New York, United States, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Protein supplements are a type of nutritional and bodybuilding supplement that is commonly used by bodybuilders and sports athletes to increase their protein intake without also increasing their consumption of carbohydrates and fats.
According to Straits Research, “The global Protein Supplements market size was valued at USD 22.43 billion in 2021 and is projected to reach USD 46.12 billion by 2030 at a CAGR of 8.34% from 2022 to 2030.” Rapidly changing lifestyles and the rising popularity of whey as sports nutrition for athletes and bodybuilders are the primary growth drivers for the protein supplements market. The growing popularity among millennials is the primary factor driving the demand for protein supplements. The rapid development of innovative protein-based supplements in a variety of forms, as well as the numerous health benefits of the product, are also expected to increase the overall demand for protein supplements during the period between 2022 and 2030. In addition, a rise in gym and health club memberships is boosting the demand for supplements. Consequently, accelerating the market's expansion over the projected period. According to the World Health Organization (WHO), 57 percent of the global population will suffer from one or more chronic diseases in the future.
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GROWTH OPPORTUNITIES:
The prices of proteins derived from animal sources are increasing, causing manufacturers to seek out less expensive alternatives. As dietary supplements, plant-based proteins such as soy, canola, rice, wheat, and pea are gaining popularity. Diverse businesses are seeking new opportunities by enhancing the nutritional value of their products' ingredients or by developing new applications for vicelin, globulins, prolamins, and albumins, among others.
REGIONAL ANALYSIS:
In 2021, North America dominated the market and accounted for over 50% of the revenue. The growth of the industry is anticipated to be supported by heightened consumer awareness of health and wellness, as well as knowledge of product advantages. Europe was the second-largest regional market in 2021 and is anticipated to experience substantial expansion over the forecast period. Increasing emphasis on a healthy lifestyle and higher disposable income are anticipated to increase the demand for protein supplements in the region.
Asia-Pacific is anticipated to experience a lucrative CAGR of 9.3 per cent over the foreseeable future. The product demand in the region is primarily driven by modernization and the rising demand for on-the-go snacking options in emerging economies like China and India. Changing consumer lifestyles as a result of rising disposable income are anticipated to drive the protein supplements market in Asia-Pacific over the forecast period.
KEY HIGHLIGHTS:
- Changing Lifestyles, Chronic Illness and a growing population are driving the market.
- This market can be segmented on the basis of product, application, source, distribution channel, regions and competitors.
COMPETITORS ANALYSIS:
The industry is highly fragmented and is projected to grow at a significant CAGR over the next few years due to the increasing demand for supplements among sports enthusiasts. From marine collagen to sacha inchi, manufacturers on the market are constantly experimenting with new sources. In addition, manufacturers are incorporating egg white proteins into nutrition bars to provide a wider selection of snacks. In 2017, Glanbia created the BevEdge technology, which permits manufacturers to eliminate lecithin from their products. This technology is applicable to a wide range of animal and plant-based products, including whey, milk, casein, and pea. Glanbia PLC, MusclePharm, Abbott, CytoSport, Inc., Iovate Health Sciences International Inc., QuestNutrition, THE BOUNTIFUL COMPANY, AMCO Proteins, NOW Foods, Transparent Labs, WOODEN BOLTS DISTRIBUTION LLC, Dymatize Enterprises LLC, JymSupplementScience.com, RSP Nutrition, BPI Sports LLC, International Dehydrated Foods, Inc., BRF, Rousselot, GELITA AG, Hoogwegt.
RECENT DEVELOPMENTS:
- Nestlé Health Science has finalised its acquisition of Vital Proteins in February 2022. Vital Proteins is the market leader in collagen in the United States and a leading lifestyle and wellness platform offering supplements, beverages, and food products. 2020 saw the acquisition of a majority stake in Vital Proteins by Nestlé Health Science.
- Nestlé acquires The Bountiful Company's core brands in April 2021 and expands its health and nutrition portfolio.
MARKET SEGMENTATION:
Source Outlook
- Animal-based
- Whey
- Casein
- Egg
- Fish
- Others
- Plant-based
- Soy
- Spirulina
- Pumpkin Seed
- Hemp
- Rice
- Pea
- Others
Product Outlook
- Protein Powder
- Protein Bars
- Ready to Drink
- Others
Application Outlook
- Sports Nutrition
- Functional Food
Distribution Channel Outlook
- Supermarkets & Hypermarkets
- Online Stores
- Direct to Customers (DTC)
- Others
By Regions
- North America
- Europe
- APAC
- Middle East and Africa
- LATAM
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