Meticulous Research® Forecasts Protein Supplements Market to Reach $43.17 Billion by 2031

Meticulous Research®, a leading global market research and consulting firm, has unveiled its latest research report titled "Protein Supplements Market Size, Share, Forecast, & Trends Analysis by Product (Powder, RTD, Bar), Source (Animal-Based {Whey}, Plant-Based {Soy}), Application (Sports Nutrition), Distribution Channel (Online, Specialty Stores) - Global Forecast to 2031."

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The report reveals that the protein supplements market is poised for significant growth, projected to reach $43.17 billion by 2031. This expansion represents a robust compound annual growth rate (CAGR) of 8.8% during the forecast period from 2024 to 2031. Key factors driving this growth include rising demand for sports nutrition supplements, a surge in plant-based dietary preferences, increasing health and wellness awareness, and ongoing innovations in protein supplement formulations.

Despite these, the market faces challenges such as the proliferation of counterfeit products and misconceptions about protein supplement consumption, which may impact growth to some extent.

Market Segmentation and Key Insights
The report meticulously segments the protein supplements market by product, source, application, and geography, providing granular insights into each segment's performance and growth prospects.

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• By Product: The market is segmented into protein powder, ready-to-drink (RTD) products, protein bars, and others. The protein powder segment is expected to dominate, capturing 63.8% of the market share in 2024 due to its convenience, cost-effectiveness, and minimal additional ingredients. Increased demand for plant-based protein powders is also anticipated to drive further growth in this segment.

• By Source: Segmented into animal-based, plant-based, spirulina, and other sources, the plant-based segment is projected to exhibit the highest CAGR from 2024 to 2031. This growth is attributed to rising consumer interest in plant-based diets, an increase in vegan and vegetarian populations, and the prevalence of lactose intolerance.

• By Application: The market is divided into sports nutrition and additional nutrition. The sports nutrition segment is forecasted to hold the largest share in 2024, driven by the needs of athletes and fitness enthusiasts. This segment is expected to experience accelerated growth due to a heightened focus on balanced diets and the role of protein in weight management and muscle development.

Regional Insights
The global market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region is anticipated to achieve the highest CAGR of 9.4% during the forecast period. Growth in this region is fueled by rising disposable incomes, increased urbanization, and growing interest in fitness activities. In major markets like China and India, changing dietary habits and the expansion of e-commerce platforms are further driving market growth.

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Key Players
Prominent companies in the protein supplements market include Glanbia plc (Ireland), The Simply Good Foods Company (U.S.), Iovate Health Sciences International Inc. (Canada), Amway Corporation (U.S.), PepsiCo, Inc. (U.S.), THG PLC (U.K.), Mondelēz International, Inc. (U.S.), Herbalife Ltd. (U.S.), NOW Health Group, Inc. (U.S.), Meiji Holdings Co., Ltd. (Japan), Woodbolt Distribution, LLC (U.S.), FitLife Brands, Inc. (U.S.), Orgain, Inc. (U.S.), Post Holdings, Inc. (U.S.).

Related Reports:
Plant-Based Protein Supplements Market - https://www.meticulousresearch.com/product/plant-based-protein-supplements-market-5143
RTD Beverages Market - https://www.meticulousresearch.com/product/rtd-beverages-market-5688
Functional Beverages Market - https://www.meticulousresearch.com/product/functional-beverages-market-5407
Functional Food and Beverages Market - https://www.meticulousresearch.com/product/functional-food-and-beverages-market-5468
Functional Ingredients Market - https://www.meticulousresearch.com/product/functional-ingredients-market-5645

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This release was published on openPR.