25-Apr-2024

Protein Supplement Market Sales to Top US$ 81 Million in Revenues by 2033 at a CAGR of 3.1%

Protein Supplement Market size is projected to surpass around USD 45.3 Billion by 2032 from USD 20.1 Billion in 2022, and it is poised to reach a registered CAGR of 8.7% from 2023 to 2033.

The Protein Supplement Market refers to the industry segment involved in the production, distribution, and sale of dietary supplements containing high levels of protein. These supplements are consumed by individuals to increase their protein intake, support muscle growth and repair, and meet nutritional needs, particularly among athletes, fitness enthusiasts, and those with specific dietary requirements. The market encompasses a wide range of products, including protein powders, bars, shakes, and ready-to-drink beverages, sourced from both plant-based and animal-based sources.

Key Takeaways

Market Growth: Expected to reach USD 45.3 billion by 2032, growing at 8.70% annually from USD 20.1 billion in 2022.
Form Analysis: Protein powder commands a 55% market share in 2022, valued for its versatility in muscle building and health support.
Distribution Channels: Online retailers secure over 43% revenue share in 2022, with supermarkets and hypermarkets poised for market growth.

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Factors affecting the growth of the Protein Supplement Market

Several factors contribute to the growth of the Protein Supplement Market. Firstly, there is an increasing awareness of health and fitness among consumers, driving the demand for protein supplements as people seek to enhance their overall well-being. Changing lifestyles, characterized by a growing emphasis on fitness and wellness, also play a significant role in fueling market growth.

The availability of world-class athletic infrastructure, including gyms and fitness centers, further stimulates the demand for supplements as individuals engage in physical activities to maintain their health. Additionally, government initiatives promoting healthy living and fitness contribute to the expansion of the market by encouraging the adoption of protein supplements. The endorsement of these supplements by prominent influencers and athletes also influences consumer behavior, leading to increased consumption.

Moreover, the economic stability and rising disposable incomes of consumers enable them to invest in health products, including protein supplements. Technological advancements in supplement formulations and manufacturing processes drive innovation in the market, providing consumers with more effective and convenient nutritional solutions. Lastly, the global pandemic has heightened awareness of health and immunity, leading to a surge in demand for protein supplements as people prioritize their health and well-being in the face of health challenges.

Key Market Segments

Type Analysis: The growth of the protein supplement market is assessed based on types, including whey, casein, soy, egg, and other segments like pea, wheat, canola, gelatin, rice, and collagen. Whey protein holds the largest market share due to its abundance of branched-chain amino acids, making it a popular choice among athletes and bodybuilders. Whey protein is available in two main forms: whey protein concentrate and whey protein isolate, both known for promoting muscle growth and overall body development. The market growth is primarily driven by increased demand for sports nutrition products and their value as clean-label ingredients.

Source Analysis: In 2022, animal-based protein supplements generated the highest revenue, comprising meat and dairy proteins such as whey, chicken, egg, casein, and beef. Whey and casein were the most consumed animal-based proteins in 2022 due to their excellent amino acid profile and digestibility. While all forms of whey protein, including isolates, concentrates, and hydrolysates, offer high-quality protein, hydrolyzed whey proteins are more costly and are thus used in smaller amounts in supplements.

Form Analysis: Protein powder dominated the market in 2022, capturing a 55.0% revenue share. These powders, sourced from whey, egg, soy, casein, and other proteins, are rich in essential micronutrients and support muscle building, enzyme production, hormone regulation, and tissue repair in the body.

Distribution Channel Analysis: Online retailers led in revenue share with over 43% in 2022, driven by the increasing trend of online shopping, convenience, shorter lead times, and discounts. Supermarkets and hypermarkets are projected to grow at a CAGR of 8.5% over the forecast period, offering lower prices and expanding product availability. The plant-based protein supplement segment is expected to witness the highest CAGR, driven by the rising popularity of plant-based and vegan supplements among various consumer groups, including vegans, vegetarians, and individuals with allergies. Soy and wheat emerged as the most popular plant protein segments in 2022, owing to their nutritional composition and muscle recovery benefits.

Type

Whey Protein
Egg Protein
Soy Protein
Casein
Other Proteins

Source

Plant-Based
Animal Based

Form

Ready to Drink
Protein Powder
Protein Bar
Other Forms

Distribution Channel

Online
Specialist Sports Store
Other Distribution Channels

Market Key Players

Amway Corporation
Glanbia PLC
MusclePharm Corporation
Abbott Laboratories
CytoSport Inc.
Lovate Health Sciences International Inc.
Kerry Group PLC
Reliance Vitamin Company Inc.
Orgain Inc.
True Nutrition
NOW Foods
Other Key Players

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Driving Factors: The anticipated growth of the protein supplement market is driven by several factors. Firstly, the availability of top-notch athletics and fitness infrastructure, coupled with the increasing demand for protein supplements, is expected to boost market growth. Additionally, changing lifestyles, where people rely more on supplements to meet their nutritional needs, contribute to the rising demand for protein supplements. Furthermore, the influence of sports, celebrity endorsements, international sporting events, social media influencers, fitness initiatives, and government campaigns encourages consumers to engage in various fitness activities, further driving the demand for supplements designed to enhance performance and overall health.

Restraining Factors: However, the market growth may face hindrances due to the high cost of production resulting from volatile raw material prices. Instability in the prices of raw materials like milk and soybeans can lead to variability in production costs, affecting the pricing of protein supplements. Since milk is a primary raw material for protein production, political, economic, and environmental factors influencing milk prices can impact the overall cost of production.

Opportunity: On the other hand, the increasing priority placed on healthy diets presents an opportunity for market growth. With a growing number of people globally turning to dietary supplements and emphasizing healthy eating habits, there is a heightened demand for protein supplements. The rise in health awareness, particularly following the COVID-19 pandemic, has further encouraged individuals to prioritize their health, leading to increased demand for protein supplements.

Trending Factors: Moreover, the rising trend of consuming healthy foods is expected to foster the market growth of dietary supplements, including protein supplements. Consumers worldwide are increasingly adopting diets high in protein as part of their health-conscious lifestyle. Lifestyle-related diseases such as diabetes and obesity, along with an expanding geriatric population, also contribute to the growing consumption of supplements. As more individuals choose to maintain a healthy lifestyle through sports participation or professional athletics, the demand for sports nutrition supplements is projected to increase accordingly.

Conclusion

In conclusion, the protein supplement market is poised for significant growth driven by factors such as increasing demand for sports nutrition supplements, a growing emphasis on healthy lifestyles, and rising health awareness globally. Despite challenges like the high cost of production due to volatile raw material prices, the market presents ample opportunities fueled by the prioritization of healthy diets and the rising trend of consuming nutritious foods.

With consumers increasingly turning to dietary supplements to meet their nutritional needs and maintain overall health, the protein supplement market is expected to continue its upward trajectory, catering to the evolving preferences and requirements of health-conscious individuals worldwide.

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