The Wheat Protein Market Size is driven by increasing demand for natural and organic ingredients, rising application of wheat protein in several end-use industries, increasing demand for premium pet food products from developing and developed countries, rising demand for meat analogs and the change in consumer preference toward ready-to-eat foodstuffs has augmented the demand for bakery products.
According to the new market research report “Wheat Protein Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product (Wheat Gluten, Wheat Protein Isolates, Textured Wheat Protein, and Hydrolyzed Wheat Protein), Form (Dry and Liquid), and Application (Bakery & Snacks, Pet Food, Nutritional Bars & Drinks, Processed Meat, Meat Analogs, and Others)”, published by The Insight Partners, the global wheat protein market was valued at US$ 4,083.05 million in 2021 and is projected to reach US$ 4,788.49 million by 2028; it is expected to grow at a CAGR of 2.3% from 2021 to 2028.
Wheat Protein Market: Competition Landscape and Key Developments
Archer Daniels Midland Company; Roquette Frères; Glico Nutrition Co.,Ltd; Kröner-Stärke GmbH; Cargill, Incorporated; Crespel & Deiters GmbH & Co. KG; CropEnergies AG; Manildra Group; MGP Ingredients Inc.; and Tereos Group are among the key players in the wheat protein market. These market players are highly focused on developing high-quality and innovative products to meet the customer’s requirements. For instance, in January 2021, the brand Loryma of Crespel & Deiters GmbH & Co. KG introduced a new concept for trendsetting vegan fish products. Functional wheat ingredients, such as starches and proteins, interact to authentically replicate the muscle meat of fish and offer a typical mouthfeel. Using a modular principle, Loryma’s ingredients enable a range of applications, such as vegan fried fish or fish fillets, and meet consumer demand for sustainable and plant-based alternatives.
The Wheat Protein Market in Asia-Pacific is projected to grow at the highest CAGR during the forecast period. Population in India, Malaysia, and Singapore has a high standard of living and has increased their spending capacity due to the high per capita income. The quest for plant-based protein foodstuff is proliferating in the region due to the growing trend of vegetarianism and veganism. Furthermore, CIMMYT (International Maize and Wheat Improvement Center) and JIRCAS (The Japan International Research Center for Agricultural Sciences) are focused on developing and improving wheat farming systems while sustaining natural resources. Such government initiative for boosting the production capacity of wheat are expected to drive the wheat protein market growth in the region during the forecast period.