Protein supplements have gained immense popularity in the recent years owing to rising health consciousness among individuals. Protein supplements are specially formulated products that help in meeting the recommended daily allowance of protein. They provide convenient protein intake and help in muscle building, weight management and sports nutrition. Protein supplements come in various forms including powders, RTD shakes, bars and others. Whey protein is the most commonly used protein in supplements due to its high biological value and rapid digestion. The growing demand for high-protein products for fitness and sports applications has boosted the sales of protein supplements. The proteins supplements market has expanded rapidly and is gaining sizable market presence in both developed and developing countries, especially among the young population for building and maintaining muscle mass.
The Global Protein Supplements Market Size is estimated to be valued at US$ 31.6 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising health awareness among individuals for maintaining muscle mass and fitness levels has been a major factor influencing the growth of the protein supplements market. With increasing number of health-conscious young population regularly engaging in exercises and sports, the demand for protein supplements has grown remarkably. Proper protein intake is considered important for muscle recovery and growth which has further augmented the sales of protein supplements globally. Another driver propelling the protein supplements market growth is the rising trend of protein enrichment in various food and beverage products. Manufacturers are innovating novel formulation techniques to mask unpleasant taste and smell of protein powders which is also elevating their demand rate. However, the availability of alternative sources of protein such as food items, pulses, meat may limit the sales of protein supplements to some extent over the forecast period.
Segment Analysis
The protein supplements market can be segmented into whey protein, casein protein, soy protein, pea protein and others. Whey protein is the dominating segment in the protein supplements market and holds around 60% of the market share. Whey protein is widely preferred due to its high biological value and abundance of essential amino acids. It helps build and repair muscles after a workout.
PEST Analysis
Political: There is no major political impact on the protein supplements market growth. However, rising concerns over food adulteration may lead to stricter regulations which manufacturers have to comply with.
Economic: Rising disposable incomes in developing nations is favoring the demand for expensive protein supplements. Also, growth in health and fitness industries is driving the economic growth of this market.
Social: Increased health consciousness among consumers is fueling the adoption of protein-rich dietary supplements. Social media marketing by brands is also creating awareness about benefits of protein intake.
Technological: Product innovation is stemming the use of advanced absorption techniques like micro-filtration for developing high quality whey protein isolates and concentrates with superior amino acid profiles.
Key Takeaways
The global protein supplements market is expected to witness high growth over the forecast period of 2024 to 2031.
North America dominates the market currently due to widespread trend of gymming and bodybuilding coupled with strong marketing campaigns by supplement brands in the region.
Key players operating in the protein supplements market are Cerner Corporation, Allscripts, Apple Inc, Telefonica S.A., McKesson Corporation, Epic Systems Corporation, QSI Management, LLC, AT&T, Vodafone Group, Airstrip Technologies, Google, Inc, Samsung Electronics Co. Ltd, HiMS, Orange, Qualcomm Technologies, Inc, Softserve, MQure, Computer Programs and Systems, Inc, Vocera Communications, IBM Corporation and CISCO Systems, Inc.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
