Australia protein supplements market is anticipated to grow with rising disposable income during the forecast period, 2023-2027F.
According to TechSci report on, “Australia Protein Supplements Market – By Region, Competition Forecast & Opportunities, 2027”, Australia protein supplements market is expected to reach a market value of USD218.56 Million by 2027F, growing with a CAGR of 7.23% during the forecast period, 2023-2027. This market growth is anticipated due to increasing demand for protein supplements and healthy food demands from the consumers in the country.
Rapidly growing health concerns among the population and their inclination toward body building and muscle gaining routines & food habits is also expected to drive the growth of the Australia protein supplement market in the upcoming five years. Moreover, expanding nutraceutical industry in the country is one of the major reasons responsible for the growth of the Australia protein supplement market in the next five years.
Rising number of health-conscious population opting for effective nutraceuticals to enhance their health conditions and consume more nutritive food, indirectly affects the growth of the Australia protein supplement market in the future five years. The Australia protein supplement market is also gaining momentum in the recent years due to growing popularity of protein supplements among the millennials, and their inclination toward balanced diet to achieve muscle gain and body building targets.
Also, consumption of natural diet due to sedentary lifestyle and busy schedules have influenced the adult & young adult consumers to opt for supplements in the form of powder, drinks, etc. thereby aiding the growth of the Australia protein supplement market in the forecast years through 2027F.
Government initiatives toward promotions of health management, and aggressive promotions and advertisements of the products from the market players would also substantiate the growth of the Australia protein supplement market in the forecast period.
Browse over 28 market data Figures spread through 83 Pages and an in-depth TOC on “Australia Protein Supplements Market”
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The Australia protein supplement market is segmented by product type, raw material, application, distribution channel, regional analysis, and competition landscape. Based on raw materials, the market is segmented into whey, casein and dairy alternatives. Whey protein as a raw material for the protein supplement is anticipated to hold the largest revenue shares of the market in the upcoming five years and dominate the market due to increasing demands for the whey protein.
Higher nutrient content, higher protein concentration along with easier to digest advantage of the whey protein has increased the popularity of the product among the consumers and therefore driving the growth of the Australia protein supplement market in the next five years. Moreover, availability of whey protein in the form of powder also supports the growing demand and growth of the Australia protein supplement market in the future five years.
The market is also segmented into applications which is further divided into sports nutrition and functional food. Sports nutrition is anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the grounds of increasing sports events.
A partial list of major market players of the Australia protein supplements market includes:
- Vitaco Health Australia Pty Limited
- Glanbia Performance Nutrition Pty Limited
- Hi-Performance Health Pty. Ltd.
- Freedom Foods Group Limited
- Iovate Health Sciences Australia Pty Limited
- MusclePharm Australia Pty Limited
- Bioflex Nutrition Pty Ltd
- Body Science International Pty Ltd
- Genetix Nutrition
- True Protein Pty. Ltd.
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“Nutraceutical industry is expanding in the country at an exponential rate. The demand for the nutrient supplements like protein supplements are bound to increase due to availability of the innovative product development. Through research the market players are advancing the nutrient content of the supplements thus enhancing the demand for the products in the future five years. Government initiatives in promoting weight management products, muscle growth products, and other nutritional products would also support the growth of the market in the next five years. New market players may focus on online distribution channels to expand their business horizons. Sports nutrition trends have potential to expand the market growth in upcoming five years. New market players may form collaborations or partnerships with the sports & events operators to promote their products among the sports person and other consumers,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Australia Protein Supplements Market By Product Type (Protein Powder, Protein Bar, Ready to Drink, and Others {Cereals, Pan Cakes, Cookies, etc.}), By Raw Material (Whey, Casein and Dairy Alternatives), By Application (Sports Nutrition and Functional Food), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online and Others {Pharmacies, Direct Selling, etc.}), By Region, Competition Forecast & Opportunity, 2027F” has evaluated the future growth potential of Australia protein supplements market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Australia protein supplements market.
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