Wheat Protein Market Pegged To Hit US$2.58 Billion
Thursday, March 1st, 2018 | 1128 Views
The global wheat protein market is estimated at US$2.04 billion in 2017 and is projected to reach US$2.58 billion by 2022, growing at a compound annual growth rate of 4.8 percent, according to market intelligence agency Research and Markets.
The wheat protein market has been largely driven by the growing demand for bakery products, the increasing popularity of plant-based foods, and wheat protein being a suitable alternative for non-animal protein among vegans coupled with nutritional benefits for lactose-intolerant consumers.
Europe is estimated to occupy the largest share of the global wheat protein market in terms of value in 2017 owing to the mature wheat protein industry and the presence of major food companies.
The increase in research and development for plant-based protein, the growing vegan population, new product launches, and growing investments in the bakery industry are expected to drive the wheat protein market growth in Europe during the forecast period.
In Asia Pacific, India is projected to be the fastest-growing market during the forecast period. The growing trend of pet humanisation, large-scale production of wheat, growing investment by multiple brands, government support, farmer subsidy, and low labour cost are expected to drive the wheat protein market growth in India.
The increasing discussion on gluten intolerance and gluten-free diets is the major factor restraining the growth of the wheat protein market, globally. The major challenges faced by wheat protein market manufacturers are limited technological developments and low consumer awareness of non-soy proteins.
Key players in Europe and the US are expected to focus on the untapped opportunity in the wheat protein market in countries such as India and China, owing to which the Asia Pacific is expected to witness high growth in the coming years.