Report : South 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)
Bakery & Snacks Segment to Dominate SAM Wheat Protein Market during 2020–2028
According to a new market research study on “SAM Wheat Protein Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product, Form, and Application” is expected to reach US$ 342.38 million by 2028 from 288.26 US$ million in 2021. The market is estimated to grow at a CAGR of 2.5% from 2021 to 2028. The report provides trends prevailing in the SAM wheat protein market along with the drivers and restraints pertaining to the market growth. Surge in demand for meat analogs is the major factor driving the growth of the SAM wheat protein market. However, issues associated with availability of various alternatives hinders the growth of SAM wheat protein market.
SAM wheat protein market is segmented into product, form, application, and country. Based on product, the SAM 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 SAM wheat protein market, by form, is bifurcated into dry and liquid. In 2020, the dry segment accounted for a larger revenue share. The SAM 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 SAM wheat protein market is segmented into Brazil, Argentina, and rest of SAM. Rest of SAM held the largest market share in 2020.
Brazil reported the highest number of COVID-19 cases, followed by Argentina, Peru, Chile, and Ecuador among others. The government of SAM has taken an array of actions to protect its citizens and combat the spread of the COVID-19 virus through lockdowns, trade bans, and travel restrictions. This may have a direct impact on the growth of the wheat protein market due to significant disruptions in terms of sourcing of raw materials from suppliers as well as temporary closures of the manufacturing base due to indefinite lockdowns and temporary quarantines. As there have been relaxations in the lockdown, there has been an increase in demand for healthy bakery items and plant-based protein, which is increasing the demand for the wheat protein market. Along with this, an increase in demand for meat alternatives in countries such as Brazil is driving the wheat protein market in SAM.
Archer Daniels Midland Company, Cargill Incorporated, Kröner-Stärke GmbH, Roquette Frères, and Tereos Group are among the leading companies in the SAM 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.
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