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By type, the protein supplements segment is projected to have the highest market share in terms of value throughout the forecast period
The intake of protein supplements has grown due to the COVID-19 pandemic to strengthen the immune system. According to a two-week survey conducted by Glanbia PLC, a manufacturer of nutrition products, in April 2020 to monitor the effect of COVID-19 on consumers’ spending on food and nutrition products in the US, a higher percentage of respondents reported consuming protein bars to maintain their health and strengthen their immune systems, rising from 21% in week 1 to 23% in week 2. The demand for protein is constantly rising along with the human population. Additionally, proteins’ versatile and functional properties are gaining more interest.
By source, the plant-based segment is projected to have the highest market share during the forecast period
The market for health ingredients is growing at a high rate; changing consumer preferences from meat-based products to plant-based products is one of the main reasons that drive the market for plant-based health ingredients. Also, plant-based health ingredients are a major source of vitamins, proteins, and other health ingredients for vegans and consumers with allergies to various animal-derived ingredients worldwide. According to the GFI (Good Food Institute), investment in the alternative protein market reached a new high in 2020, with $3.1 billion invested in industries such as plant-based meat, dairy-free, fermentation, and cultivated meat. $2.1 billion was invested in vegan meat, egg, and dairy.
By application, the pharmaceutical products segment is projected to achieve the highest CAGR throughout the forecasted period
Health ingredients are added to pharmaceutical products to provide a wide range of benefits, such as Antioxidant action & cell protection, Blood sugar level control, Osteoporosis prevention, Heart Health, Anti-stress, Beauty, and Weight management.
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APAC is projected to account for the highest market share during the forecast period
According to the World Economic Forum 2021, Asia is unmatched regarding millennials. 1.1 billion millennials live in the region, making up 24% of the region’s population. For instance, two-thirds of the passports in China are held by people under the age of 40. By 2030, the Association of Southeast Asian Nations (ASEAN) is expected to have 75% of its consumers as millennials and Gen Z. This population is active fitness enthusiasts and continuously seeking innovative products. Consequently, millennials play an essential role in consuming dietary supplements in the region that help them achieve the goal of optimal nutrition. This key factor will eventually pave the way for health ingredients to grow significantly in value sales during the forecast period in the Asia Pacific region.
Key Market Players
The key players in this market include Archer Daniels Midland Company (ADM) (US), Associated British Foods PLC (UK), International Flavors & Fragrances Inc. (US), Kerry Group PLC (Ireland), DSM (Netherlands), BASF SE (Germany), Cargill Incorporated (US), Ingredion (US), Arla Foods (Denmark), Tate & Lyle (UK), Lonza (Switzerland), Royal FrieslandCampina N.V. (Netherlands), Glanbia PLC (Ireland), CHR Hansen Holdings A/S, (Denmark), and Probi (Sweden). Strategic partnerships were the dominant strategy adopted by the key players, followed by expansions and new product launches. These strategies have helped them to increase their presence in different regions and industrial segments.
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