June 24, 2020
As per the report titled ‘Whey Protein Powder Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Concentrate, Isolate, and Hydrolysate); Application; Distribution Channel, available with Market Study Report LLC, global whey protein powder market is expected to reach USD 17,522.4 million at the end of forecast period, expanding with a CAGR of 6.2% over 2019-2027.
Rising number of health-conscious customers and increasing adoption of healthy and active lifestyle is expected to propel the growth of global whey protein powder market during the analysis timeframe.
Healthy lifestyle is gaining popularity owing to rising concerns over food sensitivity, obesity, and rising prevalence of diseases. The younger population, especially athletes, are consuming protein supplements owing to its benefits like building muscles, fighting cancer, improving immunity, lowering cholesterol levels, increasing strength, and lowering blood pressure.
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for the high demand for whey protein powder from infant formula manufacturers is slated to add momentum to market expansion. Demineralized whey powder and WPC-35-80 are the prime constituents of infant formula. China has been increasingly demanding whey-based infant formulas owing to favorable regulatory outlook for the consumption of infant formula by babies.
Based on application, global whey protein powder market is divided in terms of food & beverages, animal feed, and others. The food & beverages segment held the largest fragment of the market in 2018, while the others segment is expected to record notable CAGR during the analysis timeframe.
Food & beverages segment is sub-divided in terms of bakery & confectionery, dairy, infant formula, sports & dietary nutrition, and others. The infant formula segment accounted the largest market share in 2018; however, bakery & confectionery segment is slated to expand remuneratively recording notable CAGR during the study period.
Based on regional landscape, in 2018 Europe accounted for the largest fragment of the market, followed by North America. The Rest of Europe constitutes the largest whey protein powder market owing to increasing investment in R & D by manufacturers coupled with numerous applications like food and beverages, and pharmaceuticals. Additionally, substantial growth in product offerings is anticipated to propel the growth of global whey protein powder market.
However, the outbreak of COVID-19 has affected many countries and industries resulting in lockdowns, travel bans, and business shutdowns. The global food processing industry is one of the worst-hit industries due to supply chain breaks, factories shutdown, office shutdowns, and technology events cancellations.
Hilmar Cheese Company, Agropur Ingredients, Carbery Group, Milk Specialties, Glanbia PLC, Arla Foods Ingredients, Clover Fonterra Ingredients, Lactalis Ingredients, Leprino Foods Company, and Saputo Dairy Australia Pty Ltd. are major companies operating in the global whey protein powder market.