The global protein supplements market is expected to reach USD 21.5 billion by 2025, growing at a CAGR of 6.3% according to a report by Grand View Research, Inc. The growing demand for sport nutritional supplements and rising health awareness is expected to drive the industry growth.
Factors, such as increasing demand for supplements & natural prevention, rising usage of snack-based meal replacements, and growing consumer demand for greater ingredient traceability & authenticity, are expected to augment the industry size. Rising awareness about the benefits of including healthy diet & exercise and the growing demand for higher protein density in mainstream diet is expected to create immense market potential.
Protein powder was the prominent product segment in 2016 and accounted for 64.5% of the overall revenue owing to an increase in the demand for these products from athletes, body builders, and casual exercisers.
Ready-to-drink (RTD) product segment is expected to witness the fastest growth at a CAGR of 7.0% from 2017 to 2025 on account of rising demand for sports nutritional supplements coupled with easy and readily available supplements.
Further key findings from the report suggest:
- Soy proteins are expected to witness steady growth at a CAGR of 5.8% from 2017 to 2025 owing to its low cost and rising usage in functional foods
- Plant-based products are expected to display fastest growth at a predicted CAGR of 7.9% from 2017 to 2025 due to various health benefits offered including lower risk of heart disease, reduced risk of type 2 diabetes, and protection against weight gain
- In terms of revenue, protein bar segment, was valued at USD 1.44 billion in 2016 and is projected to show gains on account of growing consumer inclination toward healthy snacking including protein & bite sized snacks and rising living on the go trends.
- Major players in the market include Glanbia Plc; AMCO; QuestNutrition; NOW Foods; NBTY; MusclePharm Corp; Abbott Laboratories; CytoSport; IOVATE; Transparent Labs; JYM Supplement Science; RSP Nutrition; Nutrabolt; Dymatize Enterprises LLC; BPI Sports LLC; and GNC
- In September 2014, Glanbia plc acquired Isopure, a U.S.-based premium sports nutrition products manufacturer for USD 153 million to consolidate its position in the market
- In December 2014, IOVATE Health Sciences International Inc. formed strategic a collaboration with Xiwang Foodstuffs Co., Ltd. to accelerate the company’s growth in China