Protein Market Size, Share, Growth Analysis, By Source (Animal, Plant), By End-User (Animal Feed, Personal Care), By Region - Industry Forecast 2024-2031

Global Protein Market size was valued at USD 1.4 billion in 2022 and is poised to grow from USD 1.49 billion in 2023 to USD 2.47 billion by 2031, growing at a CAGR of 6.5% during the forecast period (2024-2031).

The market for plant-based proteins, particularly rice protein and oil-based proteins, is experiencing significant growth in North America, driven by supportive government initiatives and increasing consumer demand. The Canadian government, for example, is investing heavily in plant-based innovations, as illustrated by the recent $100 million funding to Merit Functional Foods for establishing a manufacturing plant. This trend aligns with rising interest in fortified products for sports nutrition and dietary supplements. Moreover, advancements in manufacturing processes are enhancing the quality of protein ingredients found in products like protein bars and powders. Efforts to mitigate undesirable flavors in proteins like wheat gluten and hemp, along with improved extraction techniques for hemp seed proteins, are also shaping the industry's landscape.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Protein market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Protein Market Segmental Analysis

Global Protein Market is segmented by source, by end-user and region. Based on source, the market is segmented into animal and plant. Based on end-user, the market is segmented into animal feed, personal care and cosmetics, food and beverages, bakery, beverages, breakfast cereals, condiments/sauces, confectionery, dairy and dairy alternative products, meat/poultry/seafood and alternative meat products, rte/rtc food products, snacks, supplements, baby food and infant formula, elderly nutrition and medical nutrition and sport/performance nutrition. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Protein Market

The Global Protein Market is significantly driven by ongoing advancements in biotechnology. Innovations in protein A resin technologies, which enhance chemical stability, binding capacity, and user-friendliness, are making these products increasingly appealing and efficient for diverse production purposes. Additionally, the emergence of novel chromatography techniques, such as automated systems and high-throughput methodologies, is improving operational efficiency, particularly within biomanufacturing processes. Together, these technological improvements are playing a crucial role in propelling the growth of the protein market, enabling companies to meet the rising demand for protein-based products and fostering a more competitive landscape in various sectors.

Restraints in the Global Protein Market

The global protein market faces notable restraints, particularly due to the limited lifespan of resins utilized in various applications. Over time, these resins can degrade, diminishing their efficiency and effectiveness after multiple uses. Without proper cleaning or regeneration, their lifespan can be significantly reduced, leading to frequent replacements which not only increases operational costs but also raises sustainability concerns. Additionally, as resins age, they tend to exhibit reduced binding capacity, further complicating their functional viability. This degradation not only affects the performance of the proteins but also poses challenges in maintaining a sustainable production process in the protein market.

Market Trends of the Global Protein Market

The Global Protein market is witnessing a significant trend towards innovation in resin design and chemistry, particularly in antibody purification processes. The introduction of novel protein A resins with enhanced binding capabilities is revolutionizing purification efficiency while reducing costs. Advances in resin matrix and ligand chemistry are pivotal, leading to the development of highly stable ligands that can withstand rigorous cleaning and regeneration cycles. Additionally, research into non-conventional ligands is expanding the landscape, providing alternatives that maintain high binding efficacy, which diminishes the market's reliance on traditional resins. This evolution signifies a shift towards more sustainable and cost-effective bioprocessing solutions.