Protein Supplements Market

According to Stratistics MRC, the Global Protein Supplements Market is accounted for $6.42 billion in 2023 and is expected to reach $12.68 billion by 2030 growing at a CAGR of 10.2% during the forecast period. Protein is necessary for the human body to operate correctly. Protein provides strength and aids in the growth and repair of cells. The human body needs different amounts of protein depending on age, gender, weight, and general health. One vital part of a healthy diet is protein. The chemical 'building blocks' of proteins are amino acids. The body uses amino acids to make hormones enzymes, and to grow and repair bones and muscles. Protein helps with weight loss and management, gains muscular leanness, and minimizes muscle loss. Bodybuilders and sports athletes frequently utilize protein supplements as a form of nutritional and bodybuilding supplement to enhance their diet and improve their protein intake without increasing their daily consumption of fat and carbohydrates. 

According to Office for National Statistics (UK), in 2021, the sales value of protein concentrates surpassed GBP 463 million (USD 634.31 million), which increased from GBP 439 million (USD 601.43 million) in 2020.

Market Dynamics: 

Driver: 

Changing dietary preferences

Modern consumers are increasingly prioritizing health and wellness, leading to shifts in dietary patterns such as increased focus on protein-rich diets. Factors such as hectic lifestyles, rising health consciousness, and growing awareness of the importance of protein for muscle building, weight management, and overall well-being have fueled this trend. Moreover, as individuals seek to diversify their diets and explore alternative sources of nutrition, protein supplements offer a convenient and accessible solution to meet their dietary needs.

Restraint:

Price sensitivity

While protein supplements offer convenience and concentrated protein content, they often come with a higher price tag per serving than whole food alternatives such as lean meats, eggs, legumes, or dairy products. This pricing dynamic may deter budget-conscious consumers, especially in regions where economic constraints or limited disposable income are prevalent. However, the perceived value proposition of protein supplements relative to their price may vary among different consumer segments, influencing purchasing decisions.

Opportunity:

Rising health consciousness

With an increasing emphasis on preventive healthcare and wellness, individuals are proactively seeking ways to optimize their nutrition and support their overall health goals. Protein, known for its role in muscle repair and growth, satiety, and metabolism regulation, has gained particular attention in this paradigm shift toward healthier lifestyles. Consequently, there's a growing demand for protein supplements as they offer a convenient and effective means to bolster protein intake, especially for those with busy schedules or specific dietary preferences.

Threat:

Competition from traditional foods

Lean meats, dairy products, eggs, legumes, nuts, and seeds are all readily available and familiar options that provide protein along with other essential nutrients. These traditional foods not only offer protein but also come with a perception of being wholesome and minimally processed, appealing to consumers seeking natural dietary options. However, traditional foods are often more cost-effective per serving compared to protein supplements, making them an attractive choice for budget-conscious individuals.

Covid-19 Impact: 

The increased focus on health and wellness during the pandemic has driven heightened demand for nutritional products, including protein supplements, as consumers seek to bolster their immune systems and maintain overall well-being. Disruptions in food supply chains and limited access to fresh produce have prompted some individuals to turn to supplements to ensure adequate protein intake. However, economic uncertainties and financial constraints resulting from the pandemic have led to reduced consumer spending in certain regions, impacting discretionary purchases like supplements.

The protein bars segment is expected to be the largest during the forecast period

Protein Bars segment commanded the largest share during the forecast period. Protein Bars offer convenience and portability, catering to the busy lifestyles of consumers who seek quick and nutritious on-the-go options. Additionally, the variety of flavors and formulations available in Protein Bars appeal to a broad consumer base, including those with specific dietary preferences such as vegan or gluten-free. Furthermore, the growing emphasis on health and fitness, coupled with increased awareness of the importance of protein in diet and exercise regimes, has led to a surge in demand for Protein Bars as a convenient and effective means of meeting daily protein requirements.

The baby boomers segment is expected to have the highest CAGR during the forecast period

Baby Boomers segment is expected to have the highest CAGR during the projected period due to shifting dietary preferences and a growing emphasis on healthy aging. As this demographic ages, maintaining muscle mass, strength, and overall health becomes increasingly important for preserving independence and quality of life. Protein supplements offer a convenient and efficient way for Baby Boomers to meet their protein needs, especially as dietary habits may change with age or due to factors such as reduced appetite or difficulty chewing. Therefore, these elements are boosting the segmental growth.

Region with largest share:

Because of the growing interest in fitness and health, the increasing awareness of the importance of protein intake, and the rising prevalence of lifestyle disorders, the Asia Pacific region held the largest portion of the market during the projection period. These factors are contributing to the stronger regional growth because of the increased demand for plant-based protein supplements, including soy protein, pea protein, and rice protein. Customers with dietary restrictions and those who desire plant-based alternatives are enthusiastic consumers of these supplements.

Region with highest CAGR:

Due to rising consumer awareness and consequent demand for products high in protein to promote active lifestyles and muscle building, the Europe area is expected to experience substantial expansion over the projected period. Protein supplements are becoming increasingly attractive to a larger audience, including individuals who were previously reluctant to try them, due to innovations in product formulas and flavors. In addition, the simple fact that these supplements are easily obtainable through a variety of channels of distribution, such as internet sites and physical stores, has helped to make them extremely common in the region.

Key players in the market

Some of the key players in Protein Supplements market include AMCO Proteins, CytoSport, Inc., Glanbia Plc, International Dehydrated Foods Inc., Muscle Pharm, NOW Foods, Quest Nutrition LLC, RSP Nutrition, The Bountiful Company, Transparent Labs, Woodbolt Distribution LLC, Abbott, BPI Sports, and Dymatize Enterprises LLC  

Key Developments:

In October 2022, Tata Consumer Products (TCP), which consolidates the food and beverage businesses of the Tata Group, expanded into the health supplements segment by introducing ‘Tata GoFit,’ a health supplement range designed specifically for health-conscious women.

In March 2022, MusclePharm Corporation, a global leader in sports nutrition products, announced its plan to expand in the RTD protein category by launching a new line of whey protein drinks in the summer of 2022.

Products Covered:
• Animal-Based Protein Supplement
• Plant-Based Protein Supplement
• Protein Bars
• Ready to Drink
• Other Products 

Age Groups Covered:
• Baby Boomers
• Generation X
• Millennials

Distribution Channels Covered:
• Direct to Consumers
• Supermarkets and Hypermarkets
• Pharmacies and Drug Stores
• Online Retail Stores
• Gym and Health Clubs
• Specialist Sport Store
• Other Distribution Channels

Applications Covered:
• Functional Foods
• Sports Nutrition
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances