January 20th, 2023
The global protein supplements market size was valued at USD 11.92 billion in 2020. The market is estimated to rise from USD 14.05 billion in 2021 to USD 25.91 billion by 2028 at a 9.1% CAGR during the forecast period. Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, “Protein Supplements Market, 2021-2028.”
According to the analysis, the palpable trend for ready-to-drink (RTD) products will augur well for leading companies vying to expand their portfolios. Besides, increasing consumption of dried fruit snacks will encourage stakeholders to invest in protein supplement solutions. Meanwhile, the emergence of the COVID-19 pandemic could have a toll on industry growth.
Pandemic Triggers Innovations in Protein Supplements
The prevalence of the COVID-19 pandemic prompted millennials and the Gen Z population to seek immune-boosting supplements. A notable demand for food & beverages and nutritional supplements boded well for the business outlook. Leading companies are likely to inject funds into innovations to streamline the supply chain across North America, Europe and the Asia Pacific.
The report is prepared through qualitative and quantitative analysis to provide a granular view of the market. The report highlights bottom-up and top-down approaches to give a comprehensive view of product mapping. Further, primary interviews have been conducted with opinion leaders, suppliers, and other stakeholders. Primary data has been collated through emails, telephonic conversations and questionnaires. The secondary sources include press releases, SEC filings and websites.
Source, Product, Distribution Channel, and Region are Studied
In terms of source, the market is segmented into animal-based, plant-based, and others.
Based on product, the market is segregated into RTD, protein bars, protein powder, and others.
On the basis of distribution channels, the market is fragmented into pharmacies/drug stores, supermarkets and hypermarkets, online retail, and others.
With respect to region, the market includes North America, Asia Pacific, Europe, the Middle East and Africa, and South America.
Drivers and Restraints
Exponential Demand for Sports Nutrition to Underpin Industry Growth
With the penetration of proteins, supplements, vitamins, and minerals surging, industry players are likely to bank on sports nutritional products. The protein supplements market growth will witness an upward trajectory against the backdrop of the demand for sports supplements and beverages. The need to boost stamina performance and bolster muscle growth could foster the presence of microencapsulation and nano-encapsulation technologies. Prominently, online channels and pharmacies could witness the penetration of sports nutrition ingredients. As such, heightened awareness regarding the nutritional upsides of the supplements could act as a major catalyst over the next few years.
Meanwhile, fluctuating raw materials prices, including milk and soybean, could be the major bottlenecks for robust growth.
North America Market to Gain Ground with Rising Fitness Awareness
Stakeholders are poised to infuse funds into the U.S., Canada and Mexico, following the trend for functional food and beverages. The rising footfall of protein bars and shakes could underpin the North America protein supplements market share during the forecast period. Industry players expect millennials to seek healthy snacks amidst rising demand for sports nutrition.
The Asia Pacific industry forecast will be strong due to the burgeoning millennial population across emerging economies such as India. Moreover, developed economies, including Japan have exhibited a profound interest in plant-based and animal-based protein supplements. In doing so, pharmacies and supermarkets are likely to be the major distribution channels.
Key players envisage Europe as a lucrative region in the wake of the trend for functional foods across the U.K., Germany, France, and Italy. Besides, leading companies, including Ultimate Nutrition, Inc. and Glanbia plc could boost the regional growth in the ensuing period.
Stakeholders to Focus on Product Rollouts to Expand Penetration
Leading companies are poised to emphasize product launches, mergers & acquisitions, geographical expansion, and R&D activities during the assessment period. Leading companies are expected to invest in technological advancements to gain ground.
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