The global Protein Supplements Market is estimated to be valued at US$ 27.43 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Protein supplements are food items that are rich in protein content and provide an extra boost of protein in a person’s diet. These supplements help in building muscles, increasing strength, supporting weight management goals, and meeting daily protein requirements of the body. They are available in different forms such as powder, bars, and ready-to-drink supplements. Protein supplements offer convenient ways for protein intake and help people get higher protein content without consuming excess calories. Their use has been growing among athletes, bodybuilders, and dieters for supporting physical performance and weight management goals.
Market key trends:
One of the major trends in the protein supplements market is the increasing focus of manufacturers on mergers and acquisitions for business expansion. Leading players are actively consolidating operations to strengthen product portfolios and distribution networks. For instance, in 2021, Mondelez International acquired Chipita for expanding its snacking business into protein-rich snacks segment. Growing demand for plant-based and specialty protein options is also driving innovations in the market. Manufacturers are developing protein supplements with innovative formulations featuring custom blends and combinations to cater to specific consumer needs. Increased focus on health, wellness, and fitness among consumers further supports the demand for high-quality protein supplements.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the protein supplements market requires high capital investments and established distribution channels. Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of several substitutes in the market. Bargaining power of suppliers: The bargaining power of suppliers is low given the fragmented nature of raw materials and the availability of substitutes. Threat of new substitutes: The threat of new substitutes is high due to easy availability of alternative protein sources like meat, eggs, dairy, etc. Competitive rivalry: Competition in the market is high amongst the existing players.
Key Takeaways
The Global Protein Supplements Market Demand is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing awareness about fitness and wellness.
Regional analysis
The North American region dominates the protein supplements market currently. However, Asia Pacific is expected to emerge as the fastest growing market owing to rising health consciousness amongst individuals. China and India offer huge growth potential in the region.
Key players
Key players operating in the 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. Quest Nutrition LLC specializes in plant-based protein powders.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
