The Wheat Protein Marketadmin_gideon2023-02-03T15:18:52+00:00
The Wheat Protein Market
During the past few years the protein transition from animal based protein to plant based protein attracted a lot of attention in the media. The COVID-19 pandemic positively boosted the plant-based protein industry thereby fueling the wheat protein demand. Many consumers switched to plant-based proteins from animal-based counterparts owing to various safety and environmental concerns. The pandemic emphasized on the importance of eating a healthy diet, increasing the demand for plant-based foods with high protein content. Many manufacturers in the plant-based food industry began to alter their strategies and invest in R&D for new product development to cater to the increase in demand.
According to WPA internal market research the global wheat protein market size grew from 1,240,00 mt in 2018 to 1,455,000 mt 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.5% from 2022 to 2030.
In 2021 and historically the milling and baking industry continues to be the largest market for wheat protein albeit growing at a modest 2% per annum. The second largest market for wheat protein is in aquafeed with a very healthy growth of approximately 10% per annum. Although relatively small the demand for wheat protein in the meat analogues market also grows by 10% per annum. Demand for wheat protein in petfood grows at a rate of 5% per annum.
The growth of the wheat protein demand is expected to be driven by the rising adoption of plant-based diets as well as an increase in the number of people adopting vegan or flexitarian diets in developing economies. Furthermore, product demand is likely to be fueled by a rising geriatric population, income levels, and increased urbanization.
In the years ahead world wide demand for wheat protein is forecast to continue to grow at a 4.5% CAGR. Traditional market segments and new applications will provide outlets for this unique plant protein.