February 26, 2024
Protein Supplements Market

The growth of sports nutrition is anticipated to open up new avenue for the protein supplements market

The protein supplements market is estimated to be valued at US$ 27.43 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Protein supplements refer to food products that are rich in protein content and are consumed to complement regular diets. These supplements are available in various forms such as powders, ready-to-drink shakes and bars. They are consumed regularly by fitness enthusiasts, bodybuilders and athletes to build muscles and enhance sports performance. Whey protein concentrate, casein and soy proteins are some of the commonly used protein ingredients in these supplements. Rising health consciousness among consumers and increasing focus on maintaining an active lifestyle have boosted the demand for high-protein foods and beverages in recent years.

Market Dynamics:
One of the key drivers for the protein supplements market is the rising number of fitness centers, health clubs and gyms. Increasing awareness regarding the importance of exercising regularly and the availability of exercise infrastructure have encouraged more people to join gyms and embrace fitness routines in their daily lives. As protein is an essential macronutrient for muscle recovery and development, consumption of supplements high in protein provides the required dose of amino acids for building and maintaining muscles. Additionally, busy work schedules and hectic lifestyles are leaving less time for proper meal planning among consumers. Protein supplements help address the protein needs of such busy individuals through convenient on-the-go formats like shakes and bars. The market is also witnessing high demand from the geriatric population who consume protein supplements to support muscle strength, metabolism and improve overall health.

Segment Analysis

The protein supplements market is dominated by the whey protein supplements segment. Whey protein is a complete protein that contains all the essential amino acids and is absorbed quickly by the body. It helps build muscle, increase strength, improve bone health and aid weight loss. Whey protein is becoming increasingly popular among health-conscious people as well as among athletes and bodybuilders for its versatile usage such as smoothies, baked foods, trail mixes etc.

PEST Analysis
Political: The rules and regulations on production, processing and distribution of protein supplements vary across countries and regions which affects the market. For example, some nations have stricter guidelines on use of ingredients, manufacturing quality standards etc.
Economic: The demand for protein supplements is highly dependent on the disposable income levels of consumers. Rising incomes have been boosting spending on health, nutrition and wellness products.
Social: Changing lifestyles, increasing health awareness and focus on fitness are major social factors driving the protein supplements market. People are increasingly consuming them for muscle building, weight management and sports performance enhancement.
Technological: Advancements in supplement manufacturing technologies have led to improved shelf life, better taste/texture, enhanced bioavailability and multifunctional supplements. New delivery forms like powders, bars, shakes are becoming popular.

Key Takeaways

The Global Protein Supplements Market Demand is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing health awareness and focus on fitness among consumers globally. The market size for 2023 is estimated at US$ 27.43 Bn.

Regionally, North America is expected to continue dominating the global protein supplements market during the forecast period. Robust demand for sports and nutritional supplements along with growing prevalence of gyms and fitness centers especially in the US and Canada is driving high consumption of protein supplements in the region.

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., among others. Leading players are focusing on new product launches, expanding to emerging markets and making strategic mergers and acquisitions to gain market share.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it