Market Trends of milk protein Industry
Rising health awareness and growing demand from millennials
- The primary factors influencing the growth of the sports drink market are the rising demand for protein-enriched beverages due to rising health awareness and growing demand from millennials. However, in 2020, it witnessed a steep decline of 3.50% in its Y-o-Y growth rate, attributed to gym closures due to lockdowns and COVID-19-related restrictions in the United States, the United Kingdom, China, India, and Germany. Being one of the common sales channels for supplements, health clubs impacted the sales of supplements.
- Sports drinks have long been promoted as ways to replace electrolytes lost during intense activity or exercise, increase carbohydrates and salts, and replenish water. They also claim to improve performance during workouts and sports activities. As consumers become more health conscious, demand for functional beverages is growing, rising by 11% in 2020. In recent years, people wanting to lead a more active and healthy lifestyle turned to these sports beverages. The increase in middle-aged and elderly populations participating in sports also accelerated the expansion of the sports nutrition industry.
- North America is one of the leading sports nutrition markets across the world, owing to the increasing trend of athleticism, rising concerns relating to health, and shift in dietary patterns due to changing lifestyles. Innovation in flavors with health benefits is also predicted to support the market and result in a 5.14% growth during the forecast period. Europe is emerging as the second-largest market, with 70% of the market being dominated by the United Kingdom, Germany, Spain, and France.
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Milk continues to contribute as major animal protein source
- Milk is a key source of financial revenue for small-scale farmers and offers relatively quick returns. This development is mostly due to an increase in the number of milk-producing animals and a tangible expansion in yield figures rather than an increase in production per head. Global milk production increased by more than 59% in the previous three decades, from 530 million tons in 1988 to 843 million tons in 2018, and global milk production in 2022 was forecast to reach 937 million tons, up 1.0% from 2021. According to production data of the Food and Agriculture Organization Corporate Statistical Database(FAOSTAT), India is the highest milk producer i.e., ranks first position in the world contributing 24% of global milk production in the year 2021-22.
- Milk production in Asia is likely to be the primary driver of global output, which continues to be driven by rising dairy cattle numbers and increasing milk collection efficiency in India and Pakistan, with rising output in large-scale farms in China. Milk output in 2022 witnessed a growth moderately in North America, Central America, and the Caribbean, mostly due to improving yields. In contrast, milk production levels were anticipated to drop in Europe, South America, and Oceania due to declining dairy cattle numbers, mounting skilled labor shortages, and less-than-desirable pasture quality.
- In EU countries, the French milk supply for January 2021 was down by more than 3%, compared to the same month in 2020, to just over 2 billion liters. This equates to a drop in the production of more than 70 million liters of milk compared with January 2020. This was attributed to the cold weather conditions in the early weeks of 2021, coupled with higher feed prices and poor silage quality.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Asia-pacific held major market share
- Healthy trends in beverages impacting market growth
- Hike in the demand for single-serve packets may augment production
- Dairy alternative to witness significant growth
- Meat protein alternatives are revolutionizing the meat segment
- Healthy snacking preference to support market growth
- Natural ingredients highly driving the segmental sales
- Strong hold of the retail sector is supporting market growth
- Growing preference for convenient breakfast options
- Rising at-home consumption and demand for healthy confectionery products
- Growing nutritional concerns for aging populations
- Ready-to-cook and frozen foods witnessed a surge in sales
- Growing demand for compound feed
- Animal protein consumption and usage in cosmetics and nutracosmetics, are supporting the market growth globally
