The global protein supplement market is driven by the rise in awareness of health & fitness and the surge in the demand for sports nutrition supplements.
PORTLAND, Ore., April 25, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Protein Supplement Market by Type (Casein, Whey Protein, Egg Protein, Soy Protein, Others), by Form (Powder, RTD liquid, Protein Bars), by SOURCE (Animal, Plant), by GENDER (Male, Female), by AGE GROUP (Millennials, Generation X, Baby Boomers), by DISTRIBUTION CHANNEL (Supermarket/Hypermarket, Online, Chemist/Drugstore, Nutrition Store, Health Food Store, Specialist Sports Store, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the Global protein supplement industry generated $23.9 billion in 2021 and is anticipated to generate $50.7 billion by 2031, witnessing a CAGR of 7.8% from 2022 to 2031.
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Prime determinants of growth
The global protein supplement market is driven by the rise in awareness of health & fitness and the surge in the demand for sports nutrition supplements. However, the presence of cheaper substitutes hampers the market growth. On the other hand, growth in demand from the young and millennial population is presenting lucrative opportunities for the market growth.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2022-2031 |
Base Year | 2021 |
Market Size in 2021 | $23.9 billion |
Market Size in 2031 | $50.7 billion |
CAGR | 7.8 % |
No. of Pages in Report | 315 |
Segments Covered | Type, Form, Source, Gender, Age Group, Distribution Channel, and Region. |
Drivers | Rise in awareness of health & fitness Surge in the demand for sports nutrition supplements |
Opportunities | Protein supplements introduction in untapped market Growth in demand from the young and millennial population |
Restraints | Presence of cheaper substitutes |
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a positive impact on the global protein supplement market, owing to their apparent ability to boost immunity.
- The COVID-19 pandemic had further resulted in higher demand for dietary supplements, thereby boosting the growth of the protein supplements market.
The whey protein segment to maintain its leadership status throughout the forecast period
Based on type, the whey protein segment dominated the market and accounted for nearly two-fifths of the global protein supplement market share in 2021 and is expected to retain its dominance during the protein supplement market forecast period. Whey protein is traditionally used among athletes and bodybuilders since it promotes overall body growth and muscle building. The surge in demand for sports nutrition products and their value-added tag as clean-label ingredients are the two main factors that contribute to the overall growth of the market. However, the soy protein segment is projected to manifest the highest CAGR of 8.6% from 2022 to 2031, owing to various health benefits associated with the consumption of soy products.
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The powder segment to maintain its lead position during the forecast period
Based on form, the powder segment dominated the market and accounted for more than three-fourths of the global protein supplement market in 2021 and is expected to retain its dominance during the protein supplement market forecast period. Some of the key protein supplement manufacturers have been strategizing on coming up with products that cater to customer needs and requirements with the rise in the number of health-conscious customers around the major parts of the globe. Customers look for convenience even while taking protein supplements. However, the RTD liquid segment is projected to manifest the highest CAGR of 9.1% from 2022 to 2031, as they provide a convenient and portable way to support muscle growth and recovery.
The animal segment to maintain its lead position during the forecast period
Based on the source, the animal segment accounted for nearly three-fourths of the global protein supplement market in 2021 and is expected to retain its dominance during the protein supplement market forecast period. This segment is also projected to manifest the highest CAGR of 7.9% from 2022 to 2031, since it has always been the preferable option among customers who are looking for a healthy diet. However, over the past couple of years, customers have been raising questions about food safety, and the quality of the product that is being served or sold. The manufacturers and marketers of animal-based protein have been taking necessary steps regarding value addition to the product so that they remain competitive in the market.
The male segment to maintain its lead position during the forecast period
Based on gender, the protein supplement market is bifurcated into male and female. The male segment accounts for more than three-fifths of the global protein supplement market and is expected to retain its dominance during the protein supplement market forecast period. This segment is also projected to manifest the highest CAGR of 8.0% from 2022 to 2031, as the male population looks out for performance-enhancement supplements for various physical activities whereas the female population has less preference for the same.
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The millennials segment to maintain its lead position during the forecast period
Based on age group, the millennials segment is expected to account for nearly half of the market in terms of consumption for the global protein supplement market and is expected to retain its dominance during the protein supplement market forecast period. This segment is also projected to manifest the highest CAGR of 8.2% from 2022 to 2031 since they indulge in various health-oriented extra-curricular activities such as hitting the gym and participating in various sports. Similar to other demographic groups, Millennials are concerned about brain health, heart health, weight loss, weight maintenance, fighting fatigue, and maintaining high energy levels.
The online segment to maintain its lead position during the forecast period
Based on the distribution channel, the online segment accounted for around one-fifth of the global protein supplement market and is expected to retain its dominance during the protein supplement market forecast period. This segment is projected to manifest the highest CAGR of 8.7% from 2022 to 2031, since with online platforms, businesses can sell their products to a global audience, reaching consumers who may not have had access to these products otherwise. Considering such behavior of the consumers, most of the key manufacturers have gone online where they have created their own web portals for selling products.
North America to maintain its lead position during the forecast period
Based on region, North America accounts for around two-fifths of the share of the global protein supplement market and is expected to retain its dominance during the protein supplement market forecast period, owing to the rise in the number of health-conscious customers in most of the developed regions. This is attributable to the rise in the number of U.S. consumers adopting a healthy lifestyle or indulging in activities that promote active and good health. However, Asia-Pacific is projected to manifest a CAGR of 8.6% from 2022 to 2031, since Asia-Pacific collectively attracts nearly 22 million members in the health and fitness industry.
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Leading Market Players: -
- Amway Corp.
- Glanbia PLC
- GNC Holdings, LLC
- Abbott Laboratories
- Bright LifeCare Pvt. Ltd.
- Vitaco Health Australia Pty Limited
- Hormel Foods Corporation
- Otsuka Holdings Co., Ltd.
- Iovate Health Sciences International Inc.
- THG plc
The report provides a detailed analysis of these key players in the global protein supplement market. These players have adopted different strategies such as acquisition, partnerships, and new product launch to increase their market share and maintain dominant shares in Brazil. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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