Protein supplements market synopsis:
Protein supplements are designed to substitute the nutritional gaps occurring in the daily diets of consumers. Due to urbanization and busy lifestyles, maintaining a proper nutritive diet is getting hard for individuals. Growing health care concerns and focus on leading a healthy lifestyle are inclining the consumers towards the inclusion of protein supplements in their diet.
Market Research Future, a firm that expertizes in market reports related to the Food, Beverages, and Nutrition sector among others, has availed a report asserting the expansion of the global protein supplements market at a CAGR of 4.56% by 2023.
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The changing lifestyles and growing awareness of disorders caused due to protein deficiency are rerouting the attention of the consumers towards protein supplements. The rise in per capita health care cost and increased protein supplement visibility on online as well as offline platforms is tilting the consumer interest over adopting protein supplements to fill in the nutritional gaps in their diets. The rising awareness of a healthy lifestyle, the importance of exercise, and increasing demand for supplements providing higher nutritional value to the mainstream diet are acting as a driving force for the global protein supplements market. The increase in research and development expenditure in the healthcare sector is augmenting the expansion of the protein supplements market on a global level. The rising trend of strength gaining exercises and the popularity of resistance training for women is increasing the demand for authentic protein supplements in the global market. The abundance and easy availability of natural raw materials required to produce protein supplements are one of the factors for the brisk growth of the protein supplements market. The inclination towards sports, athletics, and daily workouts to lead an active lifestyle is augmenting the demand for protein supplements in the regular diets of the individuals, resulting in the proliferation of the global protein supplements market during the forecast period.
Market Segmentation:
The global protein supplements market has been segmented based on source, application, form, and region. Based on the source, the market is segmented into animals, plants, and others. Plant sourced protein supplements are dominating the global market with more than 50% of market shares.
Based on application, the market is segmented into foods, beverages, nutraceuticals, sports nutrition, pharmaceutical, and others. As asserted by MRFR, the nutraceutical-based application will continue to dominate the market with more than 55% of market shares and a CAGR of 5.14% during the forecast period.
Based on form, it is segmented into powder, bars, liquids, and others. Because of the region, the market is segmented into North America, Europe, Asia Pacific (APAC), and the rest of the world. The powder form of protein supplements will dominate the global market with a CAGR of 4.81% as affirmed by MRFR.
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Regional Analysis:
The global protein supplement market is being studied in regions like North America, Europe, Asia Pacific, and the rest of the world. Inclination towards dietary supplements in North America is maintaining the dominance of this region over the global protein supplements market and it is being followed by Europe.
Population growth, urbanization, the western influence of diet, greater disposable income, and focus on leading a healthy and active lifestyle are driving the market in Asia-Pacific. Increasing health awareness in developing economies like India and China is boosting the market growth in this region. The protein supplement market in the rest of the world is being aided by the growing application of protein supplements in various industries.
Competitive analysis:
For the last few years, prominent players in the global protein supplement market are investing extensively in the launch of new products. Business expansion through strategic mergers and acquisitions is aiding these players to penetrate the potential market in the developing economies along with the market across the globe. The availability of a larger consumer base in developing and developed countries is triggering competitive trends in the market.
The key players in the global protein supplements market are Glanbia Plc. (Ireland), Archer Daniels Midland Company (U.S.), Herbalife Ltd (U.S.), GNC Holdings Inc. (U.S.), Amway (U.S.), Abbott Laboratories (U.S.), and others.
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