Pune, India, July 13, 2023 (GLOBE NEWSWIRE) -- The global protein supplements market size was USD 25.34 billion in 2022 and is projected to grow from USD 27.41 billion in 2023 to USD 51.81 billion by 2030 at a CAGR of 9.5% during the forecast period (2023-2030).
The market is anticipated to be driven by the surging demand for protein bars, RTD, and powders among bodybuilders, elite athletes, and casual exercisers. Additionally, changing lifestyles contribute to the rising consumption of dried fruit snacks, driving growth in this segment over the forecast period. Fortune Business Insights™ presents this information in their report titled "Global Protein Supplements Market, 2023–2030."
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List of Key Players Profiled in the Protein Supplements Market Report:
- Glanbia Plc (Ireland)
- MusclePharm (U.S.)
- Abbott (U.S.)
- CytoSport, Inc. (U.S.)
- Quest Nutrition (U.S.)
- The Bountiful Company (U.S.)
- The Himalaya Drug Company (India)
- NOW Foods (U.S.)
- RSP Nutrition (U.S.)
- BPI Sports LLC. (U.S.)
Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 9.5% |
| 2030 Value Projection | USD 51.81 Billion |
| Protein Supplements Market Size in 2023 | USD 27.41Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 186 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Protein Supplements Market Drivers | Augmented Demand for Sports Nutrition Supplements to Drive the Market |
| Rising Consumer Awareness Concerning Health & Nutrition to Usher Innovation |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/protein-supplements-market-106511
Segments:
Rising Demand for Animal Protein Supplements Driven by Health Benefits and Scientific Support
By source, the market is divided into animal-based, plant-based, and others. The demand for animal protein supplements is projected to grow substantially in the coming years due to compelling scientific research supporting their health benefits. Whey proteins, for instance, boost immunity, improve nutritional status, and raise glutathione (GSH) levels in cancer patients undergoing chemotherapy.
Protein Powder Market Surges with Strong Online Sales and Distribution Channels
By product, the market is segmented into protein powder, RTD, protein bars, and others. Protein powder claimed the largest market share at 55.86% in 2022, driven by robust online sales and widespread distribution channels. Key industry players like Glanbia, Nature's Bounty Co., and Iovate Health Sciences International Inc. are anticipated to further stimulate the protein powder market.
Hypermarkets and Supermarkets Drive Protein Product Sales through Private Label Investments
By distribution channel, the market is divided into supermarkets and hypermarkets, pharmacies/drug stores, online retail, and others. In 2022, supermarkets and hypermarkets established themselves as the leading product category. Prominent retailers in the U.S., such as Walmart, are actively investing in private-label varieties to encourage the consumption of protein products.
Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
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COVID-19 Impact:
Adversities and Prospects in Market Experienced Dual Effects During Pandemic
The market faced uncertainties during the pandemic. In the early stages, there was a rise in demand as individuals sought to support their immune systems and health while staying at home. However, global supply chains were disrupted, causing delays and shortages due to lockdowns, travel restrictions, and labor shortages.
Report Coverage:
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Awareness Initiatives and Novel Technologies Boost Demand for Protein Supplements
Government agencies, NGOs, and companies run several campaigns to raise awareness among consumers about protein supplements and their benefits. Attributed to control release and minimal use of ingredients micro-encapsulation and nano-encapsulation technologies have become increasingly popular in recent years. However, the high cost associated with the production of supplements and fluctuation in raw material prices may impede the protein supplements market growth.
Regional Insights
North America Dominates the Market due to High Consumption of Protein Snacks
North America dominates the market due to increasing awareness of fitness among consumers in Canada, the U.S., and Mexico. Millennials’ rising consumption of protein bars and cookies is anticipated to increase the protein supplements market share in the region.
The Europe market is expected to grow due to the growing demand for functional foods.
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Competitive Landscape
Market Players Focus on Increasing Production Capacities Catering to Global Demand
Prominent players in the industry include Muscle Pharm, RSP Nutrition, Glanbia Plc, and BRF. Due to the presence of a few regional and recognized companies, the market is consolidated. To cater to global demands, these companies are focused on increasing their manufacturing capabilities.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges amidst Pandemic
- Potential Opportunities due to this Global Crisis
- Global Protein Supplements Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Source
- Plant-Based
- Animal-Based
- Others
- By Product
- Protein Powder
- RTD
- Protein Bars
- Others
- By Distribution Channel
- Supermarkets and Hypermarkets
- Pharmacies
- Online Retail
- Others
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Source
- North America Protein Supplements Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Source
- Plant-Based
- Animal-Based
- Others
- By Product
- Protein Powder
- RTD
- Protein Bars
- Others
- By Distribution Channel
- Supermarkets and Hypermarkets
- Pharmacies
- Online Retail
- Others
- By Country (Value)
- U.S.
- By Distribution Channel
- Supermarkets and Hypermarkets
- Pharmacies
- Online Retail
- Others
- By Distribution Channel
- U.S.
- By Source
TOC Continued...!
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Key Industry Development:
- August 2021: Glanbia Nutritionals launched a new keto powder ingredient that combines medium-chain triglyceride (MCT) oil and whey protein. KetoSure MCT allows companies to formulate keto-friendly sports nutrition and weight management products.
Read Related Insights:
Plant Based Protein Supplements Market to Reach USD 7.38 billion by 2025; Enhancements in Vegan Dietary Patterns to Bolster Growth, states Fortune Business Insights™
With 8.68% CAGR, Dietary Supplements Market to Hit USD 128.64 Billion by 2028
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