Hydrolyzed wheat protein market to amass appreciable returns over 2018-2024, escalating demand for vegan products to stimulate the industry landscape
Wheat protein market has been emerging as one of the most opportunistic business spheres, driven by changing food habits and growing concerns regarding the consumption of highly nutritional foods. As on today, many food processing companies have already started developing vegetable protein formulations for achieving a competitive edge over their rivals in the F&B sector. As the number of wheat-based food formulations demonstrate an increase, crop cultivators worldwide have been depicting an increased earnestness to produce high protein wheat.
North America Wheat Gluten Market, By Application, 2017 & 2024 (Kilo Tons)
In order to retain a dominant position in worldwide wheat production, regional governments have been rather proactive as far as agricultural development is concerned and have consequently been helping farmers harvest high-quality wheat. Taking into account the surging deployment of vegetable ingredients in food processing, regulatory bodies have included some categories of wheat proteins including whole durum wheat, wheat gluten, and durum wheat semolina under the food additives category. In addition to food, cosmetics & personal care product manufacturers are also adding hydrolyzed wheat proteins to their products.
In recent times, people have been giving preference to healthy foods owing to their changing lifestyles and rise in per capita income. In order to catch up with the changing food habits of consumers, food producing companies have been developing organic food products mainly comprising wheat proteins. Such initiatives taken by the several foods producing companies in F&B sector are likely to stimulate wheat protein market trends over the years ahead. Validating the abovementioned fact, recently, an Australian vegan brand, Funky Fields launched a vegetarian mince product at Woolworths supermarkets. In order to develop this plant-based mince, the Australian firm used a variety of ingredients including almonds, porcini mushrooms, wheat proteins, soy, and coconut. The product is likely to gain traction in the budding vegan industry, the growth of which will help players in wheat protein market garner promising gains over the years ahead.
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Another essential factor promoting the growth of wheat protein industry is the regulatory approach related to newly developed plant-based food ingredients that is prevalent in the F&B sector. For instance, recently, in India, the Food Safety & Standard Authority of India (FSSAI) has introduced new standards for eight categories under the food additives category, all of which revolve around wheat proteins. With the approval, FSSAI has allowed manufacturers to use wheat proteins in various food formulations commercially in India, propelling the regional wheat protein market share. In addition, the escalating commercial use of wheat proteins will significantly change the scenario for the agricultural sector in India. The easy availability of raw material and supportive economic policies will also be contributing majorly toward stimulating India wheat protein market size.
The ongoing efforts put forth by the research community in the development of numerous organic food formulations have been opening new doors for the players in the F&B sector. A few years earlier for example, Cargill had developed a vegetable protein formulation to be used in different types of beverages. This newly launched soft drink formulation contained soluble hydrolyzed wheat protein and witnessed an escalating demand from mainstream consumers looking for protein-rich foods. The health benefits associated with the consumption of wheat protein based drinks have considerably augmented their popularity, enhancing growth opportunities for wheat protein industry players.
Currently, hydrolyzed proteins derived from wheat are extensively being used in various cosmetics and personal care products, given their ability to treat celiac sprue disease. On these grounds, myriad personal care products manufacturers have been inclining toward gluten (wheat protein) as the main ingredient in several hair repair products, soaps, creams, and bath gels. As per a report compiled by Global Market Insights, Inc., hydrolyzed wheat protein industry will generate a revenue of over USD 300 million by the end of 2024.
The widespread application scope of wheat proteins are certain to unearth new opportunities for the contributors of wheat proteins market. The frequent launch of consumable food products comprising wheat proteins bears evidence to the fact that industry contenders have been striving to enhance the demand for these products. The evolution of healthy diets and the growing demand for nutritional foods are likely to push wheat protein market trends in the ensuing years. With the increasing acceptance of organic consumables as well as cosmetics, wheat protein market will surpass a revenue collection of USD 2.5 billion by the end of 2024.
Author Name : Sunil Hebbalkar