The wheat protein market is projected to reach USD 3.1 billion by 2026, from USD 2.4 billion in 2021, at a CAGR of 5.0% during the forecast period. The market is driven by factors such as a shift in preference for plant-based protein foods, increased demand for meat-free diets, and growing incidence of lactose intolerance.
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The wheat protein industry is expected to witness significant growth opportunities due to increasing demand for plant-based proteins, health and wellness trends, increasing demand for processed foods, growing demand for pet food, emergence of new applications, rising demand from the Asia-Pacific region, and technological advancements. With a surge in demand for wheat protein, especially among vegetarians and vegans, the market is gaining popularity in several sectors such as food, personal care products, cosmetics, and pharmaceuticals. The development of new and innovative technologies to extract wheat protein and improve its functional properties is also expected to drive market growth.
Opportunities: Growing potential for plant-based proteins due to increased affinity for sustainable food sources
Consumers these days look out for terms such as “natural”, “organic”, and “GMO-free” in order to make instant purchase decisions. As a result, plant-based protein products remain the more preferable choice, to rely on growth opportunities. The demand for plant-based proteins such as soy proteins, potato proteins, wheat proteins, pea proteins, etc., are projected to grow due to the positioning of these plant-based proteins as a sustainable food source. Furthermore, the cost advantage, and a certain level of awareness regarding the authenticity of naturally-sourced products, act as few reasons as to why the popularity of this market has been growing.
By application, pet food segment is projected to be the fastest-growing segment in the market during the forecast period.
The growing expenditure on pet food products along with pet humanization in economies such as India and the US is expected to drive the market growth in the pet food segment. Changing consumer preferences driven by awareness toward meat sourcing practices, its ecological impact, and animal-borne diseases have led to more consumers opting out of meat consumption. The resulting change has led to consumer demand shifting from conventional animal-based proteins to plant-based alternatives.
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Asia Pacific is projected to be the fastest-growing region in the wheat protein market during the forecast period.
The Asia Pacific region is projected to be the fastest growing region due to increased demand for meat-free diets and a shift in consumer preference for healthy food options. The increase in R&D for plant-based protein, the growing vegan population, new product launches, and growing investments in the bakery industry are expected to drive the market growth in this region during the forecast period.
Wheat Protein Market Key Players:
Key players in this market include ADM (US), Cargill (US), Agrana (Austria), MGP Ingredients (US), Manildra Group (Australia), Roquette (France), and Glico Nutrition (Japan). These major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific, and Europe. They also have manufacturing facilities, along with strong distribution networks across these regions.