The forecast period is expected to see a CAGR of 8.53% on average for the global protein supplements market. In 2023, the market is expected to be worth US$27.78 billion. By the year 2033, it’s predicted that the market for protein supplements would be worth more than US$ 62.99 billion.
The analysts at Future Market Insights have calculated a historical market valuation of US$ 25.6 billion for the relevant market for the base year.
FMI has analyzed that consumers across the globe are largely inclined towards food that is nutrient-dense. A surge in demand for on-the-go food consumption is identified to bolster the sales of protein supplements across 2033. Health awareness programs are raising awareness amongst the urban populace to consume nutritional diets for leading a healthy lifestyle.
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Furthermore, young athletes are also highly consuming protein supplements for the benefits of building muscles, increasing strength, immunity improvement, and low blood pressure levels. The working population across the globe is highly reliant on protein supplements owing to the changing lifestyle and busy schedules. However, it is anticipated that the higher costs involved with the manufacturing processes of protein supplements are likely to impede the growth of the market through 2033.
Key Takeaways from the Protein Supplements Market
- The protein supplements market has witnessed an approximate surge of US$ 2.18 Bn from the year 2022 to 2023.
- The protein powder segment by form category is anticipated to hold dominant shares through 2033. In the base year, this segment accounted for a revenue share of 56%.
- The ready-to-drink segment is progressing at a notable rate, registering a CAGR of 8.5% during the period of 2023-2033.
- North America has emerged as the leading region with the U.S. holding dominant market shares. The country is expected to surpass a valuation of US$ 2.47 Bn by 2033.
“Demand for energy bars and RTD protein drinks from the health-conscious population is likely to curate lucrative growth opportunities for the key players in the protein supplements market.” – Says an FMI Analyst.
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Competitive Landscape in the Protein Supplements Market
Due to the existence of numerous international and regional companies, the market for protein supplements is very competitive. To strengthen their position in the market, major players are implementing a variety of methods, including product portfolio growth and regional development. The key players are adopting various business strategies, such as mergers and acquisitions, to expand their geographic presence and consumer base across the world. Therefore, the market is projected to register significant growth through the forecast period.
Recent Developments
- In December 2020, Cargill introduced a pea-based protein and added it to their existing product range for meeting the increasing need for protein supplements in the European region.
- In November 2020, Verdient Foods acquired Ingredion. The purpose of this acquisition was to increase the net sales of the firm with the set-up of a manufacturing plant in Canada.
- In March 2019, Quest Nutrition entered into distribution deals with BJ’s Wholesale and Sam’s Club for providing products across conventional grocery stores, specialty supplement stores, and convenience stores.
- In April 2018, Abbott launched Ensure Max protein for targeting consumers above the age group of 50 years. The product aims towards providing all the protein for maintenance and rebuilding muscles with the right nutrition.
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Key Segments in the Protein Supplements Market
By Source:
- Plant based
- Soy
- Spirulina
- Pumpkin Seed
- Hemp
- Rice
- Pea
- Others
- Animal based
- Whey
- Casein
- Egg
- Fish
- Others
By Application:
- Sports
- Functional Food
By Distribution Channel:
Supermarkets & Hypermarkets
- Online Stores
- Direct to Customers
- Others
By Form:
- Ready to Drink
- Protein Powder
- Protein Bar
- Others
By Gender:
- Male
- Female
By Age Group:
- Millennials
- Geneartion X
- Baby Boomers
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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