NEW YORK, April 22, 2024 /PRNewswire/ — The global protein supplements market size is estimated to grow by USD 9.45 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 7.40% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 44%.
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Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
Abbott Laboratories, Amway Corp., BioTech USA Korlatolt Felelossegu Tarsasag, Darling Ingredients Inc., Gelita AG, Glanbia plc, GlaxoSmithKline Plc, Herbalife International of America Inc., Iovate Health Sciences International Inc., Makers Nutrition, Meiji Holdings Co. Ltd., Nestle SA, NOW Health Group Inc., PepsiCo Inc., Post Holdings Inc., Purus Labs, TheHutGroup.com Ltd., Transparent Labs, Vitaco Ltd., Weider Global Nutrition LLC
Analyst Review
The Protein Supplements Market encompasses a wide range of plant-based sources, including cereals and oilseeds, that cater to various consumer segments, such as bodybuilders, elite athletes, and casual exercisers. Merit Functional Foods, a leading player in this market, offers animal-free, non-GMO protein solutions derived from plant sources like soy, pea, rice, and more. These protein supplements are essential for muscle recovery and are available in various forms, such as dietary supplements, ready-to-drinks, and dried fruit snacks. With a focus on transparency, eco-friendly, and sustainable packaging, the industry adheres to the clean label trend, ensuring that consumers have access to high-quality, easy-to-use, and nutritionally valuable ingredients. Plant-based meat alternatives, such as those made from soy or pea protein, are also gaining popularity in the sports nutrition sector.
Key Market Drivers
The global Protein Supplements Market is experiencing significant growth due to rising consumer awareness about health and fitness. Minerals, Vitamins, Omega 3s, and essential amino acids are key components of these supplements. Whey and Casein, derived from Milk, are popular choices, with Lactalis Ingredients and PureField Ingredients being major producers. Soy protein supplements and Wheat protein supplements cater to vegetarian and vegan consumers. Bone health benefits are a significant factor driving demand. Functional food, including Ready to Drinks and Dried Fruit Snacks, offer convenience. Bodybuilders and Elite athletes use these supplements for performance enhancement, while Casual exercisers seek general fitness benefits. Nanotechnology, through Nano-encapsulation and Microencapsulation, enhances bioavailability. Fortification of foods and automation of production processes are market trends. Plant Protein powders from sources like Pea, Rice, and Soybean are gaining popularity. The market is influenced by purchasing power parity, with brands like Glanbia, Optimum Nutrition, and Plant Protein powder manufacturers competing on attractive packaging techniques, Virtual reality experiences, and innovative formulations. Fats, Carbohydrates, and Organic substances are also considered in the formulation of these supplements.
Challenges and Opportunities
The Protein Supplements Market is experiencing robust demand, driven by athletes and fitness-conscious consumers seeking high nutrient value. Animal-based protein, such as whey protein powder and animal protein powder, remain the dominant type due to their high protein content and easy digestion. However, plant-based proteins, including soy, pea, and hemp, are gaining popularity due to their eco-friendly and sustainable packaging, as well as the clean label trend. Nutrient-dense products, like glutathione and spirulina powder, offer additional health benefits. Historical analysis reveals a shift towards transparent packaging and natural ingredients. Principal Consultants emphasize the importance of nutrient value, easy usage, and various flavors. Despite the benefits, overdose can harm the kidneys and liver. Therefore, it is crucial to ensure the authenticity and safety of protein supplements, such as bars and gummies, to avoid potential health risks associated with counterfeit products using substandard or spurious ingredients.
The Protein Supplements Market continues to expand, driven by the growing awareness of muscle recovery and sports nutrition. Brands like Muscle Blaze promote plant protein sources, such as soy and pea, in their supplements, appealing to vegans and those seeking animal-free options. Merit Functional Foods and Applied Food Sciences utilize microencapsulation technologies to enhance the bioavailability of plant-based proteins from oilseeds and cereals. Non-GMO, non-dairy alternatives, like hemp and wheat gluten, are also gaining popularity. Whey, casein, and egg proteins remain staples in the market, with producers like Lactalis Ingredients and Glanbia catering to bodybuilders, elite athletes, and casual exercisers. The market offers various forms, including protein powders, ready-to-drinks, and dried fruit snacks, at different price points due to purchasing power parity. Minerals, vitamins, omega 3s, and essential amino acids are added to supplements to support bone health and overall wellness. Tetrahydrocannabinol (THC) is not a common ingredient in protein supplements.
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Market Overview
The Protein Supplements market is a significant sector in the Nutraceuticals industry. Protien sources, such as Muscle Recovery Proteins, Casein Proteins, and Soy Proteins, are in high demand due to their role in building and repairing body tissues. The market is driven by factors like increasing health consciousness, changing dietary preferences, and the growing popularity of fitness and bodybuilding. Oilsseed-based proteins, such as Peanut Proteins and Animal-based proteins, like Milk Proteins, are key players in this market. Fortified foods and beverages, as well as functional foods, are also contributing to the market’s growth. The market is expected to continue its upward trend due to the increasing demand for convenient and nutritious food options. The market is segmented by type, application, and region.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
