Report : North America Wheat Protein Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Wheat Gluten, Wheat Protein Isolates, Textured Wheat Protein, and Hydrolyzed Wheat Protein), Form (Dry and Liquid), and Application (Bakery & Snacks, Pet Food, Nutritional Bars & Drinks, Processed Meat, Meat Analogs, and Others)
Wheat Gluten Segment to Dominate North America Wheat Protein Market during 2020–2028
According to a new market research study on “North America Wheat Protein Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product, Form, and Application” is expected to reach US$ 1,102.79 million by 2028 from 952.17 US$ million in 2021. The market is estimated to grow at a CAGR of 2.1% from 2021 to 2028. The report provides trends prevailing in the North America wheat protein market along with the drivers and restraints pertaining to the market growth. Rising usage of wheat protein in end-use Industries is the major factor driving the growth of the North America wheat protein market. However, issues associated with presence off substitutes hinders the growth of North America wheat protein market.
North America wheat protein market is segmented into product, form, application, and country. Based on product, the North America wheat protein market is segmented into wheat gluten, wheat protein isolates, textured wheat protein, and hydrolyzed wheat protein. In 2020, the wheat gluten segment accounted for the largest revenue share. The North America wheat protein market, by form, is bifurcated into dry and liquid. In 2020, the dry segment accounted for a larger revenue share. The North America wheat protein market, by application, is segmented into bakery & snacks, pet food, nutritional bars & drinks, processed meat, meat analogs, and others. In 2020, the bakery and snacks segment accounted for the largest revenue share. Based on country, the North America wheat protein market is segmented into US, Canada, and Mexico. US held the largest market share in 2020.
North America is one of the worst affected economies due to the COVID-19 pandemic. The significant disruption in manufacturing facilities, along with raw material sourcing, has had a negative impact on the demand for wheat protein in the country. Along with this, the shutdown of manufacturing units, bakeries across the North American countries during the pandemic has had a negative impact on the wheat protein market. Along with this, the pandemic has had a negative impact on the food supply chains, simultaneously affecting farm production, food processing, transport, and logistic. During the pandemic, there have been changes in the consumer lifestyle which has led to an increase in demand for healthy food and beverage products. The growing consumer focus on health and wellbeing due to the pandemic is also expected to promote the demand for wheat protein in the North American market.
Archer Daniels Midland Company; Cargill, Incorporated; Kröner-Stärke GmbH; Manildra Group; MGP Ingredients Inc.; Roquette Frères; and Tereos Group are among the leading companies in the North America wheat protein market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Roquette announced the acquisition of a facility specialized in the extrusion of plant-based proteins. Through this acquisition, the group aims to expand its range of premium textured plant-based ingredients for the global meat alternatives market.
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