Protein Supplements Industry Overview
The global protein supplements market size was valued at USD 20.47 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.5% from 2021 to 2030.
The market is gaining momentum owing to the increasing number of health-conscious consumers and fitness centers around the globe. The increasing popularity of protein supplements among the millennials, coupled with their interest in building health through a balanced diet, is expected to create additional demand for protein supplements over the forecast period. Increasing reliance on supplements to fulfill the daily nutritional requirements owing to changing lifestyles is expected to drive the demand for protein supplements even further.
Gather more insights about the market drivers, restraints, and growth of the Global Protein Supplements market
The U.S. was the largest market in the North American region for protein supplements, with total revenue of USD 8.44 billion in 2021. Increasing consumers’ acceptance toward food supplementation, the availability of world-class athletics and fitness infrastructure, high disposable income, and positive government outlook is expected to augment the demand for protein supplements. Milk is the key raw material used for extracting whey and casein proteins. Soy is also a key raw material for plant-based protein. Volatility in the prices of raw materials including milk and soybean, owing to supply and demand constraints, is expected to result in fluctuations in the prices of protein supplements.
The prices of proteins extracted from animal sources are witnessing a rise, thereby pushing manufacturers to look for cheaper alternatives. Plant-based proteins like soy, canola, rice, wheat, and pea are becoming increasingly popular as supplements. Various companies are looking for new opportunities by valorizing the ingredients to enhance the nutritional content of the products or by developing new applications for vicelin, globulins, prolamins, and albumins, among others.
The COVID-19 pandemic has resulted in the increased intake of protein supplements to strengthen the immune system. As per a two-week survey conducted by Glanbia plc, a key nutrition products producer, in April 2020 to track the impact of COVID-19 on consumers spending on food and nutrition products in the U.S., the percentage of respondents who consumed protein bars to stay healthy and boost immunity increased from 21% in week 1 to 23% in week 2 of March 2020. The consumption of ready-to-drink protein shakes also increased substantially post the COVID-19 outbreak.
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Market Share Insights
October 2020 - Glanbia PLC began the operation of its new facility producing cheese and whey in Michigan, U.S. and is capable of processing 3.6 million liters of milk per day.
March 2020 - The Hut.com, which goes with the brand ‘My Protein’, launched a new plant-based protein shake in the U.S. to capitalize on the increasing vegan population in the country.
Key Companies profiled:
Some prominent players in the global Protein Supplements market include
- Glanbia PLC
- MusclePharm
- Abbott
- CytoSport, Inc.
- Iovate Health Sciences International Inc.
- QuestNutrition
- THE BOUNTIFUL COMPANY
- AMCO Proteins
- NOW Foods
- Transparent Labs
- WOODBOLT DISTRIBUTION LLC
- Dymatize Enterprises LLC
- com
- RSP Nutrition
- BPI Sports LLC
- International Dehydrated Foods, Inc.
- BRF
- Rousselot
- GELITA AG
- Hoogwegt
Order a free sample PDF of the Protein Supplements Market Intelligence Study, published by Grand View Research.
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