Protein Supplements Market Growth & Trends
The global protein supplements market size is expected to reach USD 36.05 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.4% over the forecast period. The growing number of fitness centers on account of rising consumer interest in health and wellness is expected to drive the market over the forecast period.
The manufacturers are primarily concentrated in the Europe and North America regions owing to the abundant availability of raw materials. Moreover, a higher number of obesity cases in these regions is leading the consumers to opt for a healthy lifestyle and eating habits, which is expected to increase the product demand over the forecast period. The product manufacturing requires high capital investments owing to the complex manufacturing process.
The European Food Safety Authority (EFSA) and the U.S. Food & Drug Administration (FDA) 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 plant-based products. In March 2020, The Hut.com launched a new plant-based protein shake in the U.S. to capitalize on the increasing vegan population in the country. In February 2020, InnovoPro launched chickpea protein concentrate for the Ready-To-Drink (RTD) formula for vegan athletes.
The unprecedented outbreak of the Covid-19 pandemic has benefitted the market as consumers became more aware of the diet and individual health during this period. In addition, 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 product consumption.
Protein Supplements Market Report Highlights
- The powder product segment dominated the market with a revenue share of over 63% in 2020
- Increasing demand for powdered products from professional athletes, bodybuilders and fitness enthusiasts is expected to drive the segment growth over the forecast period
- The animal-based products segment led the market in 2020. However, the plant-based segment is estimated to register the fastest growth rate from 2021 to 2028
- Distribution through online channels is expected to grow at the fastest CAGR of 8.7% over the forecast period
- This growth is credited to the rapidly expanding e-commerce sector around the world and rising consumer preference for online shopping
- The functional foods application is estimated to witness considerable growth owing to high product demand in functional foods as a result of rising consumer awareness about balanced nutrition
- Asia Pacific is projected to be the fastest-growing regional market from 2021 to 2028 on account of the rising disposable income levels and growing health consciousness in countries like China, India, Japan, and South Korea