The protein supplement market is growing rapidly and steadily, mainly due to the well-spread awareness of the benefits of these supplements, worldwide. Owing to the increasing adoption of these supplements in the treatment of several ailments, the market witnessed a massive rise in the demand over the past few years. Moreover, the growing shift in consumer preferences, especially in youngsters, towards adopting healthy eating habits is providing impetus to the market growth.
Acknowledging the kind of the growth this market is witnessing currently, Market Research Future (MRFR), in its recently published study report asserts that the global protein supplement market will register an outstanding CAGR during the review period (2017-2023), garnering substantial accruals.
Marker Scenario and Key Restraints:
Additionally, availability of a variety of flavors and attractive packaging forms brought about by the manufacturers is fostering the market growth and enticing the consumers to buy these supplements. Furthermore, factors like the rising health awareness is escalating the market on the global platform, boosting the market demand for the product.
Additional factors cementing the market growth include growing inclination towards personal fitness & healthy diets among the growing population and the positive results demonstrated by these supplements. Rapidly changing and improving lifestyle coupled with increased per capita spending for wellness and quality of life led by the improving economic conditions are propelling the market growth, globally.
On the flip side, intense competition and the availability of low-cost, counterfeit products are some of the factors obstructing market growth. New entrants of the market are finding it challenging to compete with the well-established players which have branded products.
Giant brands strategize their packaging solutions which can complement product innovation and enhance the product & customer experience. Besides, distribution channels are playing a vital role in the development of this market with the proliferation of large format retail stores including hypermarkets, supermarkets, and online stores. Online channels perceive a colossal growth, providing convenience to price-sensitive consumers.
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Players leading the market include Archer Daniels Midland Company (U.S.), GNC Holdings Inc. (U.S.), Glanbia Plc. (Ireland), Herbalife Ltd (U.S.), GlaxoSmithKline Plc. (U.K.), Abbott Laboratories (U.S.), and Amway (U.S.).
The company confirms that it has made a significant investment in technology and food science to create the most concentrated and highest quality of California almond protein powder ever introduced on the market.
December 06, 2018 – Noosh Brands (US), a workout supplement start-up launched its Almond Protein Powder in The Vitamin Shoppe, which will be the first national retailer to carry Noosh Almond Protein Powder, the industry’s first protein powder derived from whole California-grown almonds.
The report can be segmented into four key dynamics for the ease of understanding;
By Source : Animal-based, Plant-based, and others.
By Application : Nutraceuticals, Food, Beverages, Sports Nutrition, Pharmaceuticals, and Others.
By Form : Powder, Bars, Liquids, and Others.
By Regions : Europe, North America, Asia Pacific (APAC), and Rest-of-the-World.
The Highly Competitive Protein Supplement Market appears fragmented owing to the presence of numerous key players accounting for a substantial market share. These players incorporate strategies such as collaborations, acquisitions, product & technology launch, expansions, and partnerships to gain a competitive advantage in this market. Manufacturers and distributors are responsibly evaluating the labeling and safety of their products pre-marketing to ensure that they meet all the requirements of FDA regulations and DSHEA.
The North American region is estimated to retain its dominance over the global protein supplement market throughout the forecast period holding more than 35% of the market share. The region is further expected to manufacture more than 400 kilotons at a CAGR of 5.65% during the forecast period (2017 – 2023).
The North American protein supplements market has a strong foothold since the last decade. The US, being one of the largest manufacturers and consumer of protein supplements, globally accounts for the leading market share in the region.
The APAC region has emerged as another lucrative market for protein supplements. The market in the APAC region is estimated to grow at the highest as in approx. 5.87% CAGR during the assessment period. Factors such as the well-spread awareness among consumers about the benefits and the availability of protein supplements are some of the major driving forces behind the market growth in the region. Simultaneously, the increasing geriatric population alongside the growing popularity of protein supplements is expected to increase the demand for the protein supplement in the Asian region.
The European region accounts for another promising market for protein supplements owing to the rapidly growing markets in Germany, Italy, France, Sweden, and the U.K. Among these countries, Germany and France have shown a promising demand for the protein supplement, which is further expected to continue during the forecast period.
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