Protein is king, and the empire keeps growing when it comes to ingredients, according to a new study’s forecast. The global protein ingredients market is expected to hit $33.9 billion by 2020, says a new report by Grand View Research, Inc., a San Francisco-based market research and consulting firm.
Of all the types of protein available, animal protein will grow the fastest, according to the report. Currently valued at $15.23 billion, it’s forecast to climb at a compound annual growth rate of 7.3 percent from 2014 to 2020. Within that sector, eggs rule, with sales of egg ingredients making up 40 percent of the global volume of animal protein.
The study points to protein’s role in maintaining fitness as a driver for the ingredient’s continued popularity, according to a fooddive.com post about the research. The study also notes whey protein’s benefits to cancer patients as another factor.
Volatile food prices may challenge protein’s rise, according to the study, which singles out the fluctuating price of soybeans as a factor. Fortunately, Americans are eager to bite into algae as an alternative protein source, according to the Institute of Food Technologists. There was no mention of crickets.