Whey Market: Whey Market Analysis and Forecast (2023-2029)

The Whey Market size was valued at $11 Bn in 2022 and the market is expected to reach $ 21 Bn at a CAGR of 9.13 % from 2023-2029.
Whey Market Overview
A Whey is a product extracted from the remains of milk which is by product of cheese. Whey is a popular product and a dense nutrient enriched packed with protein product that is used widely in various applications. The Whey market is witnessing increased demand in recent years due to various factors such as, increasing adoption in regular diet, high demand from sports and fitness industry, etc. The Whey protein market industry is witnessing a hike due to the growing awareness for health benefits across the world. The use of Whey in different industries and in various products has increased due to growing awareness of its benefits. The market report analyses information regarding the whey industry and provides a detailed analysis in terms of dynamics, segmentations, competitive landscape, regional analysis etc. This report focuses on using primary and secondary information to give the market outlook and competitive landscape of key companies. The innovative ideas for making more efficient and sustainable whey products has led to the growth in the market. The report has provided with the detailed analysis of SWOT and PESTLE along with the PORTER analysis.

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Whey Market Dynamics
Rising in the use of Whey leading to driving the market

The whey market has been the most trending market with a consistent growth in the recent years. This rise in the demand and use of whey is increased because of the growing awareness of health benefits of whey protein. The best and high quality of protein that is being delivered to consumers by the manufacturers has raised the whey market growth. The best quality protein, more the absorbility of protein in the body for better results. The health benefits of whey protein includes the muscle recovery, muscle gain, muscle growth and promoting weight and fat loss. Protein sources has also seen in improving the immune systems and its function for better digestibility. Whey protein being the complete source of nutrition having amino acids for muscle growth and strength is a good source for athletes and fitness enthusiasts. The rising need for more clean and good quality of protein with the use of natural ingredients has been a trend for the development of whey based products and items. The application of whey based products has increased and thus has led the market to grow significantly. Dairy product also uses whey protein in products like cheese and yogurt to promote the use of more dairy products. The rising disposable income of middle class population is also a driving factor for the growth of whey market as they spend more on the miscellaneous products.

High cost of Whey products restraining the market growth

The major restraining factor is the initial high cost of production of whey protein, the manufacturing of better quality protein needs more money and is very expensive. The isolate and hydrolysate need the most production cost, and thus making the products more costly. This makes it difficult for the middle class people to afford and use the products. Some of the consumer are likely to witness some side effects of whey protein, though whey protein are very safe to use. Consumer has witness symptoms like nausea and vomiting due to use of whey protein. This limits the demand and supply of whey products and hinder the market. Whey protein is mostly manufactured by the use of dairy products, so some of the consumer being lactose intolerant faces some health issue like indigestion and diarrhea.

Increasing demand for organic food and beverages product

The Increasing demand for organic food and beverages product is expected to offer lucrative growth opportunities for the whey market during the forecast period. With the increase in demand for the Whey product industry, the regional market has given many opportunities for the companies to grow and meet the demand of consumers. The global demand for Whey is witnessing a hike due to the increasing in need for more organic food and beverage products. This factor is driving the demand and giving opportunity for organic whey protein products to be introduced in the market. Lactose intolerant people who suffer from the consumption of dairy products need whey protein that contains the non-dairy items like chick peas and lentils. They mostly prefer plant based whey protein, and this need of consumer has created a new market for companies to compete. The increasing use of whey in different industries like food and beverages and medical nutrition is another driving factor with best opportunities in market. The easy supply of products through the growth in e-commerce has made it possible for companies to reach a very distant customer.

Price volatility of raw material

The Market offers various benefits to user but simultaneously faces some challenges in the market. These challenges are some of the major factors that affects the effectiveness of the global Whey market. The price volatility of raw material for the manufacturing of whey protein like milk fluctuate daily and the rise in the price of milk directly affects the price of whey protein. Government regulation with number of taxes makes it too difficult for the companies to enter new market. This regulation has affected the foreign companies by sales and thus limiting the competition in whey product market. The increased competition between companies for manufacturing of more plant based products and using other sources of protein like chick peas, and soy protein. These sources are often less expensive and reducing the prices of products by reducing the overall competition in the market. High cost of investment in the research and development of more new and plant based product is also a challenging factor for the growth of market.
Whey Market Segments Analysis
Based on Type

On the basis of Product, the market is divided mainly into three sub-parts which includes the Isolates, Concentrates and Hydrolysates. Among the three sub-types of whey protein, most widely used and known product is the Concentrates, which accounts for 45% of the total global market. This whey protein concentrates comes in various types based on the protein count it has. These protein count are basically as 80, 70, 50, and 35 %. The mostly used is the 80 % protein concentrate, as it has more amount of protein count which is easy to digest the food and fast fat absorption rate which helps any bodybuilder to gain muscle and loss fats. This 80 % concentrates is also used by the sports player in various fields for nutrition, with the dietary supplement and used for food processing. The isolates whey is the next type of whey protein which is the next most popular type of whey protein, which is also sub divided on the basis of its protein content. The highest used is the 90 % whey protein isolates that enables easy digestion and fast absorption of protein in body. The use of whey isolates is increased in food industries for making of protein bars, protein yogurt and other protein items. These items help consumers to have their diet along with them. Protein sources has benefits such as fat loss, muscle recovery, muscle building, and thus help in improving immune system.
Whey Market Share(%), By type in 2022


Based on Application

On the basis of application, the Whey market is sub divided in its use in different industries. The major application of whey protein products is in the dietary supplements which accounts for the largest market share. The increasing use of whey supplements has raised due to awareness for health, with the benefits of whey protein for the requirement of fulfilling daily source of protein. Whey protein is a popular product among bodybuilders, athletes and fitness freak people those who are trying to stay fit due to their health condition. The rising chronic diseases like diabetes and cardiovascular diseases has raised the demand for whey protein as these people try to stay fit in order to maintain health condition. The food and beverages has the second most application of whey protein in manufacturing of protein snacks and other products.
Whey Market Share(%), By Application in 2022


This application of whey products counts for the 35 % of global whey market. The food industry uses whey in order to manufacture products like protein bars, protein shakes, yogurt and other protein products. The main purpose of making and manufacturing these products is that consumer can have them anywhere while travelling, during work and doing other works. The sports nutrition accounts for 20 % of total global whey market. These whey protein is the major and popular source for promoting muscle recovery, muscle growth and promoting weight loss. Infant formula has less application of whey protein for making baby food products which are high in nutrition and easily digestible for babies.
Whey Market Regional Analysis
North America region is the largest region for whey holding about 36.35% of the total market in 2022. The rising demand for products in this region is driven by the continuous growing awareness for the health benefits of Whey protein among the consumers and people. The United States in this region is the largest consumer of Whey protein. The United States contributes about 75% of the total use of Whey protein in the North America region. The growing fitness industry in this region demands more protein sources and the increasing sports activities and players requires whey to fulfill the daily needs of protein sources.

Canada and Mexico are the next growing market for whey protein but has witnesses a steady growth in the recent years as compared to The United States, because the population in this countries is small. The rise in disposable income has been a major factor for the growth in this region as the consumers have extra money to spend on the miscellaneous products such as Whey products. Whey products are also seen as a premium product as only a few majority of population is able to afford them, but these rising disposable income has changed the perspective of whey being premium.

Europe is second largest Whey market in the region which accounts for the 30% of total global market. The market for Whey in this region is increasing in demand due to the rising need of food and beverages manufactures by the use of whey. The growing awareness for health benefits of whey among users and consumers for fulfilling the daily need of protein for our body. Growing fitness and sports industry demand more protein sources and turn towards the whey protein sources for fulfilling the needs. Whey protein is the major supplement for bodybuilders in fitness industry and among athletes for promoting proper muscle growth and strength. Food and beverage industry has seen the possible opportunity in manufacturing the whey contained energy bars and protein bars for diet and supplement purpose for those who are not able to afford the whey protein products. The growing awareness for getting fit due to increase in chronic diseases is the key driver for growth in this region. The companies are investing heavily for the development of new food and beverages product and trying to expand for better opportunities.
Competitive Landscape
The report gives details of competitive companies in the market of Whey products. The Hilmar Cheese Company is a global leader in the manufacturing of whey protein products. The company has key development in the field of research and development and patented a number of ideas and innovative technologies in the improvement of efficiency of manufacturing of whey products. The most advanced patent of Hilmar Company is the UF filtration that separates the protein component from other component, which is more efficient and more energy saving than the old whey manufacturing method. Saputo Company is the other leading whey manufacturing company in world, who is specialised in dairy processed whey manufacturing. These company has invested a huge amount of money in the research and development of more sustainable ways of manufacturing whey protein. Saputo Company uses a very unique method that is the dry method to produce whey in high quality. Glanbia is another leading manufacturer of whey in world. They uses a drying technology to produce whey in different soluble form with a variety of suitable applications.
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Global Whey Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 11 Bn.


Forecast Period 2023 to 2029 CAGR:
 9.13%
Market Size in 2029:
US $ 21 Bn.


 Segments Covered:
Based on Product
Whey Protein Isolates
Whey Protein Concentrates
Whey Protein Hydrolysates


Based on Application
Sports Nutrition
Dietary Supplement
Infant Formula
Food Processing



Whey Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Whey Market, Key Players are
1. Hilmar Cheese Company, Inc
2. Saputo Inc.
3. Glanbia plc.
4. Fonterra Co-operative Group Ltd
5. Arla Foods
6. Alpavit
7. Wheyco GmbH
8. Milk Specialties
9. Carbery Group
10. LACTALIS Ingredients
11. Olam International
12. Davisco Foods International, Inc.
13. Milkaut SA
14. Leprino Foods Company
15. Maple Island Inc.

Frequently Asked Questions:

1. Which region has the largest share in Global Whey Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Whey Market?
Ans: The Global Whey Market is growing at a CAGR of 9.13% during forecasting period 2023-2029.

3. What is scope of the Global Whey Market report?
Ans: Global Whey Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Whey Market?
Ans: The important key players in the Global Whey Market are – Hilmar Cheese Company, Inc, Saputo Inc., Glanbia plc., Fonterra Co-operative Group Ltd, Arla Foods, Alpavit, Wheyco GmbH, Milk Specialties, Carbery Group, LACTALIS Ingredients, Olam International, Davisco Foods International, Inc., Milkaut SA, Leprino Foods Company, Maple Island Inc.

5. What is the study period of this Market?
Ans: The Global Whey Market is studied from 2022 to 2029.