In 2018, the global whey protein powder market was valued at approximately US$ 10,252.9 million, with projections indicating a growth rate of 6.2% CAGR from 2019 to 2027, potentially reaching US$ 17,522.4 million by 2027.
The past decade has witnessed a surge in health-conscious consumers worldwide, creating significant opportunities for manufacturers of whey protein powder. Individuals are increasingly seeking ways to embrace a healthier and more active lifestyle, which has led to a heightened demand for health-focused food products. Consequently, protein supplements have gained similar popularity across regions such as Europe, North America, and the Asia-Pacific (APAC). The shift towards healthier living is largely driven by concerns regarding food sensitivities, obesity, and the rise of various health issues. The younger demographic, particularly athletes, is showing a growing interest in protein supplements due to their numerous benefits, including muscle building, cholesterol reduction, cancer fighting, strength enhancement, immune system support, and blood pressure management. This increased consumer expenditure on protein and related supplements has significantly contributed to market growth in recent years. Additionally, the demand for whey protein powder from infant formula producers is propelling this market forward. Specifically, demineralized whey powder and WPC-35-80 are key ingredients in infant formulas, and the demand for whey-based infant formulas has surged, particularly in China, which has a relatively lenient regulatory framework regarding infant formula consumption.
The COVID-19 pandemic, which originated in Wuhan, China, in December 2019, has rapidly spread across the globe. By March 2020, countries such as China, Italy, Iran, Spain, South Korea, France, Germany, and the United States were among the hardest hit in terms of confirmed cases and fatalities. The pandemic has had a profound impact on economies and industries worldwide due to lockdowns, travel restrictions, and business closures. The global food processing sector is one of the industries experiencing significant disruptions, including factory shutdowns, supply chain interruptions, cancellations of technology events, and office closures as a result of the pandemic.
The whey protein powder market is categorized based on applications into food & beverages, animal feed, and other sectors. In 2018, the food & beverages segment held the largest share of the global whey protein powder market, while the other segment is anticipated to exhibit the fastest growth rate during the forecast period. Beyond aiding in weight management and cholesterol reduction, whey protein powder is also beneficial for enhancing bone density and lowering the risk of cardiovascular diseases and strokes. It serves as a cost-effective alternative to more expensive dairy ingredients like cream, butter, fats, and cheese. Additionally, it can replace eggs in certain applications, such as dressings, mayonnaise, and no-rise baked goods, making it a versatile ingredient in the food industry. Various beverages, including plain whey drinks, concentrated fruit-based whey beverages, deproteinated whey drinks, whey protein-enriched beverages, whey-based soups, and dietetic drinks with hydrolyzed lactose, are produced using whey proteins.
The food & beverages segment is further divided into infant formula, sports & dietary nutrition, bakery & confectionery, dairy, and other categories. Among these, the infant formula segment accounted for the largest market share in 2018, while the bakery & confectionery segment is projected to experience the fastest growth rate during the forecast period. Many infant formula manufacturers incorporate whey protein powder into their products due to its comprehensive dietary benefits. High-quality whey protein isolates blend easily with liquids, and since whey is derived from milk, it aligns with the primary dietary needs of infants. Alpha-lactalbumin, a specific type of whey protein, has demonstrated significant nutritional value when added to infant formulas. According to the American Academy of Pediatrics, approximately 60% of the protein in breast milk is whey protein.
The whey protein powder market is broadly divided into regions: North America, Europe, Asia Pacific (APAC), South America (SAM), and the Middle East & Africa (MEA). In 2018, Europe dominated the global whey protein powder market, followed closely by North America. The Rest of Europe is expected to be the largest market segment, with demand anticipated to rise due to increased investment in research and development by manufacturers and a growing array of applications in food and beverages, pharmaceuticals, and more. Furthermore, robust growth in product offerings is positively influencing market expansion in the Rest of Europe.
Key players in the global whey protein powder market include Agropur Ingredients, Arla Foods Ingredients, Carbery Group, Glanbia PLC, Clover Fonterra Ingredients, Hilmar Cheese Company, Lactalis Ingredients, Leprino Foods Company, Milk Specialties, and Saputo Dairy Australia Pty Ltd.
The overall size of the global whey protein powder market has been determined through a combination of primary and secondary research methods. The research process begins with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the global whey protein powder market. Additionally, numerous primary interviews are conducted with industry participants and experts to validate the data and analysis. Participants typically include industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the whey protein powder market.