PROTEIN SUPPLEMENTS MARKET ANALYSIS

The global protein supplements market was valued at US$ 25.54 Bn in 2022 and is forecast to reach a value of US$  46.56  Bn by 2030 at a CAGR of 7.9% between 2023 and 2030. The global protein supplements market is experiencing strong growth due to the rise in demand for protein supplements and growing geriatric population around the world. Moreover, growing participation in sports and fitness activities and increasing demand for sports nutritional supplements and rising demand for vegan and plant-based protein supplements is expected to boost growth of the market. However, factors such as increasing number of product recalls, high cost of protein supplements, and low acceptance rate are expected to hamper the market growth.

Global Protein Supplements Market: Regional Insights

Based on geography, the global protein supplements market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the high consumer awareness regarding health and wellness, increasing emphasis on healthy lifestyle, rise in demand for protein supplements, and favorable government initiatives and campaigns in the region. For instance, according to Nutrition Business Journal, sales of dietary supplements in the U.S. was reported at US$ 3.4 billion in 2019, and by the end by 2020, the sales jumped to US$ 6 billion. Moreover, sales of all supplements, including protein supplements, grew from US$ 5 billion in 2019 to US$ 8.4 billion in 2020.

Asia Pacific is also expected to witness robust growth in the protein supplements market owing to the increasing emphasis on healthy lifestyle, increase in awareness among people about health and wellness, increase in demand for protein supplements, and higher percentage of young consumers in the Asia Pacific. For instance, in September 2022, Tata Consumer Products entered the health supplements segment with the launch of a protein powder. Tata GoFit, a health supplement range, is a plant-based easy-to-mix formulated with the goodness of gut-friendly probiotics. Tata GoFit has been specially developed for women.

Figure 1. Global Protein Supplements Market Share (%), by Region, 2023

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Global Protein Supplements Market Drivers:

High demand for protein supplements to augment market growth

One of the key factors expected to augment the growth of the global protein supplements market over the forecast period is the increase in demand for protein supplements worldwide. For instance, with the increasing awareness among people about health and wellness and increasing emphasis on healthy lifestyle, the demand for protein supplements is also increasing with the rapid pace. In May 2022, Soulfuel launched Soulfuel protein powder focused on strengthening gut with a novel blend of post-biotic with brand name Epicor, prebiotic Inulin, and digestive enzymes. Soulfuel helps increase protein absorption and muscle strength along with boosting immunity with a natural immunizer called 1,3/1,6 beta-glucan.  

Growing geriatric population to underpin market growth

Another factor which is driving the growth of the global protein supplements market is the rise in geriatric (aging) population around the world. For instance, protein supplements are increasingly used by older people to maintain nutrition and prevent or treat loss of muscle function. Thus, with the growing geriatric population, the demand for protein supplements is also increasing. According to the World Health Organization (WHO), by 2030, one in six people in the world will be aged 60 years or over, and by 2050, the world’s population of people aged 60 years and older will double (2.1 billion). This in turn is expected to drive market growth.

Global Protein Supplements Market Opportunities:

Growing participation in sports and fitness activities and increasing demand for sports nutritional supplements is expected to offer significant growth opportunities for players in the global protein supplements market. For instance, sports supplements promote lean muscle growth, boost stamina, improve performance, and assist in weight reduction. In March 2022, MusclePharm, a provider of sports nutrition and lifestyle branded nutritional supplements, announced the launch of high whey protein drink line (Ready-To-Drink protein drink) with over 20g of protein, in multiple, sugar-free flavors, expanding into the ready-to-drink protein category.

Rising demand for vegan and plant-based protein supplements is expected to offer lucrative growth opportunities for players in the global protein supplements market. For instance, rising awareness about animal welfare and environmental sustainability push consumers toward plant-based diets, and evolving perception of consumers that plant-based products are safer and healthier increases demand for plant-based protein supplements. In May 2022, SternLife and SternVitamin announced the launch of vegan protein bars, water-soluble powder supplements, and micronutrient premixes to improve immune health as well as mental performance.

Global Protein Supplements Market Trends:

Rise in consumption is a recent trend

There is a huge gap in knowledge and practices on the use of supplements among college students which needs to be bridged and thus, by highlighting gaps in nutritional knowledge, sport nutrition professionals may begin to address these gaps by educating sportsperson, minimizing injuries, and enhancing sport performance. Thus, with the growing participation in sports and fitness activities and increase in awareness, the demand for sports nutritional supplements is also increasing rapidly. This trend is expected to boost the market growth.

High demand for protein bars is another trend

Protein bars can be a good source of calcium, potassium, vitamin B, fibre, and iron. They can also help gain muscle mass and can even promote weight loss. Moreover, protein bars can be a good meal replacement or post-workout snack. Protein has become popular macronutrient among all consumers, including people opting for meal-replacement supplements, like protein bars, athletes looking for competitive edge, and aging population intent on maintaining muscle mass. This trend is also expected to propel the growth of the market.

Global Protein Supplements Market Restraints:

Product recalls to hinder growth of the market

One of the key factors expected to hamper the growth of the global protein supplements market is the increasing number of product recalls. The lack of proper guidelines and regulatory framework has resulted in many protein supplements recalls. The recalls are primarily associated with either microbial contamination or not mentioning allergens on the labeling. Due to such incidents, there is an ongoing consumer concern associated with the safety of supplement, which in turn is expected to hamper the growth of the protein supplements market.

High cost and low acceptance to hamper market growth

Another factor which is hampering the growth of the global protein supplements market is the high cost of protein supplements and low acceptance rate in developing countries. For instance, protein deficiency is a significant public health concern and authentic as well as safe protein supplements are scarcely available in developing countries. However, high cost of protein supplements and lack of awareness among people about protein deficiency is hampering demand for protein supplements in developing countries. This in turn is restraining the market growth.

Figure 2. Global Protein Supplements Market Share (%), by Form, 2023

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Global Protein Supplements Market Segmentation:

The global protein supplements market report is segmented into Form, Source, Distribution Channel, and Geography.

Based on Form, the market is segmented into Powders, Bars, Ready to Drink (RTD), and Other Forms. Out of which, Powders Segment is expected to dominate the protein supplements market over the forecast period and this is attributed to the increase in participation in sports and fitness activities worldwide. A larger population participates more frequently in sports, marathons, gyms, fitness clubs, and trekking activities to maintain their physical fitness.

Ready to Drink (RTD) Segment is also expected to witness significant growth in the near future and this is owing to the increase in adoption of ready to drink protein supplements. RTDs offer a high dose of proteins and can thus be consumed pre-workout, post-workout, or on the go.

Based on Source, the market is segmented into Animal-based and Plant-based. Out of which, Plant-based Segment is expected to dominate the market over the forecast period and this is attributed to the rising demand for plant-based protein supplements.

Based on Distribution Channel, the market is segmented into Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail Stores, Gym & Health Clubs and Spas, and Other Distribution Channels. Out of which, Supermarkets/Hypermarkets Segment is expected to dominate the market over the forecast period and this is attributed to the increase in demand for protein supplements or increasing consumption of protein supplements.

Convenience Stores Segment is also expected to witness significant growth in the near future and this is owing to increase in demand for protein supplements worldwide.

Global Protein Supplements Market: Key Developments

In July 2022, Myprotein and Perferct Day Inc. partnered to develop Whey Forward, a performance protein powder that delivers on taste and nutrition. Whey Forward is a ready-to-mix product that offers the same taste and nutrition as whey found in cow’s milk, with no lactose and a significantly reduced environmental impact.

In March 2022, Oziva announced the launch of Oziva Kids Superfood Growth Protein Drink, a clean protein blend fortified with 6 Ayurvedic herbs and 27 essential vitamins & minerals to cater to the daily protein needs of kids aged five and above.

In July 2022, Six Star Pro Nutrition partnered with Sierra Canyon School. As part of the agreement, Six Star Pro Nutrition will provide Sierra Canyon athletes with its Whey Protein Plus.

Global Protein Supplements Market: Key Companies Insights

The global protein supplements market is highly competitive. This is attributed to the increase in demand for protein supplements across the globe, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global protein supplements market are Mondelez Company, Meiji Holdings Co Ltd., Quest Nutrition LLC, MusclePharm Corporation, Post Holdings Inc., Nestlé SA, Abbott Laboratories, Scitec Nutrition, The Hut Group, Glanbia PLC, Weider Global Nutrition LLC, and Iovate Health Sciences International Inc., among others.

*Definition; Protein supplements are essentially processed, refined protein products available in various forms, such as powders, bars, ready to drink, and other forms. These supplements are used as dietary supplements to boost overall performance.