Protein Day 2023: Here are 5 interesting facts about protein market in India
Protein Day 2023: In India, most people suffer from protein deficiency, according to research by the Indian Council of Medical Research (ICMR).
International Protein Day is observed on February 27 every year. Protein is one of the essential macronutrients that helps in building blocks of the human body. Protein intake on daily basis aids organs to function properly and the body to perform tasks.
On the occasion of Protein Day, let's take a look at the five interesting points about the protein market in India.
1. Medical Nutrition Market share
In India, most of people suffer from protein deficiency, according to research by the Indian Council of Medical Research (ICMR). The government has focused on increasing the awareness regarding protein intake. As per recent data compiled by Coherent Market Insights, a market research organization, protein accounts for the highest market share as it has more than 28 per cent of the Indian medical nutrition market share in 2021.
2. Overall Market
The overall India Protein Market stood at USD 1.25 billion in the current year and is projected to register a CAGR of 4.34 per cent over the next five years, according to a market research firm Mordor Intelligence.
In 2022, the India plant-based protein market attained a value of about USD 689.7 million. The market is projected to grow at a CAGR of 6.3 per cent between 2023 and 2028. On the other hand, India's Whey Protein Ingredients Market size is estimated to be $860 million in 2019 and is projected to be growing at a CAGR of 37.64 per cent during the forecast period 2020-2025, reveals a research report by IndustryARC, a Market Research Consulting Firm.
3. Protein market growth projection
The total economic opportunity (domestic market size + exports) for smart protein is expected to be around Rs 12,075 crore (USD 1.5 billion) to Rs 33,194 crore (USD 4.2 billion) in 2030, according to a report by Deloitte India and Good Food Institute (GFI) India.
4. Contribution to the job market
India being a country with the largest number of people with a vegetarian diet, there is a growing demand of smart protein in the Indian market, show various research reports. Smart proteins are alternative food products to animal-derived meat, seafood, eggs, and dairy. Astha Gaur, policy specialist regulatory, GFI India, and Akshay Vishnu Bhat, Sci-tech specialist at GFI India, said that the smart protein sector is poised to create up to 4 lakh jobs by 2030 in the country. They said that each job in the smart protein sector could create up to 10 jobs in allied sectors.
5. Sports industry's role in the protein market
Aman Puri, the founder of Steadfast Nutrition, said that protein market growth is largely driven by the rising demand of sports nutrition in India. He highlighted that in terms of sports nutrition, protein supplements lead the market, with a share of 70 per cent in overall consumption.
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