Protein supplements market synopsis:
Protein supplements are designed to substitute the nutritional gaps occurring in the daily diets of the consumers. Due to urbanization and busy lifestyle, maintaining a proper nutritive diet is getting hard for the individuals. Growing health care concerns and focus on leading a healthy lifestyle is inclining the consumers towards the inclusion of protein supplements in their diet.
Market Research Future, a firm that expertizes in market reports related to 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.
The changing lifestyles and growing awareness of disorders caused due to protein deficiency is 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 healthy lifestyle, importance of exercise and increasing demand for supplements providing higher nutritional value to the mainstream diet is acting as a driving force for the global protein supplements market. The increase in research and development expenditure in healthcare sector is augmenting the expansion of 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 for the production of protein supplements is 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 the proliferation of global protein supplements market during the forecast period.
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From last few years, the prominent players in the global protein supplement market are investing extensively on 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. Availability of larger consumer base in developing and developed countries is triggering competitive trend 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.
The global protein supplements market has been segmented on the basis of source, application, form and region. On the basis of source, the market is segmented into animals, plants and others. The plant sourced protein supplements are dominating the global market with more than 50% of market shares.
On the basis of 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 the CAGR of 5.14% during the forecast period.
On the basis of form, it is segmented into powder, bars, liquids and others. On the basis of 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 CAGR of 4.81% as affirmed by MRFR.
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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, western influence of diet, greater disposable income and focus on leading a healthy and active lifestyle is driving the market in Asia-Pacific. Increasing health awareness in the 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.
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