Protein Powder Market to reach USD 24.5 Billion - Risk-adjusted numbers with COVID-19 analysis change scenario

The Global Protein Powder Market is expected to grow at a CAGR of around 7.5% from 2022 to 2030 and reach the market value of over US$ 24.5 Billion by 2030.

The protein powder market is projected to experience significant growth during the estimated period owing to the increasing focus on a healthy lifestyle among people worldwide. The increasing number of gym subscriptions in the developed and developing economies is also propelling the market value.

The global protein powder market is segmented on the basis of type, flavor, source, application, distribution channel, and geography. Based on the type, the market is studied across casein protein, soy protein, whey protein, and others. Protein powder is available in different flavors including double rich chocolate, extreme chocolate milk, vanilla cream, cookies and cream, mocha cappuccino, strawberry, and others. On the basis of source, protein powder is divided into animal-based and plant-based protein powder. Additionally, it has applications across sports nutrition and functional food. Moreover, the distribution channel includes supermarket/hypermarket, online, chemist/drugstore, nutrition store, health food store, specialist food store, and others.

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On the basis of source, animal-based protein powder has maximum revenue share (%) in the overall protein powder market of 2019. The animal-based protein supplements are mostly derived from whey or casein (milk-based), and egg. Additionally, animal-based protein powders likely to have a more neutral taste and blend easier than plant protein powders. Moreover, milk-derived whey has a wide range of amino acids, including the branch chain amino acids that stimulate muscle synthesis, which gets quickly absorbed as in turn preferred after the workout. Some of the researchers have also indicated that whey is preferred over other forms of protein especially for muscle synthesis after the workout. Milk-derived casein help to curb appetite for longer and good to be used as a filling between meal and bedtime snack. Furthermore, egg white protein is a good option for those who are sensitive to dairy products.

Furthermore, the plant-based protein powder segment is anticipated to exhibit the fastest growth over the forecast period due to the increasing number of vegan as well as vegetarians. The rapidly degrading environmental condition is negatively affecting biodiversity, which in turn boosting the number of people preferring vegetarian dieting habits. The increasing number of market players in the plant-based protein powder segment is additionally supporting the fastest segmental market over the forecast timeframe from 2020 to 2027.

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In 2019, North America holds the major share (%) in the protein powder market, and the region is also projected to continue with its dominance in the overall market throughout the forecast period from 2020 to 2027. The major economies of the region including the US and Canada are the major revenue contributors to the regional protein powder market value. Furthermore, Asia Pacific is anticipated to exhibit the fastest growth during the estimated period owing to its rapidly emerging economies coupled with the increasing number of fitness freaks. Additionally, the rising focus of major global players in the regional market due to the rising spending power of people on health products is further bolstering the regional market growth.

Some of the leading competitors are Abbott Laboratories, Amway, Garden of Life, Glanbia Group, GlaxoSmithKline, GNC Holdings, Herbalife International of America, Inc, Living Inc., Makers Nutrition, Melaleuca Inc, Shaklee Corporation, Suppleform, USANA Health Sciences, and Vitacost.com. Major players are continuously involved in spreading awareness about their products and benefits among the health freak population. Global players are also expanding their reach in the untapped market owing to the increasing demand and awareness among the people for protein supplements. Global players are also enriching their product offerings with new flavors and taste enhancers.

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Some of the key observations regarding the protein powder industry include:

• An Israeli-based chickpea protein start-up, ChickP has announced in 2021 that they are expanding into the US to explore partnerships, as well as the company, has also started commercial production of its chickpea isolate protein.

• U.K. located Nutrapharma has recently developed a food waste solution that involves creating protein powder from scraps including excess fruits and vegetables. The new development is mainly lessening carbon emissions and providing a plant-based solution to the protein industry.

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This release was published on openPR.