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Protein Supplements Market Trends 2024: Key Players and Forecasts
Protein Supplements Market Trends
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According to The Business Research Company's, 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 growth in the historic period can be attributed to increasing fitness and health consciousness, growing awareness of protein benefits, expanding sports nutrition industry, changing dietary habits and nutrition trends, product innovation and diverse offerings.
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%. The growth in the forecast period can be attributed to continued focus on health and wellness, rising adoption of plant-based diets, e-commerce expansion and direct-to-consumer models, personalization and targeted nutrition, integration of protein supplements in everyday diets. Major trends in the forecast period include innovations in textures and formats, sports nutrition and performance enhancement, rise of collagen supplements, brand transparency and trust, social media influence on marketing.
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Market Drivers and Trends:
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 Dietary Suppleme*nts, a 2022 online survey among 3,133 U.S. adults age 18+, and 2,342 adults consuming dietary supplem*ents seasonally, conducted by The Council for Responsible Nutrition (CRN), a US-based trade association representing more than 200 dietary suppleme*nt and functional food manufacturers, 75% of Americans use dietary supplemen*ts 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 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.
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Major Key Players of the Market:
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
Protein Supplements Market 2024 Key Insights:
• 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%.
• Rising Demand For Dietary Supplemen*ts To Drive Market Growth
• Strategic Partnerships Transforming The Protein Supplements Market
• North America was the largest region in the protein supplements market in 2023
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