Regional Analysis
North America held a significant market share in the global whey protein market in 2017. This is attributed to growing demand for health supplements, owing to rising health concern in the region. For instance, according to the Canadian Community Health Survey on Nutrition, Government of Canada, 45.6% of the people aged one year and older used at least one nutritional supplement in 2015 in Canada. The U.S. is major growth contributor to the whey protein market in North America. According to the Council for Responsible Nutrition, a trade association of the dietary supplement and functional food industry, 68% people consumed dietary supplements in the U.S in 2015. Furthermore, 19% people consumed sports nutrition and weight management products in 2014, which increased to 25% in 2015 in the U.S. according to the data provided by Council for Responsible Nutrition. Moreover, protein was the most consumed sports nutrition and weight management product in 2015 in the U.S. according to the Council for Responsible Nutrition.
Asia Pacific whey protein market is witnessing high growth, due to rising demand for functional food and beverages from countries such as China, Japan, South Korea, and India. According to the Agriculture and Agri-Food Canada, retail value of functional packaged food in Japan was US$ 8.5 billion in 2015, which increased by 8% from US $7.8 billion in 2010. Manufacturers are launching new whey protein products in this region to cater to increasing demand for functional food and beverages. For instance, in February 2018, Parag Milk Foods launched whey protein brand, Avvataar Absolute whey protein, in India. According to Coherent Market Insights’ study, Asia Pacific was dominant region in the global nutraceutical ingredients market in 2016 with a share of 36.19%. This, is turn, is driving growth of whey market in Asia Pacific.
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