Protein Supplements Market Share, Growth, Opportunities 2031

Report Description

Protein Supplements Market Outlook 2031

The global protein supplements market size was valued at USD 22.11 Billion in 2022 and is anticipated to reach USD 45.32 Billion by 2031 and expanding at a CAGR of 8.3% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing number of health-conscious consumers and fitness facilities globally.

Protein supplements are crushed protein sources such as potatoes, rice, peas, soybeans, or hemp, as well as milk and eggs (casein or whey protein). Protein is found in high concentrations in muscle-building supplements and low concentrations in weight-loss supplements. Protein powder mixed with a cup of milk or a smoothie is a popular tactic adopted by consumers.

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Protein is needed for bone strength, muscle growth, and several other body activities. Protein supplements have become popular among athletes as a way to boost their ability to build and maintain skeletal muscle mass. Supplements are a convenient and nutritionally beneficial option, and some protein supplements claim to be meal substitutes.

The COVID-19 pandemic affected the demand and supply of protein supplements. Lockdowns across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production, leading to a decline in market growth.

The launch of vaccines to combat the COVID-19 pandemic is expected to contribute to the market growth over the forecast period. As a result of the pandemic, people are taking protein supplements to help their immune systems. Additionally, it increased the demand for ready-to-drink protein drinks.

Protein Supplements Market Trends, Drivers, Restraints, and Opportunities

• Increasing acceptance of food supplements among consumers, favorable government outlook, and the availability of top-notch athletics & fitness facilities are expected to fuel the market.
• Growing disposable income and improved financial situation increased consumer spending on protein supplements, which is anticipated to boost the market during the forecast period.
• Rising living standards and increased willingness to spend money are some of the major factors propelling the market.
• High consumption of protein supplements causes digestive distress, which is projected to hinder the market growth.
• Consumers are highly dependent on supplements to meet specific nutritional needs, due to changing lifestyles, which is projected to increase the demand for protein supplements during the forecast period and create lucrative opportunities for market players.

Scope of Protein Supplements Market Report

The report on the global protein supplements market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
 

Protein Supplements Market Segment Insights

The ready-to-drink segment is projected to expand at a robust CAGR during the projected period

Based on products, the market is segregated into ready to drink, protein bars, protein powder, and others. The ready-to-drink segment is projected to expand at a robust CAGR during the projected period. RTD are ready-to-drink protein supplements with an exact composition for immediate use.

RTDs have a high protein content and can be ingested before, after, or during a workout. These proteins are quickly absorbed & digested by body and assist in lean muscle building and recovery. The protein powder segment held around 60% of the total market share in 2021. The powders are made from a range of proteins, including egg, pea, soy, casein, and whey.

They aid in the development & toning of muscles, production of hormones & enzymes, weight loss, and tissue healing in the human body. Moreover, the protein powder segment is estimated to grow, due to rising demand from recreational exercisers, top athletes, and bodybuilders.

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The animal-based segment dominated the market and held major market share of around 64% in 2021

On the basis of sources, the market is fragmented into plant-based and animal-based. The plant-based segment is further segregated into pea, rice, hemp, pumpkin seed, spirulina, soy, and others. The animal-based segment is sub-divided into fish, eggs, casein, whey, and others. The animal-based segment dominated the market and held major market share of around 64% in 2021.

Animal-based proteins have long been thought of as complete proteins, as they contain all essential amino acids. The most consumed proteins in 2021 were casein and whey. Whey proteins include hydrolysates, isolates, and concentrates, are highly digestible, and have a balanced amino acid composition.

The plant-based segment is estimated to grow at a rapid pace during the forecast period, due to their growing acceptance among a variety of consumers, including vegetarians, vegans, and people allergic to egg and dairy proteins. In 2021, soy and wheat were the most popular plant protein sources. Soy is popular, as it contains all essential amino acids.

The Direct-To-Customer (DTC) segment is expected to dominate the market during the forecast period

In terms of distribution channels, the market is categorized as Direct To Customers (DTC), online stores, supermarkets & hypermarkets, and others. The Direct-To-Customer (DTC) segment is expected to expand at a rapid CAGR during the forecast period. Companies are creating user-friendly and specialized websites to advertise their products without relying on a third-party distributor.

Key players such as NBTY, Glanbia, Quest Nutrition, and IOVATE are engaging in direct-to-consumer channels to expand their reach into new markets. As the need for protein-based products grows, small-scale merchants, fitness centers, and pharmacies are providing large display space for protein supplements from a variety of brands, which appeals to discerning customers.

The online stores segment held around 31% of the total market share in 2021. Increasing use of internet for high convenience, reduced lead times, purchasing, and large discounts are the factors driving the segment. The supermarkets & hypermarkets segment is anticipated to expand at a high CAGR of about 8% during the projected period.

Supermarkets & hypermarkets sell a large variety of items at low cost. Rising number of supermarkets & hypermarkets in developed and developing countries, due to its rising popularity, is estimated to fuel the segment.

The sports nutrition segment accounted for a key market share

Based on applications, the market is bifurcated into functional food and sports nutrition. The sports nutrition segment accounted for a key market share of about 65% of the total market share in 2021. Protein supplements are widely used in the sporting and medical industries, due to high consumption by bodybuilders, athletes, and sportsperson.

Sports nutrition items are widely available in convenience stores and supermarkets, which is estimated to increase its demand. Rising number of people participating in sports and other physical activities to combat obesity is expected to fuel the market. The growing popularity of sugar-free soft drinks and energy drinks is projected to hinder the growth of the segment.

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Regional Analysis

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held major market share of around 50% in 2021. Increased customer awareness about health and wellness issues, as well as knowledge of product benefits, increasing emphasis on living a healthy lifestyle, and growing disposable income is estimated to boost the market.

The market in Asia Pacific is estimated to register high CAGR of around 9% during the forecast period. Standardization and rising desire for on-the-go snacks options in emerging nations, such as India and China, are primarily driving the demand for protein supplements in the region. Changing lifestyle of people, due to increasing disposable income, is projected to propel the market.

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