Wheat Protein Market
The globe wheat protein market is expecting substantial growth as the demand for plant-based proteins is getting aggravated. A growing number of vegans is one major reason that is providing traction to the burgeoning market. Market Research Future (MRFR Wheat Protein Market size exceeded USD 2.3 billion in 2020 and is estimated to grow at over 3.5% CAGR from 2021 to 2027. Increasing vegan population along with rising health consciousness to drive overall market growth.
The wheat protein contains two types of insoluble protein groups, gliadin, and glutenin. Three types of proteins it offers are wheat gluten, wheat protein isolates, and textured wheat protein.
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Among several factors, the wheat proteins market gains the most owing to its cost-effectiveness. This has increased its market proliferation and has helped in its percolation of it in the sports industry. Wheat protein is also enjoying widespread popularity as functional food or nutritional supplement. Aggressive marketing in developed countries is focusing mostly on grabbing consumer attention and encouraging purchasing through strategic market promotion.
COVID-19 impact Analysis
The COVID-19 pandemic has had a profound impact on the wheat protein market. Given the growing consumer awareness of the impact of the pandemic on meat production, consumers began adopting plant-based alternatives instead. This resulted in a sales surge of over 500% for meat alternative brands. The pandemic has also influenced the sales of plant-based snacks, dairy alternatives, and supplements, as consumers move towards a healthier lifestyle.
Competitive Landscape:
Several market players in the global wheat protein market can impact the demography sizably by implementing innovative strategies. These companies are Roquette Freres S.A. (France), Cargill Inc. (U.S.), Manildra Group (Australia), Hermann Kroener GmbH (Germany), Archer-Daniels-Midland Company (U.S.), Tereos SA (France), MGP Ingredients, Inc. (U.S.), Crespel Deiters GmbH Co. KG (Germany), Permolex International, L.P. (Canada), and Chapter SA (France)
In 2019, Beneo announced its intention to enter the wheat protein market. The company has realized that the growing demand for plant-based proteins could be an opportunity to diversify its market and increase prospects. These wheat proteins are neutral in taste but are with interesting textures and could be a potential substitute for meat.
Regional Analysis:
MRFR’s report on the wheat protein market digs deep into the market to have a closer look at the growth pockets. The report includes names, of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The high integration level of wheat protein in the food beverage sector took North America to the top. The region is benefiting mostly from investments made in the research development sector. The presence of influential companies and their active participation in the regional market are also providing the market with ample prospects. Leveraging these factors, the regional market can register a substantial growth rate during the forecast period. Manufacturers are also developing products with wheat protein fortification which can provide the market with strong traction.
The APAC market, by the growth rate, can emerge as the fastest during the forecast period. India and China are major contributors that could change the market scenario in the coming years by implementing innovation on a regular basis. Other economically prospering countries are integrating wheat protein into their regular diet which could increase the scope for market proliferation. Latin America’s growth would mostly depend on the contribution of Brazil and Mexico.
Segmental Analysis:
MRFR’s extensive report on the global wheat protein market segmented it by type, form, and application. The segmentation is an effort to get a good grasp over the market.
Based on the type, the global wheat protein market can be segmented into textured wheat protein, wheat gluten, wheat protein isolate, and others. The wheat gluten segment is in charge of the market owing to its high protein content and diversity in application.
Based on the form, the wheat protein market comprises dry and liquid. The dry form segment is helming the market as it is more stable and displays a better shelf-life.
Based on the application, the wheat protein market consists snacks, processed meat, pet food, nutritional bars drinks, bakery confectionery, and others. The bakery confectionary segment is the flagbearer of the global market. However, the pet food segment has the potential to achieve substantial growth during the forecast period.
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