Market Definition:
The protein supplement market is accruing rapidly across the globe, mainly due to the well-spread awareness towards the benefits of these supplements worldwide. The market witnesses a huge rise in the demand over the past few years, owing to the increasing uptake of these supplements in the treatment of several ailments. Besides, the growing shift in consumer preferences, especially in the young consumer base towards the healthy food products is providing impetus to the market growth.
Additionally, novelties in flavor and packaging form, brought about by the key players operating in the market are attracting the consumers to buy these supplements. Also, rising health awareness among consumers has boosted the market demand for the product. Resultantly, the protein supplement market is growing pervasively on the global platform.
Considering the growth, the market is witnessing currently, Market Research Future (MRFR), in its recently published study report foretells that the global protein supplement market, growing rapidly will gain phenomenal accruals by registering an outstanding CAGR during the review period (2017-2023).
Market Scenario:
Furthermore, consumer’s inclination towards personal fitness and healthy diets and the consistently positive results demonstrated by these supplements, foster the market growth. Rising population, changing lifestyle, increased per capita health care expenses and improving economic conditions are contributing to the market growth globally.
On the other hand, factors such as; intense competition and the availability of low-cost, counterfeit products are intimidating the growth of this market. It is quite challenging for the new entrants to compete with the well-established players whose supplement are preferred the most.
Some giant players meticulously strategize their packaging solutions that can enhance the product & customer experience, while aligning with their branding of providing top of the line product innovation. Such factors commutatively act as the tailwind to the market growth.
Furthermore, distribution channels are playing a vital role in the development of this market, witnessing the proliferation of large format retail including hypermarkets, supermarkets, and online shopping. Online channels perceive a huge growth, providing convenience to the price-sensitive consumers.
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Key Players:
Fervent players in the market include Archer Daniels Midland Company (US), Glanbia Plc. (Ireland), Herbalife Ltd (US), GNC Holdings Inc. (US), GlaxoSmithKline Plc. (UK), Amway (US), and Abbott Laboratories (US).
Industry Advancements/Related News:
August 29, 2018 – Green Cures and Botanical Distribution Inc. (US), innovative hemp-infused nutrition, and protein Supplement Company, launched two new CBD-infused protein supplement products, one product being vegan, while the other is whey-based. These supplements will help sportsman and athletes to recover more quickly, improve endurance, and save calories vs. sugar-added protein supplement competitors.
Global Protein Supplement Market – Segments:
The MRFR analysis is segmented into four key dynamics for the convenience of understanding;
By Sources : Animal-based, and Plant-based among others among others.
By Applications : Food, Beverages, Nutraceuticals, Sports Nutrition, and Pharmaceuticals among others.
By Forms : Powder, Bars, and Liquids among others.
By Regions : North America, Europe, APAC and the Rest-of-the-World
Global Protein Supplement Market – Competitive Analysis:
The Protein Supplement market appears to be highly competitive and fragmented owing to the presence of several key players accounting for a substantial market share. These players incorporate collaboration, acquisition, partnership, product & technology launch, and expansion, to gain the competitive advantage in this market. Manufacturers and distributors of protein supplement are responsible for evaluating the labeling and safety of their products pre-marketing to ensure that they meet all the requirements of FDA regulations and DSHEA.
Global Protein Supplement Market – Regional Analysis:
The North America region is estimated to retain its dominance over the global protein supplement market throughout the forecast period. The region holds more than 35% of the market share and is expected to reach more than 400-kilotons with CAGR of 5.65% from 2017 – 2023.
Since the last decade, this market has a strong foothold in the space of protein supplements. The US accounts for the largest market in North America and one of the leading manufacturers and consumer of protein supplement globally.
The Asia Pacific region emerging as one of the lucrative markets for protein supplements is projected to witness the highest as in approx. 5.87% growth rate during forecast period 2017 to 2023. Well-spread consumer awareness about the benefits of protein supplements and the availability are some of the major driving forces substantiating the market growth in the region. Besides the increasing geriatric population alongside the growing popularity is expected to increase the demand for the protein supplement in the Asian region.
Europe is another promising market for protein supplements. Italy, Germany, France, Sweden, and U.K. 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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