Milk Protein Market Growing at a CAGR of 6.5 % During 2016 to 2022

PUNE, India, January 20, 2017 /PRNewswire/ --

The milk protein market is projected to grow at a CAGR of 6.5% from 2017 to reach USD 13.38 billion by 2022 while infant formula segment, by application is projected to be the fastest-growing in the milk protein market dominated by Asia-Pacific which is estimated to be the fastest-growing region. 

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The demand for milk protein is projected to be on the rise, owing to factors such as increase in demand for nutrition-based products in sports nutrition, infant formulas, and clinical nutrition, increase in consumption of premium products, growth in demand for high protein content in food industries such as confectionery and bakery, thus creating a platform for newer applications of milk protein and growth in awareness of functional foods and nutrition among the consumers. Competition from substitutes such as plant and soy protein and fluctuations in price of raw materials are the major restraints for the milk protein market.

In terms of value, the infant formula segment is projected to grow at the highest rate between 2017 and 2022. Due to its nutritional value, milk protein forms an essential part of infant formula, such as milk powders, ready-to-feed liquids, and concentrates. An increase in demand for high nutrition food for infants acts as a driver for the milk protein market in the infant formula segment. Furthermore, the rise in cases of food allergy and lactose intolerance among infants is another factor for the growth of milk protein in this sector. The infant nutrition sector presents innovative potential to milk protein manufacturers, due to the availability of options for developing new and customized infant formulas, and the support offered by government organizations toward infant nutrition.