Market Overview

The global whey protein market was valued at USD 11.79 billion in 2023 and is expected to grow from USD 12.64 billion in 2024 to USD 22.63 billion by 2032, registering a CAGR of 7.5% during the forecast period. North America led the market in 2023, accounting for 35.96% of the global share. In particular, the U.S. whey protein market is poised for significant growth, projected to reach USD 5.11 billion by 2032, driven by increasing health consciousness and a rising emphasis on adequate daily protein intake among consumers.

Rising consumer awareness regarding a healthy diet is expected to boost consumer product demand. Further, growing innovations in protein manufacturing containing several amino acids may increase the product’s adoption. Moreover, robust demand for premium products may facilitate the product demand. In addition, the strong demand for premium products across the personal care industry is expected to propel industry development during the upcoming years.

List of Key Players Profiled in the Report

• Hilmar Cheese Company, Inc. (U.S.)
• Saputo Inc. (Canada)
• Glanbia plc (Ireland)
• Fonterra Co-operative Group Ltd. (New Zealand)
• Arla Foods (Denmark)
• Alpavit (Germany)
• Wheyco GmbH (Germany)
• Milk Specialties (U.S.)
• Carbery Group (Ireland)
• LACTALIS Ingredients (France)

Segments

By type, it is segmented into isolates, concentrates, and others. Based on application, it is classified into animal feed, food and beverages, and others. Geographically, it is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Source: https://www.fortunebusinessinsights.com/whey-protein-market-106555

Drivers and Restraints

Strong Demand for Protein-Rich Diet to Nurture Industry Progress

The increasing demand for protein-rich diets is anticipated to drive the growth of the whey protein market. The growing popularity of ready-to-cook meals and packaged foods has led to a surge in demand for high-quality protein sources. Additionally, the rising prevalence of chronic illnesses is expected to further boost product adoption among consumers. Higher per-capita spending and the shift toward healthier lifestyles are also likely to support increased whey protein consumption. Moreover, the expanding demand for sports nutrition products among athletes and fitness enthusiasts is set to propel market growth.

On the downside, the rising preference for plant-based protein alternatives may pose a challenge to the market’s expansion in the coming years.

Regional Insights

Rising Awareness Regarding Easy Usability and Convenience to Boost Growth in North America

North America is expected to dominate the whey protein market share due to rising awareness regarding easy usability and convenience. The market in North America stood at USD 3.73 billion in 2021 and is expected to gain a huge portion of the global market share. Further, evolving consumer preferences and tastes may boost the product demand. These factors may propel industry growth.

In Europe, increasing trends of preventive healthcare, rising emphasis on healthy living, and growing demand for protein supplements may foster the product’s demand. In addition, the adoption of proteins in naturally and synthetically derived foods may propel market growth.

In Asia Pacific, the rising domestic demand and exports for dairy-based products, such as whey and casein, may foster market development.

Competitive Landscape

Companies Announce Acquisition Strategies to Reinforce their Stance

Prominent companies operating in the market announce acquisition strategies to reinforce their market position globally. For example, Saputo Inc. declared two acquisitions in the value-added and dairy alternatives segment. The company invested nearly USD 146.94 million and acquired Wisconsin Specialty Protein, LLC’s Reedsburg facility. It produces value-added ingredients such as whey, goat, organic lactose, and others. This acquisition may enable the company to reinforce its market stance globally. Furthermore, companies adopt product launches, mergers, partnerships, and research and development strategies to boost their annual revenues.

Industry Development

November 2023: FrieslandCampina Ingredients, a leading global protein supplier, announced the launch of Nutri Whey ProHeat. The company's new ingredient is microparticulated and heat-stable, designed for the medical nutrition market.