Consumers are seeking rich as well as good sources of protein to balance their diets, as they have become more aware of the health benefits of protein. Plant-based proteins such as soy, wheat, pulse, chia, and rice are vital protein sources used to maintain the strength of muscles and other tissues, as well as offer additional nutrition benefits. Moreover, other than nutrition, taste is an added advantage of plant-based protein. In addition, animal cruelty and sustainability are other factors creating demand for plant-based protein products across the world. These factors are expected to accelerate the growth of the wheat protein market over the next decade.
The global wheat protein market has witnessed substantial growth over the past few years, and this trend is expected to continue through the course of the forecast period (2020 to 2030). The global wheat protein market is estimated to rise at a steady CAGR of 5% during the forecast period.
The outbreak of the coronavirus has impacted the global operations of the food and beverage industry. The extended outbreak of COVID-19 may lead to the price inflation of food products and food ingredients. Along with this, the changing mindset of consumers about health risks is also influencing the global wheat protein market. The short-term impact of the COVID-19 outbreak is more obvious as there is a market slowdown, but the degree of impact on the global wheat protein market in the long run is tough to presume due to the unpredictable behavior of the global market.
Key Takeaways from Wheat Protein Market Study
- By application, the food segment is leading the global wheat protein market, as wheat protein is being continuously utilized in a variety of food applications such as bakery, processed food, sauces, and others.
- Wheat protein Isolate is expected to exhibit significant market growth; the major contributing factor is growing consumer inclination toward high protein diets, and wheat protein isolate contains higher protein content as compared to the other types.
- Conventional wheat protein is dominating the wheat protein market with the highest market value share, owing to the higher production and consumption rate of conventional wheat protein than organic wheat protein.
- The coronavirus outbreak will have a marginal impact on the wheat protein market, as the food processing and supply chain of agricultural products has been affected due to this global pandemic.
“Stakeholders in the wheat protein market could acquire extensive profits by targeting bakery and snack manufacturers, due to the increasing use of wheat protein in the bakery industry. Moreover, the growing utilization of wheat protein powder in sports nutrition & weight management is another potential growth factor for the market. The adverse impact of the COVID-19 pandemic on the food and beverage segment is expected to see a recovery by the fourth quarter of 2020,” says a PMR analyst.
Wheat Protein Market: Competitive Landscape
The wheat protein market is fragmented in nature. Key players operating in the landscape are adapting their market strategies to benefit the most from prevailing market trends. Leading manufacturers are adopting strategies such as business expansion and strengthening their distribution networks with a focus on geographical expansion. Additionally, manufacturers are aiming to cater to the rising number of health-conscious consumers to gain a competitive advantage.
Explore More Valuable Insights on Global Wheat Protein Market
Persistence Market Research, in its new report, offers an impartial analysis of the global wheat protein market, presenting historical data (2015-2019) and estimation statistics for the forecast period of 2020-2030. The study offers compelling insights on the wheat protein market based on nature (organic and conventional), type (concentrate wheat protein, wheat protein isolate, and hydrolyzed wheat protein), and application (food, animal feed, sports nutrition & weight management, nutraceuticals, cosmetics, and others), across seven regions.
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