The forecast period is expected to see a CAGR of 8.53% on average for the global protein supplements market. In 2023, the market is expected to be worth US$27.78 billion. By the year 2033, it’s predicted that the market for protein supplements would be worth more than US$ 62.99 billion.
The experts at Future Market Insights have calculated a historical market valuation of US$ 25.6 billion for the relevant market for the base year.
People are often drawn to nutrient-dense cuisine worldwide, according to FMI’s analysis. Sales of protein supplements are expected to increase in 2033 due to the anticipated increase in demand for meals that can be eaten on the go. Urban dwellers are being made aware of the value of consuming a balanced diet in order to maintain a healthy lifestyle through health awareness initiatives.
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Additionally, young athletes are using a lot of protein supplements since they help with immunity, blood pressure regulation, muscle growth, and strength enhancement. The world’s working population depends heavily on protein supplements because of their hectic schedules and evolving lifestyles. But through 2033, it’s expected that the increased expenses associated with the production of protein supplements would hinder the market’s expansion.
Key Takeaways from the Protein Supplements Market
- The protein supplements market has witnessed an approximate surge of US$ 2.18 Bn from the year 2022 to 2023.
- The protein powder segment by form category is anticipated to hold dominant shares through 2033. In the base year, this segment accounted for a revenue share of 56%.
- The ready-to-drink segment is progressing at a notable rate, registering a CAGR of 8.5% during the period of 2023-2033.
- North America has emerged as the leading region with the U.S. holding dominant market shares. The country is expected to surpass a valuation of US$ 2.47 Bn by 2033.
“Demand for energy bars and RTD protein drinks from the health-conscious population is likely to curate lucrative growth opportunities for the key players in the protein supplements market.” – Says an FMI Analyst.
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Competitive Landscape in the Protein Supplements Market
Due to the existence of numerous international and regional companies, the market for protein supplements is very competitive. To strengthen their position in the market, major players are implementing a variety of methods, including product portfolio growth and regional development. The key players are adopting various business strategies, such as mergers and acquisitions, to expand their geographic presence and consumer base across the world. Therefore, the market is projected to register significant growth through the forecast period.
Recent Developments
- In December 2020, Cargill introduced a pea-based protein and added it to their existing product range for meeting the increasing need for protein supplements in the European region.
- In November 2020, Verdient Foods acquired Ingredion. The purpose of this acquisition was to increase the net sales of the firm with the set-up of a manufacturing plant in Canada.
- In March 2019, Quest Nutrition entered into distribution deals with BJ’s Wholesale and Sam’s Club for providing products across conventional grocery stores, specialty supplement stores, and convenience stores.
- In April 2018, Abbott launched Ensure Max protein for targeting consumers above the age group of 50 years. The product aims towards providing all the protein for maintenance and rebuilding muscles with the right nutrition.
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Key Segments in the Protein Supplements Market
By Source:
- Plant based
- Soy
- Spirulina
- Pumpkin Seed
- Hemp
- Rice
- Pea
- Others
- Animal based
- Whey
- Casein
- Egg
- Fish
- Others
By Application:
- Sports
- Functional Food
By Distribution Channel:
Supermarkets & Hypermarkets
- Online Stores
- Direct to Customers
- Others
By Form:
- Ready to Drink
- Protein Powder
- Protein Bar
- Others
By Gender:
- Male
- Female
By Age Group:
- Millennials
- Geneartion X
- Baby Boomers
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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