Whey Protein Market Report and Forecast 2024-2032

Market Outlook

According to this report, the whey protein market size reached a value of USD 12.69 billion in 2023. Aided by the increasing demand for protein-rich food products and the growing applications of whey protein in various sectors, the market is projected to further grow at a CAGR of 8.5% between 2024 and 2032 to attain a value of around USD 26.46 billion
by 2032.

Whey protein is a high-quality protein derived from milk during the cheese-making process. It is commonly used as a dietary supplement and food ingredient due to its excellent nutritional profile, which includes all essential amino acids. Whey protein is known for its benefits in muscle growth, weight management, and overall health. It is available in various forms, including whey protein concentrate, whey protein isolate, and whey protein hydrolysate, catering to different nutritional needs and preferences.

The increasing consumer preference for protein-rich food products is driving the whey protein market growth. With the growing awareness of the health benefits associated with protein consumption, there has been a significant shift towards high-protein diets, leading to a surge in demand for whey protein-based products. Additionally, the rising trend of health and fitness has further contributed to the increasing popularity of whey protein, as it is a popular ingredient in protein supplements consumed by athletes and fitness enthusiasts.

The expanding applications of whey protein in various sectors also play a significant role in propelling the market. In the food and beverage sector, whey protein is used in products such as protein bars, snacks, beverages, and dairy products to enhance their nutritional value and improve texture. In the pharmaceutical sector, whey protein is used as a functional ingredient in nutritional supplements and medical foods. Moreover, the cosmetic industry utilises whey protein for its skin-conditioning and anti-aging properties, making it a valuable ingredient in skincare products.

Further, the growing demand for dairy-based alternatives in the food and beverage sector has led to an increased focus on whey protein as a viable ingredient for plant-based products. With the rise of veganism and the increasing popularity of plant-based diets, whey protein has emerged as a critical component in the formulation of dairy-free cheese, yogurt, and other alternatives, consequently driving up the whey protein market share.

Technological advancements play a crucial role in the growth of the market. The development of advanced processing technologies, such as membrane filtration and ion-exchange chromatography, is enhancing the quality and purity of whey protein products. These technologies enable the production of whey protein with high protein content and minimal impurities, meeting the stringent quality standards of the food, pharmaceutical, and sports nutrition industries.

Moreover, the use of biotechnology in whey protein production is driving market growth. Biotechnology enables the development of customised whey protein products with specific functional properties, such as improved solubility, enhanced digestibility, and better flavour. The use of genetically modified organisms (GMOs) and enzymes in whey protein production helps optimize the yield and quality of the final product, catering to the diverse needs of consumers.

As per the whey protein market analysis, the future of the market looks promising, with continuous advancements in technology and increasing demand for protein-rich food products. The growing adoption of advanced processing technologies and the development of customized whey protein products are expected to further boost the market. Additionally, the expansion of the food and beverage sector in emerging economies and the increasing investments in food processing infrastructure are anticipated to create new avenues for market growth.

Market Segmentation

The market can be divided based on type, application, distribution channel, and region.

Market Breakup by Type

• Concentrate
• Isolate
• Hydrolysate

Market Breakup by Application

• Sports Nutrition
• Dietary Supplements
• Infant Formula
• Food Additives
• Beverages
• Others

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Speciality Stores
• Online Stores
• Others

Market Breakup by Region

• North America
• Latin America
• Middle East and Africa
• Asia Pacific
• Europe

Competitive landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global whey protein market. some of the major players explored in the report are as follows:

• Glanbia plc
• Arla Foods amba
• Fonterra Co-Operative Group Limited
• Lactalis Ingredients
• Olam International Limited
• Royal FrieslandCampina NV
• Hilmar Cheese Company, Inc.
• Agropur Cooperative
• Saputo Inc.
• Leprino Foods Company
• Wheyco GmbH
• Others