SAN FRANCISCO, March 25, 2020 /PRNewswire/ -- The global protein supplements marketis anticipated to a market size of USD 32.6 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to exhibit a CAGR of 8.0% during the forecast period. Growing number of fitness centers, gyms, and health clubs signify the increasing inclination toward healthier lifestyle. Athletes, bodybuilders, and recreational users have been the traditional consumers over the past few years.
Key suggestions from the report:
Animal protein supplement accounted for a market share of 67.9% in terms of revenue in 2019, owing to high popularity of whey protein supplements among athletes and bodybuilders as it contains all nine essential amino acids
The plant-based protein segment is anticipated to expand at a CAGR of 8.8% from 2020 to 2027 and is projected to reach USD 11.05 billion in 2027. Increasing incorporation of various sources, such as soy, pea, and spirulina is majorly driving the segment growth
Asia Pacific is estimated to expand at a CAGR of 8.6% from 2020 to 2027 on account of expanding middle class population, penetration of e-retaining, and gym and sports club memberships
The protein supplement market is characterized by accreditation of the product, capacity expansion, capital expansion, and substantial investment decisions to improve the market share of manufacturers
Some of the prominent companies present in the market are Glanbia Plc, AMCO Proteins, Quest Nutrition, NOW Foods, NBTY, MusclePharm Corp, Abbot Laboratories, Cyto Sport, IOVATE, and Transparent Labs
Increasing busy lifestyle has been leading to the growing consumption of packaged nutritional foods, such as protein bars and drinks. In addition, rising obesity concerns along with increased preference for protein-rich products to maintain health has been a key factor augmenting the product demand. The rising number of fitness enthusiasts and gym subscriptions, especially in emerging regions, such as Asia Pacific, is leading to a higher demand for protein powder to build muscles.
The plant-based protein supplements segment is expected to be the fastest growing source over the forecast period. Rising preference for plant-based diets, owing to an increasing number of individuals turning vegan, vegetarian or flexitarian is expected to drive the product demand. In addition, ascending demand for vegan and vegetarian products that provide quality nutrition without having to rely on dairy or meat products coupled with innovations in substitutes is expected to open up new growth avenues in near future.
The sports nutrition supplements segment is expected to register the fastest growth over the forecast period. Rising prevalence of health conditions, owing to hectic schedules and nature of work coupled with growing consumer awareness about the relationship between maintaining a healthy diet and exercising is anticipated to result in increased demand for sports nutritional supplements.
Asia Pacific is anticipated to register the fastest growth over the forecast period. Factors, such as rising population, and urbanization along with increased disposable income of middle class are expected to drive the regional growth. Personal ownership of wellness and health on account of growing cost of medical care and concerns regarding public health care systems and changing consumption pattern from traditional to convenient to adapt to busy lifestyles are expected to further fuel the growth.
Grand View Research has segmented the global protein supplement market based on source, product, application, distribution channel, and region:
Protein Supplement Source Outlook (Revenue, USD Million, 2016 - 2027)
Protein Supplement Product Outlook (Revenue, USD Million, 2016 - 2027)
Ready to Drink
Protein Supplement Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
Direct to Customers (DTC)
Protein Supplement Application Outlook (Revenue, USD Million, 2016 - 2027)
Protein Supplement Regional Outlook (Revenue, USD Million, 2016 - 2027)
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.