Protein Supplements Market

Market Synopsis:

The Global Protein Supplements Market is valued at USD 20.2 Billion in the year 2021 and is projected to reach a value of USD 32.5 Billion by the year 2028. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 7.45% over the forecast period.

Protein Supplements are one of the most popular dietary supplements used by athletes, recreationally active adults, and soldiers striving to increase muscle mass, improve exercise recovery, and improve performance. In the future years, rising purchasing power parity (PPP) is expected to boost demand for ready-to-drink (RTD).

Furthermore, changing lifestyles are expected to propel category expansion over the next seven years, resulting in increased consumption of dried fruit snacks. Furthermore, the market is expected to be driven by rising demand for protein bars, RTDs, and powders among bodybuilders, top athletes, and casual exercisers. Because of expanding health awareness among consumers around the world, consumption of a protein-rich diet has increased dramatically in recent years. The growing senior population, as well as an increasing number of lifestyle-related disorders including diabetes and obesity, all contribute to increased dietary supplement intake. As more consumers choose to maintain a healthy lifestyle by participating in sports activities or playing sports professionally, the region is likely to see an increase in dietary supplement demand in sports nutrition.

Consumer knowledge of the nutritional benefits of Protein Supplements has grown as a result of several awareness programs launched by non-governmental organizations, government agencies, and businesses, which is projected to boost market expansion. In many countries, the use of premium protein powders and bars is seen as a sign of social standing. Some companies that make nutritional supplements also sell natural and organic products, which adds to the markets growth. The employment of appealing packaging techniques has increased customer awareness, resulting in increased protein and nutritional supplement spending.

Market Segmentation:

The Protein Supplements Market is segmented on the basis of Source, Product, Application, and Distribution Channel. On the basis of Source, the market is segmented into Animal-based and Plant-based. On the basis of Product, the market is segmented into Protein Powder, Protein Bars, Ready to Drink, and Others. On the basis of Application, the market is segmented into Sports Nutrition and Functional Food. On the basis of Distribution Channel, the market is segmented into Supermarkets & Hypermarkets, Online Stores, Direct to Customers (DTC), and Others.

Based on Product:

Protein powder segment dominated the market in 2021, accounting for about 60% of total sales. The powders contain whey, casein, soy, pea, and egg proteins, among other things. Vitamins, greens (such as dried vegetables), minerals, cereals, fibers, extra fats, and/or thickeners are all present in these powders. They help with muscle growth and toning, enzyme and hormone production, weight loss, and tissue healing in the human body. Furthermore, due to increased demand from bodybuilders, elite athletes, and recreational exercisers, the protein powder segment is predicted to grow.

Based on Application:

The most popular application in 2021 was sports nutrition. Protein Supplements are widely used in the sports and medical industries because sportsmen, bodybuilders, and other athletes use them as dietary supplements. The availability of sports nutrition products in supermarkets and convenience stores is expected to raise demand due to exposure to a broader client base, including lifestyle and recreational consumers. In addition, increased demand for sports nutritional supplements to stimulate lean muscle growth, improve performance, aid in weight loss, and increase stamina is expected to fuel the sports nutrition segments expansion in coming years.

North America is Observed to be the Largest Share Holding Region in the Market

North America acquired the largest market share during the year 2021 with a share of 51.40%. Functional foods and sports nutrition are the two most important distribution channel sectors in the North American market. This is attributed to an increase in fitness awareness among consumers in the United States, Canada, and Mexico, which is expected to drive demand for functional foods and beverages. Furthermore, the growing health benefits of protein bars and shakes, as well as millennials' increased acceptance of protein bars and cookies as a healthy snacking option, are expected to fuel protein supplement demand in North America in the coming years.

Competitive Landscape:

Key players operating in the Global Protein Supplements Market include Glanbia PLC and others.

Segmentation of the Global Protein Supplements Market: