NEW YORK, Dec. 15, 2022 (GLOBE NEWSWIRE) -- IndexBox has just released its annual report on the global whey market. Check out some of the most interesting takeaways from their report below.
Whey Market Size
The global whey market size was valued at USD 4.6 billion in 2022 and is expected to reach USD 6.3 billion by 2030, growing at a CAGR of 4.1% over the forecast period (2022-2030). Whey, the liquid by-product of cheese making, is a nutritious and versatile ingredient that has seen significant growth in recent years.
The increase in demand can be attributed to the growing popularity of protein-rich diets and the health benefits associated with whey consumption. Whey protein is a complete protein that contains all nine essential amino acids and is low in lactose, making it an ideal choice for those with lactose intolerance. In addition to its use as a dietary supplement, whey is also finding its way into a variety of food and beverage applications such as sports drinks, infant formula, and even baked goods. As the world becomes more health-conscious, the demand for whey is only expected to continue to rise.
In terms of geography, North America is the largest market for whey, followed by Europe and Asia Pacific. The North American market is driven by the growing demand for whey-based infant formula and sports nutrition products in the United States. The growing demand for functional foods and beverages in Germany, France, Italy, and Spain supports the European market.
The Asia Pacific market is expected to witness the highest growth during the forecast period due to the rapidly growing population and urbanization, which are leading to an increase in disposable incomes and changing lifestyles. This has resulted in a growing demand for health-conscious and premium food & beverage products in countries such as China, India, Japan, South Korea, and Australia.
Whey Market by Segmentation
Whey powder is made from cow’s milk and goes through a number of processing steps to remove fat and lactose. The final product is a dry, powdered form of whey that contains high levels of protein (usually 80-90%).
The global whey market is segmented into three major types: whey concentrate (WPC), whey isolate (WPI), and whey hydrolysate (WPH).
Whey protein concentrate (WPC) is another form of milk-derived whey that contains similar levels of protein as whey powder (usually around 80%). However, WPC also contains higher levels of fat and lactose than whey powder. WPC is made by removing water from fresh cheese curds using microfiltration or ultrafiltration. The final product typically contains around 60-80% protein.
Whey protein isolate (WPI) is the purest form of commercially available whey with a typical protein content of 90-95%. WPI is made using a process called cross-flow microfiltration, which removes fat and lactose while preserving the protein content. The final product is a dry, powdered form of whey protein that is nearly free of fat and lactose.
Hydrolysate is the most expensive form of whey protein on the market. Hydrolysate is made by partially breaking down the protein molecules using a process called hydrolysis. This makes it easier for the body to absorb and use the protein. Hydrolysate typically contains around 80-90% protein and is often used in sports nutrition products or medical foods.
The global whey market is also segmented by application into functional foods & beverages, animal feed, pharmaceuticals, and others. Functional foods & beverages was the largest application segment, accounting for over 50% of the total market volume. Functional foods & beverages are expected to remain the largest application throughout the forecast period as consumers continue to demand more convenient and healthful food options. Animal feed is expected to be the second-largest application segment, growing at a CAGR of 5.9% from 2022 to 2030. Animal feed uses whey as a source of high-quality protein for livestock.
Whey Market Sales Channels
Sales channels for whey can be divided into direct and indirect sales channels. Direct sales channels involve manufacturers selling directly to customers through their own salesforce or websites. Indirect sales channels involve the use of intermediaries such as distributors or retailers to reach customers.
The most common direct sales channel for whey is through the use of manufacturers' websites. Customers can purchase whey directly from the manufacturer through these websites. This offers customers a convenient way to compare prices and product offerings from different manufacturers and make purchase decisions.
Another common direct sales channel is through the use of manufacturers' salesforces. Sales representatives from whey manufacturers typically visit potential customers in person to introduce them to the products offered and establish relationships. This type of direct selling can be very effective in building trust between the customer and the manufacturer.
Indirect sales channels are typically used by small-scale Whey producers who do not have the resources necessary to develop their own direct selling capabilities. These producers typically sell their products to distributors who then sell the products to retailers.
Retailers are the final link in the indirect sales channel and play a key role in reaching consumers. Retailers typically have a wide network of locations that allow them to reach a large number of potential customers. They also have the necessary resources to promote and sell whey products effectively.
Whey Market Opportunities
The growth of the whey market is driven by the increasing demand for protein supplements and ready-to-drink (RTD) whey protein beverages.
Protein supplements are gaining popularity among fitness enthusiasts and bodybuilders as they help in muscle recovery, repair, and growth. Whey protein is considered to be one of the best sources of protein as it is rich in amino acids and is easily digestible. RTD whey proteins are convenient to consume and are available in different flavors, which makes them popular among consumers.
The growing demand for sports nutrition products is another major factor driving the growth of the global whey market. Sports nutrition products are designed to meet the specific nutritional requirements of athletes and sportspersons. These products help in enhancing performance, delaying fatigue, and reducing recovery time. Whey protein is widely used in sports nutrition products as it helps in rebuilding muscles and provides energy.
Thus, the whey market is expected to grow moderately in the next few years, driven by rising demand for protein-rich foods and beverages. As consumers become more health conscious, they are increasingly seeking foods and drinks offering nutritional benefits. This trend is expected to continue driving growth in the global whey market.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
Arla Foods, Dairy Farmers of America, Fonterra, Glanbia plc, Leprino Foods Company, Glan, Dairy Farmers of America Inc., Lactalis Ingredient SAS, Leprino Foods Company LLC., Hoffmann–La Roche Ltd., Carbery Group Limited, APC Inc.
Sources
World - Whey - Market Analysis, Forecast, Size, Trends and Insights
EU - Whey - Market Analysis, Forecast, Size, Trends and Insights
Asia - Whey - Market Analysis, Forecast, Size, Trends and Insights
U.S. - Whey - Market Analysis, Forecast, Size, Trends and Insights
