The Protein Supplements Global Market Report 2023 by The Business Research Company, provides protein supplements market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Protein Supplements Global Market Report 2023, the market size grew from $18.75 billion in 2022 to $20.62 billion in 2023 at a compound annual growth rate (CAGR) of 10.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the global protein supplements is expected to grow to $29.51 billion in 2027 at a CAGR of 9.4%.
The rise in customer preference for food supplements is driving the protein supplements market. Food Supplements are intended to make up for dietary deficiencies among individuals through their regular diet. The desire to lead active and healthy lifestyles has increased participation in sports and fitness activities, driving the demand for food supplements, especially protein supplements.
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The protein supplements market is segmented:
1) By Type: Protein Powder, Protein Bar, Ready to Drink
2) By Source: Plant-based, Animal-based
3) By Raw Material: Casein Protein Supplements, Whey Protein Supplements, Egg Protein Supplements, MPC Protein Supplements, Soy Protein Supplements
4) By Distribution Channel: Supermarkets & Hypermarkets, Online Stores, Drug Stores
Strategic partnership is a key trend gaining popularity in the protein supplements market. The companies operating in the protein supplement sector are focusing on entering into strategic partnerships to expand their market reach and leverage each other’s resources in new product development & marketing activities. In October 2021, a New Jersey-based company that creates collagen supplements entered into a partnership with Entenmann’s, owed by Bimbo Bakeries USA. The partnership aims to create a new collagen protein powder with Entenmann’s chocolate chip cookies as inspiration. Entenmann is a US-based company that manufactures and delivers baked goods.
The protein supplements market report table of contents includes:
1. Executive Summary
2. Protein Supplements Market Characteristics
3. Protein Supplements Market Trends And Strategies
4. Protein Supplements – Macro Economic Scenario
5. Protein Supplements Market Size And Growth
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26. Africa Protein Supplements Market
27. Protein Supplements Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Protein Supplements Market
29. Protein Supplements Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- GlaxoSmithKline (GSK)
- Glanbia PLC
- ABBOTT LABORATORIES (ABBOTT)
- Amway Corporation
- Herbalife International of America
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