Worldwide Whey Protein Market Forecast to Reach a Volume of 5.6 Million Metric Tons by 2024

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Dublin, April 17, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. The global whey protein market reached a volume of 4.2 Million Metric Tons in 2018, registering a CAGR of 3.7% during 2011-2018. The market is further projected to reach a volume of 5.6 Million Metric Tons by 2024, growing at a CAGR of 4.8% during 2019-2024. Some of the factors which are augmenting the demand for whey protein are inflating disposable incomes, rising demand from developing markets and the emerging trend of consuming protein-based drinks.Due to the rising prevalence of lifestyle diseases and growing health awareness among consumers, people are now joining gyms and fitness centers. As protein supplements are often recommended in these centers, the demand for whey protein is proliferating at a rapid pace.As whey protein possesses anti-bacterial and anti-hypertensive properties, it finds applications in the food industry for preparing snacks, cereals, chocolates, beverages, infant formula, dairy products and bakery items. With rising global population and changing dietary habits of people, the food industry is experiencing a robust growth, which in turn, is catalyzing the growth of the whey protein market.Unlike other dairy products, the shelf life of whey protein is comparatively higher owing to which it can last for months while retaining its original properties. In addition to this, as whey protein is generally available in powdered state, it can be easily transported from one place to another.On the basis of type, the market has been segmented into whey protein concentrates, isolate and hydrolysates. At present, whey protein isolate represents the most popular product type as it is one of the fast-absorbing sources of protein which assists in building lean muscles.Based on applications, the market has been classified as food and beverages, nutrition products and pharmaceuticals, feed applications and others. Amongst these, the nutrition and pharmaceutical segment accounts for the majority of the market share.On a geographical front, the European Union enjoys the leading position in the global whey protein market. This can be attributed to the rising awareness about the health benefits of whey protein amongst the populace of the region. It is followed by North America, Oceania, Eastern Europe and Latin America.The global whey protein market is fragmented in nature due to the presence of numerous small and large manufacturers who compete against one another in terms of prices and quality. Some of these key players include:

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Globe Newswire: 10:45 GMT Wednesday 17th April 2019

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