The wheat protein market has been growing steadily over the past few years, and is expected to continue to grow in the coming years. Wheat protein is a type of plant-based protein that is derived from wheat flour. It is commonly used in food and beverage products as a substitute for animal-based proteins, such as dairy or meat.
The wheat protein market is projected to reach USD 3.2 billion by 2028 from USD 2.5 billion by 2023, at a CAGR of 4.9% during the forecast period in terms of value. Owing to the increase in demand for meat-free diets, rising obesity cases resulting in demand for low-calorie foods, and consumers seeking healthy foods. Wheat gluten, being rich in proteins, is a suitable option and has boosted the demand for it in the global wheat protein market.
The market is segmented by product type into wheat gluten, wheat protein isolate, textured wheat protein, and hydrolyzed wheat protein. Wheat gluten, which is the most commonly used wheat protein, accounted for the largest share of the market in 2020. However, textured wheat protein is expected to be the fastest-growing segment during the forecast period, due to its increasing use as a meat substitute in vegan and vegetarian products.
In terms of application, the wheat protein market is segmented into food, animal feed, and others. The food segment accounted for the largest share of the market in 2020, and is expected to continue to dominate the market during the forecast period. Wheat protein is used in a wide range of food products, including bakery products, pasta, breakfast cereals, and meat substitutes.
Geographically, Asia Pacific is the largest market for wheat protein, accounting for over 40% of the global market share in 2020. The region is expected to continue to be the largest market during the forecast period, due to the increasing demand for plant-based protein products in countries such as China and India.
Some of the key players operating in the global wheat protein market include Archer Daniels Midland Company, Cargill, Incorporated, Roquette Freres, MGP Ingredients, and Tereos Syral. These companies are focusing on expanding their product portfolios and increasing their production capacities to meet the growing demand for wheat protein products.
Overall, the wheat protein market is expected to continue to grow in the coming years, driven by the increasing demand for plant-based protein products and the rising prevalence of health issues.