LOS ANGELES, April 26, 2021 (GLOBE NEWSWIRE) -- The Global Protein Supplements Market is expected to grow at a CAGR of around 8.5% from 2020 to 2027 and reach the market value of over US$ 22.6 Bn by 2027.
North America has historically held the dominating share of the global protein supplement market, and this trend is expected to continue throughout the forecast period. Because of high consumer awareness of health and wellness, as well as knowledge of product benefits, the region will maintain its dominant position throughout the forecast years. Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the coming years. The region's product demand is primarily driven by modernization and the rising demand for on-the-go snacking options in emerging economies such as China and India. Changing consumer lifestyles as a result of rising disposable income levels are also expected to drive industry growth in Asia Pacific over the forecast period.
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But apart from that, Europe is expected to have the second-largest market share during the forecast period. Increasing emphasis on a healthy lifestyle, combined with higher disposable income, is expected to be key factors driving product demand in the region, ultimately contributing to the growth of the global protein supplements market.
Segmental Overview
The global protein supplements market is segmented based on source, product, application, and distribution channel. By source, the market is classified into animal-based and plant-based. Animal-based is further segmented as whey, casein, egg, and others. By plant-based, the market is segregated as soy, spirulina, pumpkin seed, and among others. Further, product is segmented as powder, bars, ready-to-drink (RTD), and others. By application, the market is bifurcated into sports nutrition and functional food. By distribution channel, the market is segmented as supermarkets, online stores, direct to customers (DTC), and others.
According to the source, the animal-based segment will hold the dominating share of the market during the forecast period. One of the key factors contributing to the growth of the global protein supplements market is the fact that animal-based proteins are traditionally considered complete proteins due to their essential amino acid content.
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Powder will have a reasonable market share in the coming years, based on product. They help with muscle building and toning, enzyme and hormone production, weight loss, and tissue repair in the human body. Furthermore, increasing end-user demand for these powders is expected to drive segment growth. Furthermore, the market's availability of a diverse range of products from various brands will contribute to segment growth.
Sports nutrition will emerge as the largest application segment during the forecast period. The increasing demand for sports nutritional supplements to promote lean muscle growth, improve performance, aid in weight loss, and boost stamina is expected to drive segment growth in the coming years. A growing number of people participating in sports and other physical activities is also expected to support segment growth.
The online store segment accounted for the highest revenue share by distribution channel during the forecast period. The increasing use of the internet for shopping, owing to greater convenience, attractive pricing offers, and the availability of a wide range of brands, is the primary factor driving product sales through online stores.
Some of the leading competitors are Glanbia plc, MusclePharm, Abbott Laboratories, CytoSport, Iovate Health Sciences International Inc., QuestNutrition, Nature's Bounty Co. (NBTY), NOW® Foods, Transparent Labs, and among others
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Some of the key observations regarding the protein supplements market include:
- In October 2019, QuestNutrition, announced new product launch namely, craveable, ready-to-drink Quest Protein Shakes". The newly launched product is Simply made with just 11 ingredients and packaged to easily grab on the go, Quest Protein Shakes are the perfect solution for anyone looking for a convenient way to consume more protein.
- In March 2019, Nature's Bounty Co. (NBTY), announced a new line of premium supplements for pets. As the latest innovation from the makers of Nature's Bounty, the line of soft chew supplements (no need to disguise in pill pockets or peanut butter) contain a selection of products that are formulated to help support joints, digestive health, glossy skin and coats, relieve occasional stress, and overall “doggie nutrition.
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