Protein Supplement Market to grow at a 7.4% CAGR by 2025 | Top Key Players are Abbott Laboratories, ABH Pharma Inc., Amway corporation, Glambia Plc., Glaxosmithkline Plc.
The Global Protein Supplement Market size was $4,908.9 million in 2017, and is projected to reach $8,717.1 million by 2025, growing at a CAGR of 7.4% from 2018 to 2025. North America accounted for nearly 51.6% share of the protein supplement market in 2017.
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Protein is an essential nutrient and second-most abundant substance present in the body after water. Protein supplements are concentrated sources of protein obtained from animals or plants that include dairy, eggs, wheat, soybean, pea, and others. They are present in three common forms, that is, powders, bars, and ready to drink (RTD) liquids. Protein powder is one of the most common protein supplements, available in the market as protein concentrates, protein isolates, and protein hydrolysates. The concentrates consist of 60-80% protein and 2030% fat & carbs; the isolates contain 90-95% protein; and hydrolysates boost the absorption of protein subsequently enhancing the muscle growth response to exercise. These products are consumed by individuals who strive to build muscle, increase & maintain body mass, or lose weight. Also, people take protein supplements to fulfill the necessary energy and vitamins needed through strenuous workouts as well as to compensate the nutrients & vitamins loss during reduced food intake.
Health benefits associated with consuming protein supplements and rise in fitness concerns among people in different regions drive the market. In addition, increase in number of fitness & training centers, surge in disposable income, and alarming rise in obesity rates also fuel the market growth. However, presence of cheap replacements and false claims coupled with negative publicity are expected to hamper the growth of the market during the forecast period. Rise in protein supplement demand from health-conscious young population of the developing nations as well as strengthening distribution channels in untapped regions are expected to provide numerous opportunities for expansion of the global protein supplement industry.
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The online segment was the leading distribution channel in the protein supplement market in 2017 with the highest CAGR of 6.8% during the forecast period. This was attributed to the large number of options or alternatives present in online shopping resulting in convenience of people willing to buy protein supplement or related products. According to studies, protein supplements maintain blood pressure, improve immune system, aid in weight management, and reduce risk of cardiovascular diseases. In 2017, the whey protein segment occupied a major share, accounting for more than one-third revenue of the protein supplement market. This protein supplement market trend is expected to continue during the forecast period as well, owing to its ease in digestibility, richness in branched-chain amino acids, and other factors. The soy protein segment accounted for second highest market share in 2017 and is expected to grow at the highest CAGR during the forecast period. North America and Europe accounted for nearly 80% share of the global protein supplement market in 2017, due to the large-scale demand for protein supplement in these regions. Obesity is the cause of many diseases and health hazards, owing to which more people are willing to lose weight and stay fit. Also, a large section of people are consuming protein supplements to develop muscles or gain weight. This results in expansion of the protein supplement market in all the regions. This altogether has the impact on the protein supplement market size.
Protein is found in various sources such as eggs, fish, meat, and milk. Grass field collagen, hard boiled eggs, grass-fed cheese, pemmican, Greek yogurt, cottage cheese, hemp seeds, and spirulina are the sources that can be used as alternatives to protein powders. These are easily available and cheap as compared to the protein powders, which hinder the protein supplements market growth.
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Major Key Players:
• Abbott Laboratories
• ABH Pharma Inc.
• Amway corporation
• Glambia Plc.
• Glaxosmithkline Plc
• General Nutrition Corporation (GNC Holdings Inc.)
• Herbalife International of America, Inc.
• Maker Nutrition LLC
• Suppleform and Vitaco Health Limited.
Key Findings Of The Protein Supplement Market:
• Based on type, the whey protein segment accounted for around 38.2% of protein supplement market share in 2017, growing at a CAGR of 7.7% from 2018 to 2025. The soy protein segment accounted for around 22.3% market share, growing at a CAGR of 8.6% from 2018 to 2025.
• Based on form, the powder segment accounted for 76.7% protein supplement market share of the market in 2017 and is expected to grow at the highest CAGR of 7.2%. RTD liquid segment occupied around 12.5% share of the market and is expected to grow at the highest CAGR of 9.0%.
• Based on source, the animal segment accounted for 74.2% share of the market in 2017 and is expected to grow at the highest CAGR of 7.0%. The plant segment occupied around 25.8% share of the market and is expected to grow at the highest CAGR of 6.7%.
• Based on gender, the male segment accounted for 61.9% share of the market in 2017 and is expected to grow at the highest CAGR of 7.0%. The female segment occupied around 38.5% share of the market share and is expected to grow at the highest CAGR of 6.6%.
• Based on age group, the millennial segment accounted for 45.5% share of the market in 2017 and is expected to grow at the highest CAGR of 7.4%. The generation x segment occupied around 31.9% share of the market and is expected to grow at the highest CAGR of 6.8%.
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