Protein Supplements Market to Boom in the Coming Years, Growing at a CAGR of 8.2% by 2031
Westford, US, Oct. 21, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Protein Supplements Market will attain a value of USD 13.74 billion by 2031, with a CAGR of 8.2% over the forecast period (2024-2031). Increasing awareness regarding the importance of protein consumption around the world and rising health consciousness among people are slated to bolster the demand for protein supplements in the future. Growing availability of multiple protein supplements via online retailing channels is also expected to benefit market growth going forward.
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Browse in-depth TOC on "Protein Supplements Market" Pages – 197, Tables – 95, Figures – 76
Protein Supplements Market Report Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $7.31 billion |
| Estimated Value by 2031 | $13.74 billion |
| Growth Rate | Poised to grow at a CAGR of 8.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information/product portfolio of players |
| Key Market Opportunities | Development of personalized nutrition and plant-based protein supplements |
| Key Market Drivers | Rising health consciousness among people around the world |
Protein Powder Remains the Top Revenue Generator for All Protein Supplement Companies
Protein powder is expected to account for more than half of the global protein supplements market share. This can directly be attributed to the wide availability of protein powder products around the world at multiple price points and a variety of protein sources. High consumption of protein powder by athletes, bodybuilders, and general exercise enthusiasts is what allows this segment to account for a dominant market share.
Use of Protein Supplements in Functional Food is Slated to Rise in Demand Going Forward
Increasing health consciousness among people has resulted in high awareness regarding functional foods and beverages. Growing spending on functional food and rising investments in the manufacturing of the same are slated to bolster the demand for protein supplements in this segment going forward. Rising consumption of nutraceuticals is also expected to create new opportunities for protein supplements providers in the future.
High Consumer Spending Potential Allows North America to Lead Global Protein Supplements Market Growth
North America is estimated to emerge as the top market for protein supplement companies in the future. Growing health consciousness and willingness to spend on health products are boosting the sales of protein supplements in this region. Rising prevalence of lifestyle disorders and high incidence of obesity are also expected to act as a driving force for protein supplements demand in North America going forward. Investing in Canada and the United States will be highly rewarding for all protein supplements companies in the long run.
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Protein Supplements Market Insights:
Drivers
- Growing health consciousness among people
- Rising availability of multiple protein supplements and protein products
- Increasing number of athletes and growing participation of general people in exercising and outdoor sports
Restraints
- Health issues caused due to unregulated protein consumption
- High costs of protein supplements
- Availability of counterfeit and contaminated protein supplements
Prominent Players in Protein Supplements Market
- Glanbia plc (Ireland)
- Abbott Laboratories (US)
- Amway Corporation (US)
- GlaxoSmithKline plc (UK)
- GNC Holdings Inc. (US)
- Herbalife Nutrition Ltd. (US)
- MusclePharm Corporation (US)
- Nature's Bounty Co. (US)
- NOW Foods (USA)
- Quest Nutrition, LLC (US)
Key Questions Answered in Protein Supplements Market Report
- What drives the global Protein Supplements market growth?
- Who are the leading Protein Supplements providers in the world?
- Which region leads the demand for Protein Supplements in the world?
This report provides the following insights:
- Analysis of key drivers (growing health consciousness among people around the world, rising consumption of nutraceuticals, increasing participation in sports), restraints (high costs, availability of counterfeit products, health issues caused due to unregulated protein consumption), and opportunities (development of plant-based and personalized protein supplements) influencing the growth of Protein Supplements market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Protein Supplements market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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