Market Overview:
The Global Market for Protein Supplement has witnessed continued demand during the last few years and is projected to reach 1,247.78 kilo tons by 2023, at a CAGR of 4.56% by 2023. Increasing awareness about the health benefits of protein supplements is likely to drive the global protein supplement market.
North America will continue to dominate the protein supplement market with more than 35% market share and it is projected to reach more than 400 kilo tons with CAGR of 5.65% by 2023. Asia-Pacific will witness highest growth rate (~5.87%) during forecast period 2017 to 2023. Availability of protein supplement in various forms has increased the popularity and consumption of protein supplement among health conscious consumers especially in the area of nutraceuticals and sports and nutrition.
Plant sourced protein supplement will witness a growth rate (~4.95%). By 2023, plant sourced protein supplement will reach a market volume of more than 600 kilo tons on a global level. High inclination of herbal and natural sourced nutraceuticals products is found to be having a positive impact in its market share growth. The increasing demand for protein in the food products also influencing its positive growth rate in global protein supplements market.
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Latest Industry News:
Jan 2018 Workout supplement brand CTD Sports has created Isolicious, a 100 percent whey isolate protein powder that comes in three nostalgic flavors: Cinnamon Cereal (similar to Cinnamon Toast Crunch), Coco Cereal (like Cocoa Puffs), and Fruity Cereal (as in Fruity Pebbles).
July 2017 Canadian scientists out of McMaster University created a ready-to-drink formula that’s a protein supplement specifically for seniors, this segment grapples with weakening bones and loss of muscle mass and the protein powder is expected to stop muscle deterioration, handing the elderly more strength and mobility. The protein supplement could be given to seniors in old age homes, and long-term care facilities. It may even be recommended to aging adults who are worried about sarcopenia and losing muscle mass.
Major Key Players:
The entry of new industry players in the segment has initiated a trend of volume-driven growth that has been observed to intensify with the addition of new and advanced products. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. Companies can capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The leading market players in the global Protein Supplement market primarily are Glanbia Plc. (Ireland), Archer Daniels Midland Company (U.S.), GNC Holdings Inc. (U.S.), Herbalife Ltd (U.S.), GlaxoSmithKline Plc. (U.K.).
Currently, the market for protein supplements has been showing remarkable growth in response to the demand from the consumers for the sector. This has favorably led to a rise in the valuation of this sector.
Segment:
The industry for protein supplements has been segmented by source into animal, plant, others. Plant sourced protein supplement will witness a growth rate of 4.95% .By 2023, plant sourced protein supplement will reach a market volume of more than 600 kilo tons on a global level. By application the types are food, beverages, nutraceuticals, sports nutrition, pharmaceuticals, others. Nutraceutical based application of protein supplement will reach more than 700 kilo tons market volume with CAGR of 5.14% by 2023 .By form powder, bars, liquids, others. Powder form of protein supplement will mostly dominate the protein supplement market holding a lion’s share of 57%.
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Regional Analysis:
As per the MRFR analysis, the global market for protein supplement has witnessed continued demand during the last few years and is projected to reach 1,247.78 kilo tons by 2023, at a CAGR of 4.56% during the forecasted period. North America is estimated to dominate the global protein supplement market holding a lion’s share of more than 30% accounting for a market volume of more than 300 kilo tons. Asia Pacific will witness the highest growth rate of 5.87% in the global protein supplement market whereas Europe and Rest of the world will witness moderate growth rate.
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