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Protein Supplements Market Size, Share, Trends And Industry Forecast 2024-2033
Protein Supplements Market Size
As per the report, the protein supplements market size has grown strongly in recent years. It will grow from $20.39 billion in 2023 to $22.25 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The protein supplements market size is expected to see rapid growth in the next few years. It will grow to $33.24 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.
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Rising Demand For Dieta*ry Supplemen*ts To Drive Market Growth
The rise in customer preference for food supplements is driving the protein supplements market. Food Supplements are intended to make up for dietary deficiencies among individuals through their regular diet. The desire to lead active and healthy lifestyles has increased participation in sports and fitness activities, driving the demand for food supplements, especially protein supplements. For instance, in October 2022, according to the Consumer Survey on Dietar*y Supplemen*ts, a 2022 online survey among 3,133 U.S. adults age 18+, and 2,342 adults consuming dietar*y supplement*s seasonally, conducted by The Council for Responsible Nutrition (CRN), a US-based trade association representing more than 200 dietar*y supplemen*t and functional food manufacturers, 75% of Americans use dietar*y supplement*s where majority of supplement users are regular users. Thus, an increase in customer preference for food supplements is expected to boost the demand for protein supplements during the forecast period.
Strategic Partnerships Transforming The Protein Supplements Market
Strategic partnership is a key trend gaining popularity in the protein supplements market. The companies operating in the protein supplement sector are focusing on entering strategic partnerships to expand their market reach and leverage each other's resources in new product development & marketing activities. In October 2021, a New Jersey-based company that creates collagen supplements entered a partnership with Entenmann's, owed by Bimbo Bakeries USA. The partnership aims to create a new collagen protein powder with Entenmann's chocolate chip cookies as inspiration. Entenmann is a US-based company that manufactures and delivers baked goods.
The protein supplements market covered in this report is segmented -
1) By Type: Protein Powder, Protein Bar, Ready to Drink
2) By Source: Plant-based, Animal-based
3) By Raw Material: Casein Protein Supplements, Whey Protein Supplements, Egg Protein Supplements, MPC Protein Supplements, Soy Protein Supplements
4) By Distribution Channel: Supermarkets & Hypermarkets, Online Stores, Drug Stores
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Major companies operating in the protein supplements market report are Nestle SA, Abbott Laboratories, GlaxoSmithKline plc, Mondelez International Inc., ABB Ltd., Kerry Group plc, Amway Corporation, Meiji Holdings Company Ltd., Glanbia plc, Post Holdings Inc., Herbalife International of America Inc., The Hut Group plc, The Himalaya Drug Company, The Nature's Bounty Co, NOW Health Group Inc., BPI Sports LLC., Scitec Nutrition Ltd., Quest Nutrition LLC, Nature's Best Isopure, thinkThin Inc., Reliance Vitamin Company Inc., MuscleTech Research and Development Inc., CytoSport Inc., Weider Global Nutrition LLC, Dymatize Enterprises LLC, MusclePharm Corporation, RSP Nutrition, Optimum Nutrition Inc., Amazing Grass LLC, Bank Simpanan Nasional, Cellucor Nutrition, Professional Supplements, Redcon1 LLC, Rule One Proteins LLC, Universal Nutrition, Vega Industries Private Limited, Garden of Life LLC, Sun Brothers LLC, Naked Nutrition
Contents of the report:
1. Executive Summary
2. Protein Supplements Market Report Structure
3. Protein Supplements Market Trends And Strategies
4. Protein Supplements Market - Macro Economic Scenario
5. Protein Supplements Market Size And Growth
…..
27. Protein Supplements Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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