GLOBAL- The global wheat protein market could reach US$3.65 billion by 2026, according to a Research and Markets report.
The Wheat Protein Global Market Report 2022: by Product Type, Form, Nature, Application, and Region provides strategists, marketers, and senior management with the critical information they need to assess the global wheat protein market.
The wheat protein market consists of sales of wheat protein products by entities used for bread and noodle-making and other food and non-food applications.
The main types of products in wheat protein are gluten, protein isolate, textured protein, and hydrolyzed protein and they all have different applications.
For example, wheat protein isolate is a popular sports nutrition supplement among bodybuilders and strength-training athletes because of its high protein content, which may aid muscle building.
Additionally, in the cosmetic industry, it is also used as a supplement to enrich hairs in their hydrolyzed form.
In 2021, North America was the largest region in the wheat protein market, while Asia-Pacific could be the fastest-growing region in the forecast period.
The increasing demand for substitutes for animal protein and dairy products is significantly contributing to the growth of the wheat protein market going forward.
Veganism is increasingly becoming a common trend in different parts of the world, especially in Europe and Asia, and especially among young adults.
According to the Health and Nutrition Survey (IFIC) of 2021, by the International Food Information Council, a US-based non-profit organization, around one-quarter of adults eat more plant-based food than animal-based food in 2020.
Moreover, a report by the Plant-based Foods Association provided that sales of plant-based foods and drinks were around US$7 billion in 2021, showing a significant change of 27% from 2019.
Therefore, increasing demand for substitutes for animal-based proteins and dairy products is driving the growth of the wheat protein market.
Strategic partnerships to drive market growth
Strategic partnerships have also become a key trend gaining popularity in the wheat protein market aimed at meeting consumer demand.
These players stand to benefit from strategic partnerships that provide a competitive advantage in this and other markets.
For example, in 2021, ADM, offering a full portfolio of textured soy, wheat, and pea proteins, partnered with the US-based Farmers Business Network (FBN), which uses a platform to measure and verify the carbon score of grain and other crops.
This partnership is aimed at boosting farmer profitability, improving sustainable farming practices, and providing farmers with product accessibility, by combining ADM’s expertise with FBN’s cutting-edge digital farm commerce and data analytics capabilities.
In 2020, US-based Beyond Meat, a plant-based meat processor, partnered with French-based Roquette, a company that offers a wide range of plant-based proteins, including pea protein, wheat protein, corn gluten meal, and potato protein.
This collaboration, backed by a ten-year relationship, significantly increases the pea protein Roquette supplies to Beyond Meat over the next three years.
Additionally, in 2021, Brazilian JBS acquired Siss Vivera for US$409 million to strengthen its position in the burgeoning alt-protein market by adding a brand to its existing animal-free portfolio that is well-established in consumer preference.