Protein Supplements Market Growth & Trends
The global protein supplements market size is expected to reach USD 42.81 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.5% from 2021 to 2030. The growing number of fitness centers on account of rising millennials’ interest in health and wellness is expected to drive the market over the forecast period. The protein supplement manufacturing companies are primarily concentrated in Europe and North America owing to the abundant availability of raw materials. A higher rate of obesity in these regions is leading the consumers to opt for a healthy lifestyle and eating habits, which is expected to increase the demand for protein supplements over the forecast period.
Protein supplement manufacturing requires high capital investments owing to the complex manufacturing process. The European Food Safety Authority (EFSA) and the U.S. Food & Drug Administration (USDA) have laid regulations on product labeling and health claims, which challenges the new players in the global market. The established players are continuously working on increasing their production capacity to match the growing demand. For Instance, in October 2020, Glanbia PLC began the operation of its new facility producing cheese and whey in Michigan, U.S. and is capable of processing 3.6 million liters of milk per day.
The rising vegan population across the globe has compelled manufacturers to invest in R&D to innovate in plant-based protein supplements. In March 2020, The Hut.com, which goes with the brand ‘My Protein’, launched a new plant-based protein shake in the U.S. to capitalize on the increasing vegan population in the country. Similarly, in February 2020, InnovoPro launched chickpea protein concentrate for the ready-to-drink formula for vegan athletes.
The unprecedented outbreak of the COVID-19 pandemic has benefitted the market for protein supplements as consumers became more aware of the diet and individual health during this period. Additionally, the Chinese Center for Disease Control and Prevention (CDC) has issued nutrition guidelines, which includes a recommendation of the intake of approximately 150–200 grams of protein per day (around 1.5–2.0g /kg body weight/day) for patients affected by COVID-19 to boost immunity, thus resulting in the increased consumption of protein supplements.
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Protein Supplements Market Report
Protein Supplements Market Report Highlights
- By product, protein powder dominated the market in 2021. Increasing demand for protein powder from professional athletes, bodybuilders, and fitness enthusiasts is expected to drive the product demand over the forecast period
- Based on the source, animal-based protein supplements led the market with a revenue share of over 65.0% in 2021. The segment includes meat and dairy proteins, which are considered complete protein owing to the presence of all essential amino acids
- In terms of distribution channels, online stores held the largest revenue share in 2021 owing to the higher consumer preference for online shopping and developing e-commerce businesses around the world
- The functional food application segment is expected to expand at a CAGR of 8.1% from 2021 to 2030 owing to the growing consumer awareness regarding balanced nutrition, which is expected to drive the demand for protein supplements in the functional food application
- Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period on account of the rising disposable income levels and growing health-conscious population in the countries, like China, India, Japan, and South Korea
