According to Future Market Insights (FMI), the protein water market is poised for remarkable growth, projected to reach a valuation of US$ 2,634.9 million by 2033 with an estimated CAGR of 8.3% from 2023 to 2033. The market, valued at US$ 1,187.1 million in 2023, is thriving on the increasing popularity of protein supplements, especially among health-conscious consumers, athletes, and fitness enthusiasts. The demand is fueled by the convenience of protein-rich beverages, particularly in Europe and North America, where fitness trends are on the rise. The market is witnessing a surge in plant-based protein sources, attracting millennials and prompting continuous product innovation from key market players.
The market has experienced substantial growth from 2018 to 2022, exhibiting a CAGR of 5.1%. Anticipated factors propelling sales include a rise in per capita expenditure on food and beverages globally, driven by modern consumers’ heightened focus on health and ingredient scrutiny. The launch of innovative products with specific key ingredients tailored to consumer needs is expected to bolster protein water sales during the forecast period.
“It is anticipated that in the projected time frame, worldwide per capita spending on food & beverages will increase. Consumers today have become more concerned with the ingredients in their meals. They have started reading the ingredient lists on numerous products. It has further led to the introduction of novel goods such as protein water with essential elements tailored to certain needs.” – Says a lead analyst.
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Factors Driving Growth:
- Health Consciousness: Increasing concerns about health and fitness are driving the demand for protein water, appealing to a broad consumer base.
- Plant-Based Trends: Growing interest in plant-based protein sources, especially among millennials, contributes to market expansion.
- Convenience and Innovation: Protein water’s refreshing nature, low calories, and constant product innovation make it a preferred choice over traditional beverages.
Key Takeaways for Investors:
- Market Expansion: The protein water market is positioned for significant expansion, with a projected valuation of US$ 2,634.9 million by 2033.
- Innovation and Competition: Ongoing product innovation, new flavors, and unique packaging options create a competitive market landscape.
- Investment Opportunities: The rise in demand presents lucrative opportunities for both established brands and new entrants, fostering market competition and growth.
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Investment Opportunities in Adjacent Markets:
- Canned Alcoholic Beverages Market: A rapidly growing market with a projected value of US$ 76.55 billion by 2033, driven by affordability and innovative flavors.
- Plant-based Beverages Market: Expected to reach US$ 668.9 billion by 2033, driven by environmental concerns and celebrity influence in promoting plant-based diets.
Country-wise Insights:
- United States: Rising obesity rates and a surge in cardiovascular issues are driving protein water demand, especially among health-conscious consumers.
- United Kingdom: The growing popularity of veganism contributes to increased protein water demand, presenting an opportunity for cruelty-free protein water mixes.
- India: Increasing sports and fitness activities, coupled with government initiatives promoting healthy lifestyles, boost protein water sales in the country.
Competitive Landscape
Existence of significant national and international competitors might fuel the competitive environment of the global protein water market. To increase shares and profits, manufacturing companies are primarily focused on extending their global footprints.
They are expanding their production capacity throughout numerous continents, including Europe, Asia, and North America. It is as a result of the accessibility and availability of providers of raw materials. Leading businesses are also using mergers & acquisitions and new product launches as important competitive strategies.
Key Market Developments:
- In 2021, Protein2o collaborated with Spikeball. It was Protein2o’s first nationwide sponsorship. It resulted in Protein2o being featured on the side-lines of Spikeball ESPN broadcasts, on social media, and in the hands of their athletes. The collaboration increased Protein2o’s visibility among millennials and gen-Z.
- In 2021, Ready announced a joint venture collaboration with Highmark Health. It aims to improve the health and nutrition of athletes living in areas serviced by Allegheny Health Network, a provider system of Highmark Health.
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Protein Water Market Outlook by Category
By Product Type:
- Ready-to-drink/ Liquid
- Ready-to-mix/ Powder
By Flavor:
- Original/ Unflavored
- Flavored
- Vanilla
- Chocolate
- Tropical
- Peach
- Strawberry
- Orange
- Mango
- Watermelon
- Lemon
- Mixed Berry
- Black Grape
- Others (Cranberry and Green apple)
By Packaging Type:
- Bottle
- Sachet
- Box
- Tetra Pack
- Pouch
- Bottle Can
By Source:
- Plant-based Protein
- Animal-based Protein
By Distribution Channel:
- Commercial/ Food Service
- HoReCa
- Quick Service Restaurants (Sandwicheries, Fast Casual, Coffee Shops)
- Retail/ Household/ B2C
- Hypermarkets/ Supermarkets
- Convenience Stores
- Specialty Stores
- Drug Stores/ Pharmacy/ Wellness Centers
- Traditional Grocery Retailers/ Mom and Pop Stores/ Discount Stores/ Independent Small Groceries
- Airport Retail
- Travel Retail (Airplanes, Cruise Ships, and Others)
- Online Sales
- Company Website
- Gross Merchandiser
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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