PUBLISHER: Allied Market Research | PRODUCT CODE: 1298360
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298360
The global protein supplement market was valued at $23.9 billion in 2021, and is projected to reach $50.7 billion by 2031, growing at a CAGR of 7.8% from 2022 to 2031.
commonly found in meat and animal products such as beef, dairy, fish, and poultry, and plant-based products such as soy, beans, nuts, and whole grains. Protein supplements in the form of powder, shakes, and bars are examples of modified high-quality protein sources. Protein supplements help the body build, repair, and maintain muscles, skin, and hair. They also aid in weight loss, cholesterol reduction, immunity enhancement, and cardiovascular disease prevention. These are typically purchased from online fitness stores because of the variety of options available. The global protein supplement market is experiencing growth due to an increase in health-related concerns, which has led to a shift in individuals' preferences for fitness centers, gyms, and health clubs. Furthermore, the rise in obesity rates and the increase in disposable income are two other factors driving the market growth. However, the presence of less expensive substitutes, side effects of protein supplements, and negative publicity and claims are expected to hamper the market growth during the forecast period. Growth in demand from the health-conscious young population, as well as the introduction of protein supplements in untapped markets, are expected to provide lucrative opportunities for market expansion.
Vitamins, proteins, supplements, fats, carbohydrates, minerals, and organic substances are consumed during sports nutrition. Nano-encapsulation and microencapsulation technologies have grown in popularity in recent years due to their controlled release and minimal ingredient utilization. The expansion of the distribution channel for encapsulation technologies in food and beverage fortification is expected to open new markets for sports nutrition ingredients. Furthermore, the surge in popularity of naturally-derived ingredients, as a result of the rise in health concerns about synthetic ingredients, is expected to fuel the growth of protein supplements in the sports nutrition industry.
Numerous awareness campaigns launched by non-governmental organizations, government agencies, and corporations have increased consumer awareness of the nutritious benefits of protein supplements, which is expected to fuel market growth. Furthermore, in many countries, the consumption of premium protein powders and bars is regarded as a symbol of one's social status. Some companies that manufacture nutritional supplements also include natural and organic products, which help to fuel the market growth. The use of appealing packaging techniques has increased consumer awareness, resulting in increased spending on protein and nutritional supplements.
The global protein supplement market is bifurcated based on type, form, source, gender, age group, distribution channel, and region. On the basis of type, the market is divided into casein, whey protein, egg protein, soy protein, and others. On the basis of form, it is segmented into powder, RTD liquid, and protein bars. On the basis of source, the market is segmented into animal and plant sources. On the basis of gender, the market is bifurcated into male and female segments. On the basis of age group, the market is divided into millennials, generation X, and baby boomers. Based on distribution channel, the market is categorized into supermarkets/hypermarkets, online stores, chemists/drugstores, nutrition stores, health food stores, specialist sports stores, and others. Based on region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia-Pacific, and LAMEA (Brazil, Saudi Arabia, South Africa, and Rest of LAMEA).
The key leading players operating in this market include: Abbott, Amway India Enterprises Pvt. Ltd., Glanbia plc., GNC Holdings, LLC, Vitaco, Hormel Foods Corporation, Iovate Health Science International, The Hut.com, Otsuka Pharmaceutical, and MuscleBlaze