumers. The report includes a detailed analysis of other segments such as nutritional products, infant formula, and others.
By concentration, the high concentration segment is projected to portray the highest CAGR of 5.5% during the forecast period. In addition, the segment held the largest share in 2019, contributing to more than half of the global milk protein concentrate market, owing to surge in consumption of supplements and rise in health awareness.
By region, the market across North America dominated in 2019, accounting for around one-third of the market, due to increase in interest of consumers for foods that contain high amount of protein and growing affinity for packaged and functional food with high concentration of protein. However, the global milk protein concentrate market across Asia-Pacific is anticipated to showcase the highest CAGR of 6.9% during the forecast period, owing to increase in purchasing power of consumers and rise in the middle-class population.
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