The global Protein Supplements Market size is
expected to reach USD 42.81 billion by 2030, according to a new report by Grand
View Research, Inc. It is expected to expand at a CAGR of 8.5% from 2021 to
2030. The growing number of fitness centers on account of rising millennials’
interest in health and wellness is expected to drive the market over the
forecast period. The protein supplement manufacturing companies are primarily
concentrated in Europe and North America owing to the abundant availability of
raw materials. A higher rate of obesity in these regions is leading the
consumers to opt for a healthy lifestyle and eating habits, which is expected
to increase the demand for protein supplements over the forecast period.
Protein supplement manufacturing requires high capital
investments owing to the complex manufacturing process. The European Food
Safety Authority (EFSA) and the U.S. Food & Drug Administration (USDA) have
laid regulations on product labeling and health claims, which challenges the
new players in the global market. The established players are continuously
working on increasing their production capacity to match the growing demand.
For Instance, in October 2020, Glanbia PLC began the operation of its new
facility producing cheese and whey in Michigan, U.S. and is capable of processing
3.6 million liters of milk per day.
The rising vegan population across the globe has
compelled manufacturers to invest in R&D to innovate in plant-based protein
supplements. In March 2020, The Hut.com, which goes with the brand ‘My
Protein’, launched a new plant-based protein shake in the U.S. to capitalize on
the increasing vegan population in the country. Similarly, in February 2020,
InnovoPro launched chickpea protein concentrate for the ready-to-drink formula
for vegan athletes.
The unprecedented outbreak of the COVID-19 pandemic
has benefitted the market for protein supplements as consumers became more
aware of the diet and individual health during this period. Additionally, the
Chinese Center for Disease Control and Prevention (CDC) has issued nutrition
guidelines, which includes a recommendation of the intake of approximately
150-200 grams of protein per day (around 1.5-2.0g /kg body weight/day) for
patients affected by COVID-19 to boost immunity, thus resulting in the
increased consumption of protein supplements.
Related Press Release@ Protein Supplements Market Report
Protein Supplements Market Report
Highlights
- By product, protein powder dominated the market in 2021. Increasing
demand for protein powder from professional athletes, bodybuilders, and
fitness enthusiasts is expected to drive the product demand over the
forecast period
- Based on the source, animal-based protein supplements led the
market with a revenue share of over 65.0% in 2021. The segment includes
meat and dairy proteins, which are considered complete protein owing to
the presence of all essential amino acids
- In terms of distribution channels, online stores held the largest
revenue share in 2021 owing to the higher consumer preference for online
shopping and developing e-commerce businesses around the world
- The functional food application segment is expected to
expand at a CAGR of 8.1% from 2021 to 2030 owing to the growing consumer
awareness regarding balanced nutrition, which is expected to drive the
demand for protein supplements in the functional food application
- Asia Pacific is expected to emerge as the fastest-growing regional
market over the forecast period on account of the rising disposable income
levels and growing health-conscious population in the countries, like
China, India, Japan, and South Korea
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in San Francisco. The company provides syndicated research reports, customized research
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