December 11, 2018
WELLESLEY, Mass., Dec.11, 2018–The continued popularity of high-protein diets and an increased focus on health are two factors helping to fuel growth of the whey protein products industry in North America, according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 6.8% through 2023, when it is expected to reach nearly $10.2 billion, according to the report “Whey Protein Products: North American Markets.”
Major players in the market include Abbott Laboratories (ABT), Allmax Nutrition, Bausch Health Companies (BHC), Clif Bar, Hilmar, Hormel Foods (HRL), Iovate Health Sciences, Milk Specialties Global, NBTY, Nutrabolt, Post Holdings (POST), and Twinlab Consolidation.
“Increased focus on health, across age groups and gender, is driving the use of whey protein outside sporting activities,” the report notes. “Overall demand is being driven by widespread application across various end markets: health food, bakery, confectionery, functional nutrition, dairy, ice cream and other processed food. Consumer behavior toward interest in the health food segment, which is a global phenomenon, has increased focus on whey proteins.”
Market Challenges Include Rising Milk Prices, By-product Disposal Trouble
While industry growth is generally robust, several factors are conspiring to challenge the industry, the report adds. Most prominent among these factors is rising milk prices, which is prompting some companies to consider soy protein as an alternative. Meanwhile, the production of whey proteins produces by-products such as lactose and ash, both of which are classified as pollutants and not easy to dispose. One possible solution is the effort to produce ethanol from lactose, a process which has yet to be commercialized.
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Whey Protein Products: North American Markets( FOD080A )
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