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Protein Supplement Market

Global Market Study on Protein Supplements: The Increasing Demand for Nutrient-rich F&B Alternatives Presents Promising Opportunities for Protein Supplements Brands in the Years to Come, Predicts PMR

A Detailed Analysis of the Protein Supplement Market Based on Increased Government Initiatives, and a Global Rise in the Fitness Trend

Protein Supplement Market

The global protein supplement market is forecast to expand at a CAGR of 8.7% and thereby increase from a value of US$63.1 Bn in 2023, to US$113.1 Bn by the end of 2030.

Attributes

Key Insights

Protein Supplement Market Size (2023E)

US$63.1 Bn

Projected Market Value (2030F)

US$113.1 Bn

Global Market Growth Rate (CAGR 2023 to 2030)

8.7%

Historical Market Growth Rate (CAGR 2018 to 2022)

7.6%

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Market Introduction and Definition

Protein supplements are widely used in the health and fitness industry to help people meet their nutritional needs. These supplements are designed to provide additional protein to the diet and can include sources like whey, soy, casein, or plant-based proteins. The main purpose of protein supplements is to support muscle growth, repair, and recovery, which is why they are popular among athletes, fitness enthusiasts, and those with specific dietary requirements. There are many different types of protein supplements available to cater to individual preferences, dietary restrictions, and fitness goals. This variety has contributed to their widespread use in promoting a balanced and protein-rich diet for improved wellbeing.

The protein supplement market is expected to experience strong growth from 2023 to 2030. This growth is driven by various factors and promising opportunities. There is a growing global focus on health and wellness, and people are becoming more aware of the importance of protein in their diets. This is leading to an expansion of the market for protein supplements. The increasing number of individuals who are conscious about fitness and lead active lifestyles is also contributing to the demand for these supplements.

Moreover, the market for plant-based protein supplements is being stimulated by the rising popularity of vegetarian and vegan dietary preferences. There are opportunities for growth through product innovation, meeting specific consumer needs, and forming strategic collaborations to enter emerging markets. As the market continues to evolve, protein supplements are positioned to be at the forefront of nutritional supplementation, catering to the diverse and dynamic health and fitness landscape.

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Market Growth Drivers

Rising Awareness About Health and Fitness

The protein supplement market is experiencing significant growth due to the increasing awareness of health and fitness. People all over the world are placing more importance on their well-being and recognizing the crucial role of protein in supporting muscle health, recovery, and overall vitality. This awareness is not limited to any specific group and is influencing a wide range of consumers to incorporate protein supplements into their daily lives. The growing interest in physical fitness, combined with a focus on maintaining good health, is creating a strong foundation for continuous market expansion. Protein supplements are now seen as essential components of holistic wellness routines.

In addition, the protein supplement markets are experiencing higher growth due to the increasing demand for plant-based proteins. As more consumers adopt vegetarian and vegan lifestyles, there is a need for protein supplements derived from plant sources. Plant-based proteins are appealing to environmentally conscious consumers as they offer sustainable and ethically sourced alternatives. This shift in dietary choices aligns with the broader trend of conscious consumerism, which contributes to the overall growth of the protein supplement market. The combination of health consciousness and plant-based preferences is driving the market forward and shaping the landscape of protein supplementation to meet evolving consumer values.

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Market Restraints

Regulatory Challenges Around Quality Assurance

The protein supplement market may be significantly affected by regulatory challenges related to quality assurance. The industry's rapid growth makes it difficult to maintain consistent product quality and safety standards. Meeting regulatory requirements, such as ingredient specifications and accurate labelling, requires careful adherence. Failure to comply can damage a company's reputation and lead to legal consequences.

The varying regulatory frameworks in different regions add to the complexity, requiring companies to navigate different standards. To overcome these challenges, companies need to take a proactive approach, implement strong quality control measures, and maintain ongoing communication with regulatory authorities. This will ensure the market's sustained performance while upholding the integrity of protein supplement products.

Complexity in Sourcing Ingredients

The protein supplement market faces a significant challenge when it comes to sourcing ingredients and ensuring their quality. With the increasing demand for various protein sources, including plant-based alternatives, it becomes more difficult to maintain a consistent and high-quality supply chain. Companies struggle to find ethically and sustainably produced ingredients while also meeting strict quality standards.

Additionally, the global nature of ingredient procurement adds to the complexity, requiring thorough quality assurance measures to ensure the integrity and safety of protein supplements. To overcome these challenges, industry players need to establish strong relationships with suppliers, invest in advanced quality control mechanisms, and quickly adapt to changing consumer expectations for transparency and ethical sourcing in the ever-changing protein supplement market.

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Opportunities

Increasing Consumer Interest in Tailored Nutritional Solutions

The protein supplement market has a great opportunity for revenue growth by adopting personalized nutrition solutions. Companies can use technology advancements like genetic testing and data analytics to create protein supplements that are tailored to individual health goals, dietary preferences, and genetic predispositions. This approach meets the increasing demand for customized wellness solutions, which improves consumer engagement and satisfaction. By offering personalized protein blends that address specific nutritional needs, businesses can establish a unique market position, build brand loyalty, and increase revenue in a market where consumers are increasingly looking for products that align with their health aspirations.

Moreover, one way to increase revenue in the protein supplement market is by integrating protein supplements into functional food products. This can be a lucrative opportunity as consumers are increasingly focused on overall well-being and incorporating protein-enriched ingredients into everyday foods is appealing. Companies can collaborate with food manufacturers to add protein supplements to snacks, bars, and beverages. This diversification aligns with consumer preferences for convenient and enjoyable ways to meet their protein needs. Taking advantage of this opportunity allows businesses to reach a wider consumer base, generate new sources of revenue, and establish a strong presence in the changing landscape of nutritional supplementation.

Analyst’s Viewpoint

The complex interaction of factors such as age groups, gender, and regional dynamics highlights the ability of the industry to adapt to different lifestyles. The popularity of products like protein powder, and unprecedented performance of online stores, show that the market is responsive to convenience and personalization, while the rapid growth of segments like functional food, and Generation Z indicates a stronger connection between nutrition and daily life. The market's variability, seen in the diverse dietary choices and emerging regions, solidifies its resilience and potential for continuous growth. As we navigate this landscape, the protein supplement market serves as an example of a sector that is constantly changing. To achieve sustained success in the evolving world of nutritional supplementation, it is crucial to be adaptable, innovative, and have a deep understanding of consumer dynamics.

Supply-side Dynamics

The protein supplement market is influenced by various factors, making its supply-side dynamics complex. These factors include sourcing raw materials and manufacturing processes. Protein supplements are mainly made from whey, soy, and pea proteins, but there are challenges in ensuring the sustainability and ethical sourcing of these ingredients. The supply of these proteins can be unpredictable due to changing agricultural conditions, geopolitical events affecting global trade, and evolving consumer preferences. To improve the quality of protein extracts, there is constant innovation in extraction technologies and processing methods. It is also crucial to have strict quality control measures to meet regulatory standards, which adds complexity to the supply chain. Manufacturers face challenges in optimizing production capacities, managing inventory fluctuations, and finding the right balance between cost efficiency and product quality to meet the unpredictable nature of the protein supplement market.

The US is a major player in the global protein supplement market and has a significant impact on its supply-side dynamics. This is due to the country's strong infrastructure, advanced technology, and extensive network of suppliers. Many companies in the US are involved in research and development to create innovative protein supplement products. American suppliers are skilled at navigating the unpredictable nature of the market and quickly adapting to changing consumer trends. Additionally, the US holds a strategic position in global trade, ensuring a steady supply of raw materials and finished products. The country's commitment to quality assurance and adherence to regulatory standards further solidifies its role in shaping the supply-side dynamics of the protein supplement market, influencing trends, and setting benchmarks.

Market Segmentation

Which is the Largest Contributing Segment by Source?

Plant-based Sales Dominant, Driven by Soaring Popularity of Plant-based Protein

Plant-based protein supplements are the dominated category in the market, capturing a significant share. This dominance can be attributed to the increasing global trend towards vegetarianism, veganism, and a general preference for plant-based nutrition. Consumers are now more inclined towards sustainable and ethical dietary choices, which has led to a higher demand for protein supplements derived from sources such as peas, soy, and rice. At the same time, animal-based protein supplements are also experiencing rapid growth, despite being overshadowed by plant-based sources. These supplements, derived from sources like whey and casein, are witnessing a surge in popularity.

Which Application Area will be the Most Explored by Brands?

Sports Nutrition to be the Top Application Segment

The sports nutrition category is the dominant category. This is because more and more people are becoming conscious of their fitness, including athletes and those with active lifestyles. Sports Nutrition offers protein supplements that are specifically designed to meet the needs of these individuals, such as muscle recovery, strength building, and performance enhancement. Additionally, the functional food category is experiencing rapid growth. As the market develops, there is a noticeable trend towards incorporating protein supplements into everyday foods that serve a specific purpose. Consumers now understand that protein is important not only for athletic purposes but also for overall nutrition. They are looking for convenient and enjoyable ways to improve their diet.

Which is the Leading Distribution Channel for Protein Supplement Sales?

Expanding Blood Pressure Apps amid Growing Cardiovascular Focus

The dominant category is online stores, which shows a significant change in how consumers buy things. The convenience of online platforms and the growing digital world have made e-commerce very important. People now prefer to shop online because it gives them easy access to a wide range of protein supplements. Additionally, the fastest-growing category is direct to consumers (DTC). This new trend shows that manufacturers are trying to connect directly with consumers instead of using traditional retail channels.

Which is the Most Preferred Form of Protein Supplement Among Consumers?

Protein Powder Most Favored as it Allows Versatile and Tailored Usage

The dominant category is protein powder. It is highly favoured because it can be easily added to different beverages and recipes, providing a flexible and convenient way to meet protein needs. Additionally, the fastest-growing category is ready to drink (RTD), indicating an increasing demand for protein consumption on the go. Ready to drink formats, such as protein shakes and beverages; offer a convenient solution for individuals with busy lifestyles or those who want a quick and hassle-free protein intake.

Which Consumer Segment Leads the Way?

Male Consumers at the Forefront, with Greater Focus on Athletic Benefits

The dominant category is male consumers, which aligns with the traditional belief that protein is linked to muscle building and athletic pursuits. However, the category that is growing the fastest is female consumers. This shift indicates a move away from gender stereotypes as more women are embracing fitness and wellness. The increasing recognition of women's specific nutritional needs and their active participation in different physical activities contribute to the growing demand for protein supplements that cater to female preferences.

Which is the Leading Age Group of Consumers?

Millennials Dominate Protein Supplement Consumption, Upheld by Fitness Trends

The dominant category is Millennials. These individuals are known for their health-conscious habits and active lifestyles. However, the fastest-growing group in this market is Generation Z. This younger generation, who grew up in the digital age and have a strong focus on health, is quickly becoming a major driving force, Generation Z's interest in fitness, wellness trends, and online health communities is contributing to the rapid growth in demand for protein supplements that cater to their specific preferences.

Top Regional Markets

Europe's Wellness Renaissance Drives Dominance, Boosting Adoption Further

As a result of its status as a centre for renowned manufacturers such as those based in France, Italy, and Germany, Europe will dominate this market in 2023. Europe is becoming a dominant force in the Protein Supplement Market for several reasons. One of the main factors is the region's strong focus on health and wellness. Europeans are proactive when it comes to fitness and are increasingly prioritizing preventive healthcare. As a result, protein supplements have become an essential part of maintaining a balanced lifestyle.

The demand for protein supplements in Europe is also driven by two key trends. There is a growing population of fitness-conscious consumers who are actively seeking ways to improve their health and well-being. Secondly, the aging population in Europe is placing a greater emphasis on the importance of nutrition for overall health. This has led to a sustained demand for protein supplements. In addition, the European market is characterized by a diverse range of dietary preferences. There is a notable increase in the consumption of plant-based protein supplements, which aligns with the region's focus on sustainability and ethical consumption.

Manufacturers Eye Profits in Resurgence of the Health and Fitness Trend in South Asia, and the Pacific

The protein supplement market in South Asia, and the Pacific is growing rapidly, driven by resurgence in health and fitness. The region is experiencing a significant change in lifestyle choices, with the middle class adopting healthier habits. This growth is fuelled by increased awareness of the benefits of protein supplementation, particularly among younger people. The shift towards active living, along with a rise in gym memberships and wellness trends, is driving the demand for protein supplements. The market in this region is also characterized by a mix of traditional dietary preferences and a growing interest in diverse protein sources, contributing to its rapid growth.

Competitive Intelligence and Business Strategy

Competitive intelligence in prominent organizations like NOW Foods, Transparent Labs, WOODBOLT DISTRIBUTION LLC, Dymatize Enterprises LLC, GymSupplementScience.com, and RSP Nutrition are crucial for companies that want to gain a strategic advantage. By analysing market trends, competitor actions, and consumer behaviour, valuable insights can be gained to inform product development, marketing initiatives, and overall business strategies. In a fast-paced market, it is important to continuously monitor competitors' movements to quickly adapt to changing landscapes. Companies that have strong competitive intelligence frameworks in place can identify emerging opportunities, anticipate challenges, and position themselves as market leaders. Understanding rival strategies allows for informed decision-making and a proactive approach to staying ahead in the constantly evolving Protein Supplement Market.

Creating a prosperous business strategy in the protein supplement market necessitates a thorough comprehension of the intricacies of the industry. The unpredictability of consumer preferences and market dynamics, known as burstiness, emphasizes the importance of adaptable and flexible strategies. It is crucial for companies to prioritize innovation by introducing products that cater to emerging trends like plant-based protein and personalized nutrition. Additionally, adopting a multi-channel distribution approach, utilizing e-commerce platforms, and considering direct-to-consumer models are essential elements of a resilient business strategy.

Key Recent Developments

New Product Launch

July 2022, The Dymatize brand of Post Holdings Inc. launched its new plant-based protein supplement named Complete Plant Protein. The product is developed with vegan ingredients like soy protein which contains 25g of protein in every pack.

Market Impact: This plant-based supplement is a result of the market's response to the increasing demand for plant-derived nutrition. It contains 25g of protein sourced from vegan ingredients like soy. Dymatize has strategically catered to the evolving dietary choices and preferences within the Protein Supplement Market by offering this innovative product. The shift in consumer preferences towards plant-based alternatives is evident.

(Source: Dymatize)

Carbery will launch Optipep 4Power, a new hydrolyzed Protein Isolates (WPH) designed specifically for high-intensity interval training, in 2021. (HIIT).

Market Impact: These strategic unveiling addresses the nuanced nutritional needs of fitness enthusiasts engaged in intense workout regimes. The market impact resonates with burstiness reflective of evolving fitness trends, where targeted and purpose-driven supplements like Optipep 4Power align with the dynamic demands of health-conscious consumers in the Protein Supplement Market.

(Source: Nutritioninsight)

Protein Supplement Market Report Scope

Attribute

Details

Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • The Middle East & Africa  

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa  

Key Market Segments Covered

  • Source
  • Application
  • Distribution Channel
  • Form
  • Gender
  • Age Group
  • Region

Key Companies Profiled

  • NOW Foods
  • Transparent Labs
  • WOODBOLT DISTRIBUTION LLC
  • Dymatize Enterprises LLC
  • GymSupplementScience.com
  • RSP Nutrition
  • CytoSport Inc.
  • Iovate Health Sciences International Inc.
  • Quest Nutrition
  • THE BOUNTIFUL COMPANY
  • AMCO Proteins
  • Glanbia PLC

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

Available upon request

Protein Supplement Market Research Segmentation

By Source:

  • Plant-Based
  • Animal-Based

By Application:

  • Sports
  • Functional Food

By Distribution Channel:

  • Supermarkets & hypermarkets
  • Online Stores
  • Direct to Consumers
  • Others

By Form:

  • Ready to Drink
  • Protein Powder
  • Protein Bar
  • Others

 By Gender:

  • Male
  • Female

By Age Group:

  • Millennials
  • Generation Z
  • Baby Boomers

By Region:

  • North America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • Middle East & Africa

- Companies Covered in This Report -

  • NOW Foods
  • Transparent Labs
  • WOODBOLT DISTRIBUTION LLC
  • Dymatize Enterprises LLC
  • GymSupplementScience.com
  • RSP Nutrition
  • CytoSport Inc.
  • Iovate Health Sciences International Inc.
  • Quest Nutrition
  • THE BOUNTIFUL COMPANY
  • AMCO Proteins
  • Glanbia PLC

- Frequently Asked Questions -

The market is anticipated to grow at a CAGR of 8.7% during the projected period.

The protein supplement market was valued at US$63.1 billion in 2023.

The US held the largest market share in 2023.

The prominent players in the market are NOW Foods, Transparent Labs, WOODBOLT DISTRIBUTION LLC, and Dymatize Enterprises LLC.

The female consumer segment is expected to grow at the fastest CAGR during the forecast period.

 

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