Consumers are increasingly adopting flexitarian (meatless diet but occasionally includes meat or fish), vegetarian (meatless diet), or vegan (zero animal product diet) lifestyles due to concerns about health risks, animal welfare (factory farming), and environmental sustainability. This global trend is augmenting demand for alternative or plant-based sources of protein.
Industry convergence is reshaping the global protein ingredients industry by helping companies broaden their product portfolios to stay ahead of the competition. Dairy protein ingredients manufacturers are adding plant protein ingredients to their offerings by establishing partnerships with plant protein ingredients companies. In response to the significant prospects for alternative protein, some plant protein ingredients manufacturers are collaborating with product formulators or forward integrating to add alternative proteins to their portfolios.
Successful companies in this space have diversified product offerings, significant R&D investment, strong focus on developing innovative (novel/functional) protein ingredients, a clearly defined customer alignment system (execute customer satisfaction surveys, integrate customer feedback into R&D and sales strategies, and offer formulation expertise to customers), a solid growth pipeline, and strong sales and marketing strategies (such as participate in events, tradeshows, webinars, and webcasts to strengthen brand and drive demand generation).
The global protein ingredients market will total about $28.4 billion in 2022 and is on course to reach $52.2 billion by 2030. The market is on a growth trajectory, driven mainly by the fast-growing plant protein ingredients segment, which consumers prefer for reasons related to nutritional profile, lactose intolerance concerns, and sustainability commitments.
In a highly fragmented market with more than 200 global industry participants, Frost & Sullivan independently plotted the top 20 companies in this Frost Radar™ analysis. The 30 major market participants in terms of revenue were invited to participate in this analysis. Some vendors either chose not to participate, could not complete the questionnaire in a timely fashion, or would not provide any data to substantiate growth or revenue.
The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles of each company based on its strengths, opportunities, and a small discussion on its positioning. Frost & Sullivan analyzes hundreds of companies in the industry and benchmarks them across the 10 criteria, where the leading companies are then positioned on the Radar. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.
The Strategic Imperative
The Strategic Imperative (continued)
The Growth Environment
The Growth Environment (continued)
Frost Radar™: Protein Ingredients Market
Frost Radar™: Competitive Environment
Frost Radar™: Competitive Environment (continued)
Frost Radar™: Competitive Environment (continued)
ADM
Agropur
AMCO Proteins
Arla Foods Ingredients Group P/S
Axiom Foods
BENEO
Cargill
Cosucra
FrieslandCampina
Glanbia
Idaho Milk Products
Ingredion
InnovoPro
International Flavors & Fragrances
Kerry
Lactalis Ingredients
MGP Ingredients
NZMP
Proeon Foods
Roquette Frères
Strategic Insights
Significance of Being on the Frost Radar™
Frost Radar™ Empowers the CEO’s Growth Team
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Frost Radar™: Benchmarking Future Growth Potential
Frost Radar™: Benchmarking Future Growth Potential
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Frost Radar™: Benchmarking Future Growth Potential 2 Major Indices, 10 Analytical Ingredients, 1 Platform
Growth Index
Growth Index (GI) is a measure of a company’s growth performance and track record, along with its ability to develop and execute a fully aligned growth strategy and vision; a robust growth pipeline system; and effective market, competitor, and end-user focused sales and marketing strategies.
- Market Share (previous 3 years)
This is a comparison of a company’s market share relative to its competitors in a given market space for the previous 3 years. - Revenue Growth (previous 3 years)
This is a look at a company’s revenue growth rate for the previous 3 years in the market/industry/category that forms the context for the given Frost Radar™. - Growth Pipeline
This is an evaluation of the strength and leverage of a company’s growth pipeline system to continuously capture, analyze, and prioritize its universe of growth opportunities. - Vision and Strategy
This is an assessment of how well a company’s growth strategy is aligned with its vision. Are the investments that a company is making in new products and markets consistent with the stated vision? - Sales and Marketing
This is a measure of the effectiveness of a company’s sales and marketing efforts in helping it drive demand and achieve its growth objectives.
Innovation Index
Innovation Index (II) is a measure of a company’s ability to develop products/ services/ solutions (with a clear understanding of disruptive Mega Trends) that are globally applicable, are able to evolve and expand to serve multiple markets and are aligned to customers’ changing needs.
- INNOVATION SCALABILITY
This determines whether an organization’s innovations are globally scalable and applicable in both developing and mature markets, and also in adjacent and non-adjacent industry verticals. - RESEARCH AND DEVELOPMENT
This is a measure of the efficacy of a company’s R&D strategy, as determined by the size of its R&D investment and how it feeds the innovation pipeline. - PRODUCT PORTFOLIO
This is a measure of a company’s product portfolio, focusing on the relative contribution of new products to its annual revenue. - MEGATRENDS LEVERAGE
This is an assessment of a company’s proactive leverage of evolving, long-term opportunities and new business models, as the foundation of its innovation pipeline. - CUSTOMER ALIGNMENT
This evaluates the applicability of a company’s products/services/solutions to current and potential customers, as well as how its innovation strategy is influenced by evolving customer needs.
Significance of Being on the Frost Radar™
Companies plotted on the Frost RadarTM are the leaders in the industry for growth, innovation, or both. They are instrumental in advancing the industry into the future.
- GROWTH POTENTIAL
Your organization has significant future growth potential, which makes it a Company to Action. - BEST PRACTICES
Your organization is well positioned to shape Growth Pipeline™ best practices in your industry. - COMPETITIVE INTENSITY
Your organization is one of the key drivers of competitive intensity in the growth environment. - CUSTOMER VALUE
Your organization has demonstrated the ability to significantly enhance its customer value proposition. - PARTNER POTENTIAL
Your organization is top of mind for customers, investors, value chain partners, and future talent as a significant value provider.
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Impacting your company's future growth potential.
| Deliverable Type | Frost Radar |
|---|---|
| Author | Nimisha Dhomne |
| Industries | Agriculture and Nutrition |
| No Index | No |
| Is Prebook | No |
| Podcast | No |
| WIP Number | PD8F-01-00-00-00 |
Frost Radar™: Protein Ingredients, 2022
A Benchmarking System to Spark Companies to Action—Innovation that Fuels New Deal Flow and Growth Pipelines
22-Nov-2022
Global
Frost Radar
