The Global Protein Supplements Market Is Set To Reach US$ 25.54 Bn
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| Protein Supplements Market |
Market Overview:
Protein supplements are products that provide an additional source of protein to individuals, primarily athletes and bodybuilders, to support muscle growth and repair. These supplements offer several advantages, including enhanced muscle recovery, increased muscle mass, improved athletic performance, and weight management. The growing focus on fitness and the increasing adoption of healthy lifestyles are driving the demand for protein supplements worldwide. Moreover, the rising awareness about the health benefits of protein consumption and the availability of a wide range of protein supplement products are further propelling market growth.
Market Key Trends:
One key trend in the protein supplements market is the increasing popularity of plant-based protein supplements. The demand for vegetarian and vegan protein supplements is rising as consumers are increasingly adopting plant-based diets. Plant-based protein supplements, derived from sources like soy, pea, hemp, and rice, offer several advantages over animal-based protein supplements. They are free from cholesterol, lactose, and other allergens, making them suitable for individuals with dietary restrictions. Moreover, plant-based protein supplements are more sustainable and environmentally friendly, aligning with the growing global focus on sustainability. Increasing product offerings and marketing efforts by key players to cater to the rising demand for plant-based protein supplements are expected to drive market growth in this segment.
The global Protein Supplements Market Size is estimated to be valued at US$ 25.54 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period of 2023 to 2030, according to a new report published by Coherent Market Insights.
Segment Analysis:
The protein supplements market can be segmented based on type, form, source, distribution channel, and region. In terms of type, the market can be categorized into protein powders, protein bars, protein ready-to-drinks, and others. Among these, protein powders dominate the market due to their convenience, easy digestion, and availability in various flavors. Protein bars are also gaining popularity among consumers as they provide a quick and convenient source of protein on-the-go.
Based on form, the market can be divided into dry and liquid protein supplements. Dry protein supplements, such as powders and bars, are the most commonly consumed due to their longer shelf life and ease of storage. Liquid protein supplements, comprising ready-to-drink shakes and beverages, are witnessing a significant demand due to the growing trend of fitness and health-conscious consumers opting for convenience and instant consumption.
On the basis of source, the market can be segmented into animal-based and plant-based protein supplements. Animal-based supplements, derived from sources such as whey, casein, and eggs, dominate the market due to their high protein content and superior amino acid profile. However, plant-based protein supplements, including soy, pea, and rice proteins, are gaining traction among vegan and vegetarian consumers due to their sustainability, allergen-free nature, and ethical considerations.
In terms of distribution channels, the market can be classified into online and offline channels. Offline channels, including supermarkets, specialty stores, and health food stores, dominate the market as they offer a wide range of protein supplement options and allow consumers to physically examine products before purchase. However, the online segment is witnessing rapid growth due to convenience, wider availability, and attractive discounts offered by e-commerce platforms.
Key Takeaways:
The global protein supplements market is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period. This growth can be attributed to increasing health and fitness consciousness among consumers, growing awareness about the benefits of protein supplementation, and the rising demand for convenient and instant sources of protein.
Regionally, North America is expected to be the fastest-growing and dominating region in the protein supplements market. This can be attributed to the presence of a large fitness-conscious population, increasing disposable income, and the availability of a wide range of protein supplement options. Furthermore, the market in the Asia Pacific region is also witnessing significant growth, driven by the increasing adoption of Western dietary patterns, rising preference for sports nutrition products, and the growing number of gyms and fitness centers.
Key players operating in the protein supplements market include Mondelez Company, Meiji Holdings Co Ltd., Quest Nutrition LLC, MusclePharm Corporation, Post Holdings Inc., Nestlé SA, Abbott Laboratories, Scitec Nutrition, The Hut Group, Glanbia PLC, Weider Global Nutrition LLC, and Iovate Health Sciences International Inc. These companies focus on product innovation, strategic collaborations, mergers and acquisitions, and expanding their distribution networks to gain a competitive edge.
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