M. Shahbandeh
Research expert covering agriculture & FMCG
Protein products market - statistics & facts
The protein market continues to present strong growth opportunities for the food industry. Projections suggest that the worldwide market for protein ingredients is set to grow to over 47.4 billion U.S. dollars by 2032, increasing massively from the 2021 figure of about 26 billion U.S. dollars. In 2022, JBS and Tyson food, Inc. were among the leading protein food companies worldwide. EBITDA of Tyson Foods, Inc. amounted to about 5.7 billion U.S. dollars that year.
As whey protein contains dairy, vegans and those with dietary restrictions must look for other sources of protein. Plant-based and soy proteins are the primary meat replacement source for those types of consumers. By 2022, retail sales of soy and vegetable proteins in the United States were forecasted to amount to about 871 and 178 million U.S. dollars respectively. For vegans, the preference towards plant-based and soy proteins allows the industry to kill two birds with one stone without involving any birds at all. The United States is a large part of the worldwide plant proteins market,reaching eight billion dollars in 2022.
Protein product varieties
The different protein sources available are as equally diverse as the variety of people demanding these protein products. Of course, different protein products provide different benefits, and the growth of each protein source provides some indication of the primary market drivers. Whey protein, for example, is a key source of protein for body-building and gym-exercise targeted protein products. It is one of the most popular proteins as it can more easily be absorbed by the human body. This market is responsible for a large part of the projected plant-based protein market growth with the whey protein market set to grow to over 40 billion U.S. dollars in value by 2032.As whey protein contains dairy, vegans and those with dietary restrictions must look for other sources of protein. Plant-based and soy proteins are the primary meat replacement source for those types of consumers. By 2022, retail sales of soy and vegetable proteins in the United States were forecasted to amount to about 871 and 178 million U.S. dollars respectively. For vegans, the preference towards plant-based and soy proteins allows the industry to kill two birds with one stone without involving any birds at all. The United States is a large part of the worldwide plant proteins market,reaching eight billion dollars in 2022.
Consumer attitude towards protein products
The dominance of exercise-focused consumers over vegetarians in the industry is clearly outlined by the sales value of whey protein products. Additionally, over 60 percent of consumers in the United States said they generally try to consume protein, but generational differences remain. More than two-thirds of Baby Boomers (70 percent) reported willingness to consume proteins, compared to 55 percent Millennials and 58 percent of respondents in Generation X. Though no matter their willingness to consume protein, many consumers believe that protein products are the least likely to cause weight gain. In the future, protein products will remain an important part of the diets of American consumers, whether they are more focused on their dietary intake or fitness.
