Global Protein Supplements Market - 2023-2030

Global Protein Supplements Market - 2023-2030

The Global Protein Supplements Market reached US$ 6.5 billion in 2022 and is expected to reach US$ 12.1 billion by 2030 and is expected to grow with a CAGR of 8.1% during the forecast period 2023-2030. The protein supplements market is experiencing a surge in growth due to the rising number of health-conscious consumers and the proliferation of fitness centers worldwide.

With millennials showing a growing interest in maintaining a balanced diet and a focus on building their overall health, protein supplements have gained significant popularity among this demographic. This trend is expected to generate additional demand for protein supplements market in the anticipated period.

Furthermore, as lifestyles continue to evolve, there is an increasing reliance on supplements to meet daily nutritional needs. Busy schedules and changing dietary habits have led individuals to seek convenient and efficient ways to fulfill their nutritional requirements. This shift towards supplement usage is anticipated to further drive the demand for protein supplements market size in the forecast period.

Market Dynamics
The Consumers Growing Preference for Nutrient-Dense Food
The global demand for protein supplements has been driven by the prevalence of busy consumer lifestyles, which often lead to on-the-go food consumption. This trend has created a need for convenient and portable options such as protein supplements. Additionally, there has been an increase in product demand due to rising health concerns among consumers who prioritize nutrient-dense diets. For instance, on July 22, 2022, Dymatize Enterprises LLC, a US company known for its range of nutritional and bodybuilding supplements, launched the Dymatize Complete Plant Protein. This innovative product is a vegan plant-based protein powder that stands out from the rest.

Furthermore, the growing number of health awareness programs has played a significant role in influencing the consumption of whey protein isolate on a global protein supplements market. These programs emphasize the importance of overall wellness and maintaining a nutritional diet, leading consumers to seek out protein supplements as a convenient way to meet their dietary needs.

Market Diversity and Product Innovation are Driving the Demand for Protein Supplements

Protein has witnessed impressive expansion in the global market, capturing the interest of consumers across different backgrounds and demographics. A notable example is the substantial growth observed in the sales value of protein concentrates, which exceeded USD 634.31 million in 2021, compared to USD 601.43 million in 2020, as reported by the Office for National Statistics (UK). This surge in sales can be attributed to several factors that have influenced consumer demand.

For instance, on March 28, 2022, MusclePharm, a global provider of leading sports nutrition and lifestyle branded nutritional supplements, introduced a high whey protein drink line (Ready-To-Drink protein drink) with over 20g of protein in multiple sugar-free flavors.

One contributing factor is the pursuit of a competitive edge by athletes who recognize the importance of protein in supporting their performance and muscle development. Additionally, aging seniors have shown a keen interest in preserving muscle mass, leading them to prioritize protein consumption. For instance, on March 28, 2022, MusclePharm, a global provider of leading sports nutrition and lifestyle branded nutritional supplements, introduced a high whey protein drink line (Ready-To-Drink protein drink) with over 20g of protein in multiple sugar-free flavors.
The Price Fluctuations Hindering the Market Growth.

The expansion of the protein supplements market is facing challenges due to price fluctuations. The instability in pricing has posed obstacles for businesses aiming to grow and expand their presence in the industry. These price fluctuations can be attributed to several factors, including the volatility of raw material costs, supply and demand imbalances, and external economic factors.

COVID-19 Impact Analysis
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Artificial Intelligence Analysis
AI algorithms analyze the composition of protein supplements, identifying the specific types and quantities of proteins, amino acids, vitamins, and minerals present. This analysis helps assess the nutritional value and quality of the product. AI algorithms analyze scientific research, clinical trials, and user reviews to evaluate the effectiveness of different protein supplements. By aggregating and analyzing vast amounts of data, AI can provide insights on the performance and benefits of specific protein supplements. AI-powered systems utilize machine learning algorithms to provide personalized recommendations for protein supplements based on an individual's specific goals, dietary restrictions, and health conditions. This helps users select the most suitable options for their needs.

Segment Analysis
The global protein supplements market is segmented based on type, source, form, application, distribution channel and region.

By Type, Whey Protein, is the Fastest Growing Segment During the Forecast Period

The whey protein segment is experiencing rapid growth and has emerged as the fastest-growing segment in the protein supplements market. This growth can be attributed to several key factors driving its popularity among consumers. Whey protein is widely recognized for its high biological value, which refers to its ability to provide essential amino acids and support muscle protein synthesis effectively. As a result, athletes, fitness enthusiasts, and individuals seeking to improve their muscle mass and overall fitness are increasingly turning to whey protein supplements.

Additionally, whey protein offers a range of other health benefits, such as supporting weight management, promoting satiety, and aiding in post-workout recovery. These benefits have resonated with consumers who are proactively seeking ways to enhance their overall well-being and maintain a balanced diet. For instance, on March 11, 2023, Prorganiq launched the Best Whey Tasting Protein Supplement in India. This product has emerged as a preferred choice among consumers. It is specially formulated to enhance carbohydrate, healthy fat, and protein levels during training, thereby maximizing performance for athletes and gym enthusiasts.

Geographical Analysis
The North America Region Held the Largest Share in Protein Supplements Market.

The protein supplements market in North America holds a significant share of the global market, primarily driven by the growing number of health-conscious consumers in developed regions. Throughout the forecast period, the health and fitness industry in the United States is projected to experience rapid growth, indicating a sustained upward trajectory.

The trend of adopting a healthy lifestyle and engaging in activities that promote physical fitness and well-being is gaining momentum among the population in the United States. Notably, approximately 20% of adults in the country are currently members of fitness clubs, and this percentage is expected to increase in the forecast period. The heightened awareness surrounding personal health has led to a surge in demand for nutritious food products.

For instance, on April 16, 2022, Atkins Nutritional Inc., a renowned brand specializing in low-carbohydrate bars, shakes, and snacks, introduced a range of new products to their lineup. Among the additions were two delicious snack bars and a ready-to-drink (RTD) protein shake. Notably, they launched an enticing iced chai latte RTD protein shake that boasts 15 grams of protein, a mere 3 grams of net carbs, and just 1 gram of sugar.

Competitive Landscape
The major global players in the market include Glanbia plc, Kerry Group Plc, Reliance Vitamin Company, Inc, Herbalife Nutrition, GNC Holdings, LLC, Nutiva Inc, The Simply Good Food Co, Iovate Health Sciences International Inc., MusclePharm Corporation and True Nutrition.

Why Purchase the Report?
• To visualize the global protein supplements market segmentation based on type, source, form, application, distribution channel and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of protein supplements market-level with all segments.
• The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.
The global protein supplements market report would provide approximately 61 tables, 58 figures and 190 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies