The protein supplements market has shown impressive growth, expanding from $20.39 billion in 2023 to $22.25 billion in 2024, achieving a compound annual growth rate (CAGR) of 9.1%. This growth is driven by rising fitness awareness, the increasing recognition of protein's benefits, and the sports nutrition industry's expansion. Looking ahead, the market is projected to reach $33.24 billion by 2028, with a CAGR of 10.6%. Key growth factors include a focus on health and wellness, the popularity of plant-based diets, the rise of e-commerce, and innovative product offerings in everyday nutrition.
Major Driver In The Protein Supplements Market
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 Supplements, a 2022 online survey among 3,133 U.S. adults age 18+, and 2,342 adults consuming dietary supplements seasonally, conducted by The Council for Responsible Nutrition (CRN), a US-based trade association representing more than 200 dietary supplement and functional food manufacturers, 75% of Americans use dietary supplements 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. Market assessments for 2023 highlight the growing trend of food supplement consumption, particularly protein supplements. Projections for 2024 and beyond anticipate continued market expansion, driven by heightened consumer awareness and the pursuit of healthier lifestyles.
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Protein Supplements Market Competitive Landscape
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
Key Protein Supplements Market Trend
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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Protein Supplements Market Segmentation
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
By Geography:The regions covered in the protein supplements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the protein supplements market in 2023.
The Protein Supplements Global Market Report 2024 furnishes information about the global protein supplements market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
