The global wheat protein market could demonstrate a robust CAGR of more than 4.9% during the forecast period (2017-2023), says Market Research Future (MRFR).
Market Boosters and Key Barriers
In the past couple of years, demand for wheat proteins has risen significantly with more people opting for meatless diets. Surge in consumption rate of wheat is the result of rising cases of cancer and osteoporosis. As meats have high content of toxins and saturated fat, their demand has gone down, giving rise to demand for wheat. Another factor bringing down meat’s consumption rate is its relation to reduced life expectancy and development of type 2 diabetes. As a result of these factors, health-conscious consumers are going for food items that have wheat proteins, a major factor stimulating market growth to a great extent.
Strong demand for wheat proteins in the cosmetic industry on account of the occurrence of glutens acting as an emulsifier, favors the market as well. Use of hydrolyzed wheat protein in cosmetic products including fillers, powders, and lipsticks, will also support wheat protein market growth.
Having said that, stunted health awareness in the developing nations could have a debilitating effect on the worldwide wheat proteins market. However, these developing countries could also have a positive impact on the market in the years ahead, owing to several expansion opportunities sensed by the manufacturers. On top of this, mounting awareness about various nutritional food and beverage products containing wheat proteins among consumers, mostly in the developing regions contribute significantly to the market.
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The top players in the worldwide wheat protein market are Manildra Group (Australia), Cargill Inc. (U.S.), Archer-Daniels-Midland Company (U.S.), MGP Ingredients, Inc. (U.S.), Tereos SA (France), Chamtor SA (France), Roquette Freres S.A. (France), Crespel & Deiters GmbH & Co. KG (Germany), Hermann Kroener GmbH (Germany), Permolex International L.P. (Canada), to name a few.
The worldwide market for wheat protein has been segmented on the basis of type, form, and application.
Type-based segments mentioned in the report include wheat gluten, wheat protein isolate, textured wheat protein, and others. Between these, the wheat gluten segment leads the market as a result of the increasing population of vegans and vegetarians across the globe.
Depending on the form, the wheat protein market can be broken down into dry and liquid. Among these, the dry form segment reigns over the market as the dry form of wheat protein offers enhanced stability as well as high shelf-life.
The various applications of wheat protein are in snacks, pet food, bakery and confectionery, processed meat, nutritional bars & drinks, and others. The bakery and confectionary segment holds the largest share in the market.
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The global wheat protein market is regionally segmented into Europe, North America, Asia Pacific, and the rest of the world (RoW).
North American leads the wheat protein market, with Europe coming in second. The main factors favoring market growth in North America include the rising demand for high protein food and beverage products. Canada will shine as the most profitable market in the region, with respect to product innovation associated with wheat protein. Furthermore, with the increasing vegetarian and vegan movements in the United States, the demand for wheat gluten protein could rise in the subsequent years.
Asia Pacific could expect to grow at the fastest rate as a result of the expanding population and the gradually improving economy. Evolving demographics in terms of consumer lifestyle, mounting awareness about low calorie and nutritional food and thriving food and beverage industry also benefit the market. Although the market notes healthy volume growth in the region, wheat protein struggles to capture substantial market share owing to robust demand for competitive products that do not contain gluten.
Europe ranks among the cream of the wheat protein market, due to the rise in research and development (R&D) for plant-based protein. The regional market also profits from the expanding vegan population, a flurry of product launches, and increasing investments in the bakery industry. The rising trend of pet humanization combined with the large-scale production of wheat in the region aids in market growth.
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