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Protein Supplement Maket 2022-2032 | Global Key Players; Iovate Health Sciences International Inc., Otsuka Holdings Co., Ltd., GNC Holdings, LLC, Glanbia PLC, Bright LifeCare Pvt. Ltd., Hormel Foods Corporation, THG plc, Abbott Laboratories, Vitaco Health

02-22-2024 07:39 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

Protein Supplement Maket 2022-2032 | Global Key Players; Iovate

Protein is a critical component of hormones, vital organs, immunity system, and nervous system. It is usually found in meat & animal products such as beef, dairy, fish, & poultry and plant-based products including soy, beans, nuts, & whole grains. Modified high-quality protein sources include different types of protein supplements in the form of powder, shakes, and bars. Protein supplements build, repair and maintain muscles, skin, and hair in the body. They also help reduce weight, lower cholesterol, strengthen immunity, prevent cardiovascular diseases, and offer several other benefits.

These are generally bought from online fitness stores owing to the availability of numerous options and convenience of consumers. The growth of the global protein supplement market is driven by an increase in health-related concerns, which has led to a shift of individuals toward fitness centers, gyms, and health clubs. Furthermore, a rise in obesity rates and growth in disposable income are some other factors that drive the growth of the market. However, the presence of cheaper substitutes, side-effects of protein supplements, and negative publicity & claims are expected to hamper the protein supplement market growth during the forecast period. Growth in demand from the health-conscious young population and the introduction of protein supplements in untapped economies are anticipated to provide lucrative opportunities for the expansion of the protein supplement market size.

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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 20%-30% 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 for the nutrients & vitamins loss during the reduction of food intake. Health benefits associated with consuming protein supplements and a rise in fitness concerns among people in different regions drive the protein supplement industry.

In addition, the increase in the number of fitness & training centers, surge in disposable income, and alarming rise in obesity rates also fuel the protein supplement market growth. However, the presence of cheap replacements and false claims coupled with negative publicity is expected to hamper the growth of the protein supplement market size during the forecast period. The rise in protein supplement demand from the health-conscious young population of developing nations as well as the strengthening of distribution channels in untapped regions is expected to provide numerous opportunities for the expansion of the global protein supplement market.

Global Key Player:

Abbott,

Amway India Enterprises Pvt. Ltd.,

Glanbia plc.,

GNC Holdings, LLC,

Vitaco, Hormel Foods Corporation,

Iovate Health Science International,

The Hut.com,

Otsuka Pharmaceutical

MuscleBlaze..

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The protein supplement market is segmented on the basis of type, form, source, gender, age group, distribution channel, and region. On the basis of type, the market is divided into casein, whey protein, egg protein, soy protein, and others. On the basis of form, the market is classified into powder, RTD liquid, and protein bars. On the basis of source, the market is segmented into animal and plant sources. On the basis of gender, the market is bifurcated into the male and female.

On the basis of age group, the market is divided into millennials, generation X, and baby boomers. On the basis of distribution channel, the market is categorized into supermarkets/hypermarkets, online stores, chemists/drugstores, nutrition stores, health food stores, specialist sports stores, and others. On the basis of region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia-Pacific, and LAMEA (Brazil, Saudi Arabia, South Africa, and Rest of LAMEA).

According to the protein supplement market trends, on the basis of form, the ready-to-drink (RTD) liquid segment is expected to witness the highest growth during the forecast period owing to its easy availability and convenience. RTD liquid protein supplements are one of the most convenient ways of consuming protein, especially for gymgoers and athletes.

On the basis of source, the protein supplement market is classified into animal and plant-based proteins. The animal-based segment accounts for the majority of the protein supplement market share owing to the associated health benefits. Whey proteins, for example, boost immunity while also assisting in the increase of glutathione (GSH) levels in cancer patients undergoing chemotherapy.

On the basis of gender, the male segment is expected to gain higher traction as compared to the female men since men consider having both pre and post-workout supplementation.

On the basis of age group, the millennials segment is expected to account for a higher share in terms of consumption for the protein supplement market since millennials are known to be preferred customers for a variety of protein and other supplement products.

As per protein supplement market opportunities, on the basis of distribution channel, the online segment is expected to witness the highest growth during the forecast period since online distribution channels have made it easier for consumers to research and purchase protein supplements. Consumers can browse a wide range of products, compare prices and features, and read reviews from other users on a single platform.

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On the basis of region, Asia-Pacific is anticipated to experience the highest CAGR during the forecast period since the trend for on-the-go snacking options in developing economies such as China and India is projected to drive demand for protein and nutrition supplements in Asia-Pacific. Furthermore, a significant shift in consumer lifestyle is anticipated to fuel the Asia-Pacific protein and nutrition supplement products market during the forecast period.

Key findings of the study

On the basis of type, the whey protein segment accounted for the major share of the protein supplement market in 2021.

On the basis of form, the powder segment dominated the protein supplement industry in 2021.

On the basis of source, the plant-based segment is expected to witness the highest growth during the forecast period.

On the basis of gender, the male segment dominated the market in 2021.

On the basis of age group, the millennial segment dominated the market in 2021 and is expected to grow at a CAGR of 7.4%.

On the basis of the distribution channel, the online segment is expected to witness significant growth.

On the basis of region, North America accounted for a prominent market share in 2021.

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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