This is due to various factors which include increasing awareness among consumers about the benefits offered by whey protein, and rising number of health clubs and fitness centres across the globe.

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Whey protein is a type of dietary supplement sourced from whey which is the by-product of cheese production. This highly soluble protein has antioxidant, antimicrobial and antiviral properties. Whey protein can be easily absorbed and offers numerous health benefits which include boosting the immune system, supporting fat burning as well as improving protein synthesis and insulin sensitivity. As a result, it is majorly used in the manufacturing of various products such as ice creams, personal care products, infant food, soft drinks, frozen desserts and nutritional foods among others. A new research report by IMARC Group, titled “Whey Protein (Powder and Concentrate) Market - Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global whey protein market reached a volume of more than 4 Million Tons in 2017. The report further expects the market to reach a volume of more than 5 Million Tons by 2023, at a projected CAGR of 5% over the forecast period.

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Market Drivers/Constraints:

* Over the years, a vast number of fitness centres and health clubs have started recommending whey protein to their consumers. This is one of the primary factors which has been supporting its demand across various end-use sectors.

* On account of antiviral, antimicrobial, anti-oxidant and anti-tumour properties of whey protein, the consumers have started consuming it on a daily basis which has contributed to a significant rise in the overall growth of the market.

* Some of the factors which have positively influenced the growth of the global whey protein market include increasing interest in sports expressed by young population, and rising application of whey protein in clinical and pharmaceutical segments across developing nations.

* However, the manufacturing cost of whey protein is higher than other supplements and its excessive consumption can cause adverse health effects. These are few of the obstacles which are impeding the market growth.

Global Whey Protein Market Segmentation:

Market Breakup by Type:

1. Whey Protein Concentrate

2. Whey Protein Isolate

3. Whey Protein Hydrolysates

Based on type, the market has been segregated into whey protein concentrate, whey protein isolate and whey protein hydrolysates. Currently, whey protein concentrate represents the most common type of whey protein as it is inexpensive in nature, and consists of low levels of fat and cholesterol.

Market Breakup by Application:

1. Food and Beverage

2. Baby Food

3. Sports Nutrition

4. Pharmaceutical and Clinical Nutrition

5. Animal feed

6. Others

The application segment of the whey protein market includes sports nutrition, food and beverage, baby food, pharmaceutical and clinical nutrition, and animal feed. Amongst these, sports nutrition holds the majority of the market share as it has a high content of various essential amino acids required for maintaining the health of sportsmen.

Market Breakup by Region:

1. European Union

2. North America

3. Oceania

4. Eastern Europe

5. Latin America

On a geographical front, the European Union enjoys a leading positing in the global whey protein market. This is due to the increasing demand from food and beverage sector as well as a rise in awareness among consumers regarding the benefits offered by whey protein across the region. The European Union is followed by North America, Oceania, Eastern Europe and Latin America.

Competitive Landscape:

The market is fragmented in nature with the presence of a large number of global and regional players who compete in terms of prices and quality. Some of the leading players operating in the market are:

1. Fonterra

2. FrieslandCampina

3. Danone

4. Arla Foods

5. Glanbia Plc