Milk Protein Concentrate Market generated $3.00 billion in 2019, and is projected to reach $3.92 billion by 2027, growing at a CAGR of 5.3% from 2021 to 2027. The report provides a detailed analysis of changing market dynamics, top winning strategies, key segments, regional landscape, key investment pockets, and competitive scenario.
Milk protein concentrate is a concentrated dairy protein product with the concentration of protein ranging upwards of 40%. It is widely used in the food & beverage industry and nutraceuticals sector as a key ingredient to produce protein drinks, packaged goods, and convenience goods.
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The growth of the milk protein concentrate market can be attributed to surge in demand for nutritional food in the market. Owing to rise in awareness about health and nutritional food products, people are shifting toward healthy diet and increasing their protein intake, by using protein supplements, thereby fueling the market growth for milk protein concentrate. Busy lifestyle and increase in women participation in the labor force have concentrated their focus toward nutritional supplements for their babies, which is offered by infant formula. Milk protein concentrate is one of the major components of infant formula, which is likely to drive the demand for dairy protein in the future. Protein supplements and protein-based food products are still in nascent stages in various regions of Africa such as Zimbabwe, Liberia, Eritrea, Burundi, and other developing regions. These countries still remain untapped, which is expected to offer remunerative opportunity for milk protein concentrate market growth.
The outbreak of Covid-19 negatively affected the milk protein concentrate market due to reduction in production because of strict lockdown regulations. Moreover, the prolonged lockdown resulted in supply chain disruption and in supply-demand gap.
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.
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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.
Key players in the milk protein concentrate market have relied on strategies such as product launch and innovation, to expand their market share and to stay relevant in the global milk protein concentrate market share. The key players in the milk protein concentrate industry include Kerry Group Plc, Arla Foods Amba, Fitsa Group, Lactalis Corporation, Cabot Creamery Cooperative, Dana Dairy Group, Royal Frieslandcampina N.V., Saputo Inc., Schreiber Foods Inc., and Fonterra Co-Operative Group Limited.
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