Rockville, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The global protein supplements market is estimated to reach a valuation of US$ 41.1 billion by the end of 2033, according to data provided by Fact.MR, a provider of market research and competitive intelligence. The rising number of health-conscious people and fitness centers is stimulating the demand for protein supplements among target end users, especially millennials. Worldwide sales of protein supplements are projected to increase at a CAGR of 6.3% from 2023 to 2033.
The growing dependency on supplements to fulfill daily requirements due to changing lifestyles is projected to create high demand for protein supplements over the coming 10 years. Further, increasing demand for plant-based proteins is estimated to stimulate the sales of clean-label and organic protein supplements through various market channels.
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Increasing number of fitness enthusiasts and gym fanatics are fueling the demand for protein supplements. These food products help in improving human health by managing weight, enhancing energy levels & metabolism, and aiding muscle growth. A wide range of protein supplements based on flavor, form, source, and protein content are available in the market, which caters to different consumer groups across the world.
North America is estimated to hold a substantial share of 41.5% of the global protein supplements market’s revenue. Increased consumer awareness about health & wellness and product benefits is anticipated to propel the demand for protein supplements.
Growing emphasis on leading a healthy lifestyle is also predicted to stimulate the demand for protein supplements. The United States is projected to hold a noticeable share of the regional market. More Americans are adopting food supplements in their diets due to rising awareness about the health benefits associated with these supplements. In addition, the presence of several fitness experts and athletes in the United States is also contributing to the increased demand for protein supplements.
Milk is the main raw material that is used to extract whey protein and casein. Soy is also used as a raw material to get plant-based protein. Thus, volatility in the costs of raw materials, including soybean and milk, due to constraints on supply and demand, is leading to price fluctuations, which is projected to negatively impact market growth to some extent.
Rising prices of animal-sourced proteins are pushing manufacturers to opt for cheaper alternatives. Further, plant-based proteins, including canola, pea, wheat, and rice, are gaining popularity as key supplements in the market. Companies are focusing on enhancing the ingredients used for the production of supplements to increase the nutritional content of the final product.
Key Takeaways from Market Study
- The global protein supplements market is anticipated to advance at a CAGR of 6.3% during the forecast period from 2023 to 2033.
- Sales of protein supplements are projected to reach a market valuation of US$ 41.1 billion by the end of 2033.
- The size of the global market is US$ 22.3 billion in 2023.
- Protein powder is estimated to hold more than 55% of the total revenue share by the end of 2033.
- Demand for protein supplements in Canada is set to increase at a CAGR of 6.3%.
- Sales of protein supplements in Germany are predicted to rise at a CAGR of 3.4% over the decade.
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Competitive Landscape
Key providers of protein supplements are increasing their spending on expanding their footprints around the world and strengthening their supply chain management systems. Manufacturers are aiming to deliver quality products to their target consumers and adhere to set guidelines for quality control and environmental protection.
Key Market Players
Leading suppliers of protein supplements include Abbott Laboratories, Amway Corporation, General Nutrition Centers, Inc., Glanbia PLC, Post Holdings, Inc., MusclePharm Corporation, Transparent Labs, and Dymatize Enterprises LLC.
Segmentation of Protein Supplements Industry Research
- By Product:
- Protein Powders
- Ready-to-Drink Beverages
- Protein Bars
- Others
- By Source:
- Animal-based
- Plant-based
- By Distribution Channel:
- Online Stores
- Supermarkets & Hypermarkets
- Direct to Customers
- Others
- By Application:
- Sports Nutrition
- Functional Foods
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global protein supplements market for the period from 2023 to 2033.
The study divulges essential insights into the market on the basis of product (protein powders, ready-to-drink beverages, protein bars, others), source (animal-based, plant-based), distribution channel (online stores, supermarkets & hypermarkets, direct to customers, others), and application (sports nutrition, functional foods), across five major regions of the world (North America, Europe, the Asia Pacific, Latin America, and MEA).
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