Potato Protein Market to Reach $648 Million Globally
August 11, 2020
Allied Market Research published a report, titled, "Potato Protein Market by Type (Isolates, Concentrates, and Hydrolysates) and Application (Animal Feed, Bakery & Confectionery, Meat, Supplements, and Others): Global Opportunity Analysis and Industry Forecast, 2019--2026."According to the report, the global potato protein market garnered $363.6 million in 2018, and is estimated to reach $648.4 million by 2026, registering a CAGR of 7.6% from 2019 to 2026.
An Increase in demand for plant based protein, surge in awareness of allergen-free foods, and rise in adoption of potato protein in animal feed is driving the growth of the global potato protein market.
However, high production cost and low application in food and beverage industry hinder the market growth. On the other hand, rise in demand for organic proteins and surge in awareness of potato protein in emerging economies are anticipated to offer new opportunities in the coming years.
The potato protein market has been impacted during coronavirus pandemic due to its wide applications in animal feed, bakery & confectionery, meat, and supplements.
The restriction on number of workers in manufacturing activities and disruption in supply chain due to active lock down has impacted the potato protein market.
Based on type, the isolate segment accounted for more than two-fifthsof the global potato protein market in 2018, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due toits high digestibility and blending properties.However, the hydrolyzedis estimated toportray the highest CAGR of 8.9% from 2019 to 2026. The hair conditioning, skin conditioning, and antistatic propertiesof potato protein drive the growth of the segment.
Based on application, the animal feedsegment contributed to the highest market share with nearly one-thirdof the global potato protein market in 2018, and is estimated to maintain its leadership position during the forecast period. This is due to digestible essential amino acid profile and low ash and mineral content which is nutritional for animals. However, the bakery and confectionery segment is estimated to generate the fastest CAGR of 9.1% from 2019 to 2026. This is attributed tothe rising trend of gluten-free and vegan bakery products across the globe.
Based on region, Europe, followed by North America, accounted for the highest share based on revenue, holding for nearly two-fifths of the global potato protein market in 2018, and is projected to maintain its dominant position throughout the forecast period.This is due to the presence of maximum number of potato protein manufacturers in this region. However, the Asia-Pacific is estimated to generate the fastest CAGR of 9.5% from 2019 to 2026. This is attributed tothe popularity of potato protein as an ideal feed ingredient for livestock in this region.