Protein Supplements Market Analysis
The global Protein Supplements Market is predicted to touch USD 14.50 billion at a 6.87% CAGR between 2018-2023, reveals the latest Market Research Future (MRFR) report. Protein is amid the three vital components of the diet, along with fats and carbohydrates. It contains various amino acids, plays a crucial role in the endocrine and immune system, offers raw material for muscle construction as well as repair, and helps in the transmission of nerve impulses all through the nervous system.
Though people can get bulks of protein from whole food sources, but protein supplements make it simpler in getting the same on-the-go. Today both animal and plant-based protein supplements are available in the market in different forms such as bar, powder, liquid, and others. Weight management, muscle growth, recovery after exercise, and added nutrition are some of the key benefits of taking protein supplements.
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Various factors are propelling the Protein Supplements Market growth. These factors, as per the new Market Research Future (MRFR) report, include an increase in endorsements by sportspersons and celebrities, focus on packaging, the ability to invest in protein bars and other supplements, obesity concerns, improvement in financial stability, and increasing disposable income. Additional factors propelling market growth include growing awareness about protein benefits, the rising importance of active lifestyle, increasing incidence of health issues, increasing expenditure on R&D activities conducted by the healthcare industry, knowledge of diseases resulting from protein deficiency, increasing per capita income, and growing health concerns.
Industry News
September 2019: After their first successful collaboration, Steve Aoki has again joined hands with Dim Mak to launch strawberry shortcake flavored protein powder that contains 25 grams protein per saving, tastes amazing, and above all is a gluten-free and low-fat option.
Key Players
Major players profiled in the Protein Supplements Market report include Amway (US), Abbott Laboratories (US), GlaxoSmithKline Plc. (UK), Herbalife Ltd (US), GNC Holdings Inc. (US), Archer Daniels Midland Company (US), and Glanbia Plc. (Ireland). Key players have used several strategies to cater to the growing needs of customers and create a foothold in the market. These strategies include joint ventures/partnerships, research, and development activities, product launch and innovations, mergers and acquisitions, collaborations, expansions, and more.
Market Segmentation
The MRFR report provides an all-inclusive segmental analysis of the Protein Supplements Market based on distribution channel, form, and source.
Based on The Source, the Protein Supplements Market is segmented into animal, plant, and others. Of these, the animal segment will dominate the market over the forecast period.
Based on Form, the Protein Supplements Market is segmented into bar, liquid, powder, and others. Of these, the powder segment will have the largest share in the market over the forecast period.
Based on The Distribution Channel, the Protein Supplements Market is segmented into non-store-based and store-based. The store-based segment is again segmented into convenience stores, supermarkets and hypermarkets, and others. Of these, supermarkets and hypermarkets will lead the market over the forecast period.
Regional Analysis
By Region, the Protein Supplements Market report covers the latest trends and growth opportunities across Europe, North America, the Asia Pacific, and the Rest of the World. Of these, North America will remain the driving force in the market over the forecast period. The US is the chief contributor in this region. The Protein Supplements Market in Europe is predicted to have favorable growth over the forecast period chiefly on account of the growing inclination towards protein supplements among consumers.
The Protein Supplements Market in the APAC region is predicted to grow at the fastest pace over the forecast period. Factors aiding growth in the region include growing application in various industries, growing health awareness in India as well as China, increasing price of public health care systems, westernization of diet, shifting consumption patterns, and increasing focus of consumers on preventive health care.
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