Asia Pacific To Witness Significant Growth In Wheat Protein Market
Friday, April 6th, 2018 | 118 Views
The global wheat protein market is poised to surpass US$2.5 billion by 2024, according to market intelligence company Global Market Insights.
Asia Pacific is anticipated to observe significant industry growth during the forecast period as a result of increased consumer demand.
Growing health concerns among consumers and lactose intolerances are fuelling demand for vegan nutritive protein products. The increased adoption of plant-based food products to reduce the risk of diabetes and obesity is also expected to fuel market growth during the forecast period.
Other market drivers include changing lifestyles coupled with the adoption of ready-to-eat products and packaged food, including instant noodles and pasta.
The wheat protein isolate segment is projected to witness sales over US$800 million by 2024. Increasing fitness awareness in North America and Asia Pacific is driving demand for health supplements, nutritional products and energy drinks.
Bakery and confectionery applications accounted for over 50 percent of the global industry share. Rising consumer spending on ready-to-eat products, instant food, and beverages are the key drivers generating product demand. Complex manufacturing procedure and unstable raw materials during baking need value-added ingredients such as gluten to improve stability and elasticity.
On the basis of form, dry wheat protein holds the largest market share and global demand reached 500 kilotons in 2016. It is the preferred form as it provides better stability, is easy to measure and has less threat of contamination.