NEWARK, Del, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The protein supplement market size is projected to surpass US$ 27,780 million in 2023 and is likely to attain a valuation of US$ 62,990 million by 2033. The protein supplement market share is expected to rise at a CAGR of 8.5% from 2023 to 2033.
The concept of customized nutrition is gaining ground as customers seek customized nutritional solutions that correspond with their unique health goals and lifestyle choices. This movement is being pushed by a growing recognition that each individual's dietary needs vary depending on characteristics such as age, gender, and activity level.
Companies are creating personalized nutrition plans and custom product formulations by utilizing data analytics, artificial intelligence, and consumer insights. These strategies meet customers' individual dietary needs and help them connect with brands and products more deeply.
Consumers are becoming increasingly picky about the items they eat, increasing the need for clean-label products and ingredient transparency. This movement reflects a more remarkable shift towards conscientious consumption and a preference for goods with recognized natural components and few chemicals. In response, businesses are reformulating their interests with shorter ingredient lists and emphasizing clean labeling procedures and rigorous quality control standards.
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Companies may differentiate themselves in a market increasingly defined by heightened scrutiny and discriminating customer preferences by building a culture of openness and trust.
“The ability to adjust to shifting customer demands and a steadfast dedication to developing goods that appeal to a society that is ecologically and health-conscious are prerequisites for success in this industry,” says Nandini Roy Choudhury ( client Partner for Food and Beverages at Future Market Insights, Inc.)
Key Takeaways from the Protein Supplement Market Report:
- In 2018, the global market size stood at US$ 23,683.6 million.
- The market size expanded at a 2.0% CAGR from 2018 to 2022.
- In 2022, the global market size stood at US$ 25,715 million.
- The protein powder segment captured 56.0% of market shares in 2023.
- The sports nutrition segment occupied 64.1% of market shares in 2023.
- The market size in the United States is likely to rise at a 4.3% CAGR through 2033.
- The market size in Germany is expected to surge at a 3.8% CAGR through 2033.
- The market size in Japan is expected to flourish at an 8.8% CAGR through 2033.
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Competitive Landscape
The protein supplement industry is a vivid, constantly evolving ecosystem that presents businesses and investors with various opportunities. In this changing environment, industry experts embracing innovation, doing thorough research and development, and providing sustainable and customized packaging solutions are likely to prosper.
Recent Developments Observed by FMI:
- The parent company of Max Protein, Naturell India Pvt. Ltd., announced the launch of two new products in September 2023, Max Protein Whey Protein and Max Protein Plant Protein, to change the face of fitness and nutrition in India completely.
- Gold Standard Protein Shake debuted in August 2022, according to Optimum Nutrition (ON), a global leader in sports nutrition. The grab-and-go ready-to-drink alternative demonstrates that convenience need not mean compromising quality by using Gold Standard, the top-selling whey protein powder brand in the world.
Key Players in the Global Protein Supplements Market
- NOW Foods
- Transparent Labs
- WOODBOLT DISTRIBUTION LLC
- Dymatize Enterprises LLC
- GymSupplementScience.com
- RSP Nutrition
- CytoSport Inc.
- Iovate Health Sciences International Inc.
- Quest Nutrition
- THE BOUNTIFUL COMPANY
- AMCO Proteins
- Glanbia PLC
- MusclePharm
- Abbott
- BPI Sports LLC
- International Dehydrated Foods Inc.
- BRF
- Rousselot
- GELITA AG
- Hoogwegt
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Protein Supplements Market Segmentation
By Source:
- Plant-Based
- Soy
- Spirulina
- Pumpkin Seed
- Hemp
- Rice
- Pea
- Others
- Animal-Based
- Whey
- Casein
- Egg
- Fish
- Others
By Application:
- Sports
- Functional Food
By Distribution Channel:
- Supermarkets & hypermarkets
- Online Stores
- Direct to Consumers
- Others
By Form:
- Ready to Drink
- Protein Powder
- Protein Bar
- Others
By Gender:
- Male
- Female
By Age Group:
- Millennials
- Generation Z
- Baby Boomers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa (MEA)
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Have a Look at Related Reports of Food and Beverage Domain:
- By 2033, the worldwide dietary supplements market size is expected to exceed US$ 163.66 billion. The dietary supplements market is expected to grow at a 9.1% CAGR through 2033. This global expansion of the dietary supplement business follows the present market valuation of US$ 68.20 billion in 2023.
- Protein/antibody engineering market share refers to the procedures or processes that are used to create innovative, valuable, and useful proteins. The proteins generated frequently function as antibodies, assisting the body in fighting viral infections that can be fatal.
- Dietary supplements market growth are items containing dietary ingredients that are used to increase the nutritional value of the supplements. Many people utilise dietary supplements to help them live a healthy lifestyle.
- The pea protein ingredients market trend is expected to be worth US$ 1.6 billion in 2023 and US$ 3.4 billion by 2033. During the projection period, sales of pea protein components would increase at a CAGR of 7.9%.
- In 2023, the global digestive health supplements market demand is expected to be worth US$ 17,160 million. With demand expected to grow at a 6% CAGR, the market is expected to reach US$ 29,648.6 million over the forecast period.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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