Ready-to-Drink Protein Beverages Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Ready-to-Drink Protein Beverages Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The ready-to-drink protein beverage market was valued at USD 1,341.76 million in 2020, and it is projected to register a CAGR of 7.72% during the forecast period (2021-2026).

COVID-19 is stimulating the customization of protein beverages, as gyms across various countries are closed and sporting gatherings are banned. This has provided an opportunity for companies to roll out new offerings in line with changing consumers’ tastes and preferences, which is crucial, as the mainstreaming of protein nutrition drinks is highly competitive.

Over the medium term, the inclination of consumers toward maintaining health and awareness would create immense demand for protein-enriched drinks. Currently, protein drinks are being increasingly marketed across the regions as sports nutrition drinks. Athletes and bodybuilders are increasingly consuming these protein drinks to improve their overall performance, health, and muscle growth.​

Demand for plant-based protein drinks is expected to push manufacturers to bring organic and clean label protein drinks across the market channels.

Key Market TrendsStrong Demand from Health Conscious Consumers

Protein-based drinks have increasingly gained popularity, mainly among athletes and individuals involved in vigorous physical activities. The growing emphasis on staying healthy and in shape and rising participation in sports, health clubs, sports clubs, and gyms are some of the key drivers contributing to the growth of the global ready-to-drink protein beverage industry.​ In recent years, health clubs and fitness centers witnessed consistent growth due to increased health concerns and lifestyle changes. The rise in health awareness and the need for adequate nutritional content in food fostered the demand for sports nutrition products, including protein beverages. ​According to the International Health Racquet and Sports Club Association, in 2017, there were nearly 201,250 health and fitness clubs globally and 38,477 clubs in the United States. In addition, the total US health club membership increased from 50.2 million in 2012 to 60.9 million in 2017. The data signifies growth in awareness regarding physical fitness among consumers, which has been fueling the demand for protein-based drinks, globally. ​

North America Dominates the Market

While awareness of the need and benefits of protein is increasing, so is the demand for convenience. An increasingly larger number of consumers are eating on the go and looking to supplement their diets with protein beverages. While the traditional protein smoothie or shake is a popular option, many are choosing refreshing and thirst-quenching clear protein drinks. Moreover, on account of the rising vegan and flexitarian trend, a large number of consumers are demanding vegan beverages. To tap into such potential market opportunities, players are capitalizing on the growing popularity of plant-based proteins diets. For instance, In February 2020, Sproud, a Swedish company, launched a range of Pea Protein Milk in the United States. The plant-based protein beverages are launched in four varieties, namely, Original, Unsweetened, Chocolate, and a professional formula developed for and by baristas in a 1lt/3.8 oz pack.

Competitive Landscape

The market for ready-to-drink protein beverages is fragmented and is driven by various active players. The major players have used several strategies such as new product launches, expansions, joint ventures, partnerships, acquisitions, and others to increase the market growth. The key players operating in the market include PepsiCo, Glanbia PLC, Coca-Cola, and Labrada, among others. Manufacturers are increasing their investments in R&D, marketing, and expanding their distribution channels to maintain their market position. To sustain their positions in the market, leading players are bringing innovation in their product offerings in order to cater to the changing consumer demand. For instance, in February 2021, the plant-based beverage company, Koia, announced that its products may now be nationally distributed in 7-Eleven convenience stores in the United States. Over 60% of consumers come to 7-Eleven for beverages, making it critical for the company portfolio to match their needs of living healthy lives.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Kellogg Company
Glanbia PLC
PepsiCo Inc.
Halen Brands
Post Holdings Inc.
Koia
Abbott Nutrition
Labrada Nutrition
The Coca Cola Company

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.