Wheat Protein Market Outlook
The global Wheat protein market is growing due to increased demand for vegan food products. From last few years companies are promoting the nutritional profiles of various wheat protein products along with their health benefits on social media and health magazines which has enhanced the knowledge and awareness about functional properties of wheat protein. Moreover, the high nutritive value of wheat protein is propelling the market demand among the health conscious population.
Wheat protein is more cost effective than the animal protein which is gaining traction among the consumers globally. North America and Europe are the major consumers of wheat protein followed by the Asia Pacific region. Additionally, increase in the demand for overall health and wellness products with protein-rich foods and beverages is driving higher demand for wheat protein. Furthermore, shifting consumer preference towards vegan food ingredients, advancement in processing methods & technologies, and high opportunities in developing countries is positively supporting the growth of the global wheat protein market.
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However, wheat protein have been facing challenges due to the high availability of economical alternatives such as animal and dairy protein ingredients. The market players are responding to these new opportunities by expanding their service offerings/product lines, which has boosted the share of wheat protein in the global market. The global wheat protein market is expected to grow at a CAGR of 4.9% during the forecast period, 2017-2023.
MRFR’s report on the Wheat protein market digs deep into the market to have a closer look at the growth pockets. The report includes namely, North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
High integration level of the wheat protein in the food & beverage sector took North America to the top. The region is benefiting mostly from investments made in the research & development sector. Presence of influential companies and their active participation in the regional market are also providing the market with ample prospect. Leveraging these factors, the regional market can register substantial growth rate during the forecast period. Manufacturers are also developing products with wheat protein fortification which can provide the market with strong traction.
The APAC market, by growth rate, can emerge as the fastest during the forecast period. India and China are major contributors that could change the market scenario in the coming years by implementing innovation on a regular-basis. Other economically prospering countries are integrating wheat protein in their regular diet which could increase the scope for market proliferation. Latin America’s growth would mostly depend on the contribution of Brazil and Mexico.
Several market players in the global Wheat protein market can impact the demography sizably by implementing innovative strategies. These companies are Roquette Freres S.A. (France), Cargill Inc. (U.S.), Manildra Group (Australia), Hermann Kroener GmbH (Germany), Archer-Daniels-Midland Company (U.S.), Tereos SA (France), MGP Ingredients, Inc. (U.S.), Crespel & Deiters GmbH & Co. KG (Germany), Permolex International, L.P. (Canada), and Chamtor SA (France)
In 2019, Beneo announced its intention to enter the Wheat protein market. The company has realized that the growing demand for plant-based proteins could be an opportunity to diversify its market and increase prospects. These wheat proteins are neutral in taste but are with interesting textures and could be a potential substitute for meat.
MRFR’s extensive report on the global Wheat protein market segmented it by type, form, and application. The segmentation is an effort to get a good grasp over the market.
Based on the type, the global Wheat protein market can be segmented into textured wheat protein, wheat gluten, wheat protein isolate, and others. The wheat gluten segment is in charge of the market owing to its high protein content and diversity in application.
Based on the form, the Wheat protein market comprises dry and liquid. The dry form segment is helming the market as it is more stable and displays a better shelf-life.
Based on the application, the Wheat protein market consists snacks, processed meat, pet food, nutritional bars & drinks, bakery & confectionery, and others. The bakery & confectionary segment is the flagbearer of the global market. However, the pet food segment has the potential to achieve substantial growth during the forecast period.
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