Global Protein Drink Market to Reach USD 26.8 Billion by 2029, Growing at a CAGR of 7.2%
Global Protein Drink Market Set for Robust Growth: Projected to Reach USD 26.8 Billion by 2029
The global protein drink market is on a strong growth trajectory, driven by increasing health-consciousness, rising demand for convenient nutrition, and the growing popularity of fitness-oriented products. With the demand for ready-to-drink protein beverages on the rise, the market is expected to grow from USD 15.1 billion in 2022 to USD 26.8 billion by 2029, expanding at a compound annual growth rate (CAGR) of 7.2%.
Protein drinks, which are available in various formats such as shakes, smoothies, and bars, are widely consumed by athletes, fitness enthusiasts, and individuals seeking convenient and nutritious meal replacements. The increasing awareness regarding the benefits of protein for muscle growth, weight management, and overall health is driving this market’s growth globally.
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Key Market Drivers:
- Increased Demand for Convenient Nutrition: Busy lifestyles have led consumers to seek convenient, on-the-go protein drinks that help them meet their daily protein requirements.
- Growth in Fitness and Sports Nutrition: Protein drinks are increasingly popular in the fitness and wellness industry, particularly for muscle recovery and performance enhancement.
- Health Benefits and Wellness Trends: With a rising focus on health and wellness, more consumers are incorporating protein drinks into their daily diets for better metabolism, muscle health, and weight management.
Protein Drink Market Growth in Vietnam
Vietnam is experiencing significant growth in the protein drink market, driven by a younger, more health-conscious population. The market is expected to grow at a CAGR of 8.4% through 2029, as consumers are increasingly adopting healthier lifestyles and focusing on physical fitness.
Vinamilk, one of Vietnam’s largest dairy producers, has seen success with its protein-based beverages, catering to the rising demand for functional drinks. The increasing number of gyms and fitness centers, combined with the growing trend of healthy living, is driving the consumption of protein drinks in the country.
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Protein Drink Market Opportunities in Thailand
Thailand’s protein drink market is witnessing strong growth due to rising consumer awareness about fitness, health, and wellness. The market is expected to grow at a CAGR of 7.8%, with an increasing focus on weight management, muscle recovery, and overall health.
Thai Beverage Public Company Limited (ThaiBev), one of the leading beverage companies in Thailand, has expanded its portfolio to include protein drinks targeted at the growing fitness-conscious population. The increasing popularity of fitness supplements and meal replacements is expected to drive demand for protein-based drinks in Thailand.
Protein Drink Market Growth in Japan
Japan’s protein drink market is seeing steady growth, fueled by a growing interest in health and wellness among consumers, particularly in the older demographic. The Japanese market is projected to grow at a CAGR of 6.7%, driven by an aging population that is increasingly seeking nutritional products to support bone health, muscle maintenance, and overall vitality.
Meiji Holdings Co. Ltd., one of Japan’s leading dairy companies, has introduced protein drink options tailored to the health-conscious population. The company’s focus on developing functional protein beverages for both athletes and older adults is a key factor contributing to the growth of the protein drink market in Japan.
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Protein Drink Market Trends in South Korea
South Korea is increasingly adopting a health-focused lifestyle, with growing demand for functional foods and beverages. The protein drink market in South Korea is expected to grow at a CAGR of 8.0%, driven by a rising interest in fitness, weight management, and overall wellness.
CJ CheilJedang, a South Korean conglomerate, has expanded its product offerings to include plant-based protein drinks. With the rising demand for vegan and plant-based proteins, the South Korean market for protein drinks is diversifying, catering to a broader range of dietary preferences.
Protein Drink Market Growth in Singapore
Singapore, known for its strong health and wellness culture, is witnessing significant growth in the protein drink market. The market is expected to grow at a CAGR of 7.5%, with increasing demand for on-the-go, ready-to-drink protein beverages for active individuals and those pursuing weight loss and muscle-building goals.
Herbalife Nutrition, a global leader in the nutrition industry, has launched a range of protein-based beverages tailored to the Singaporean market. The rise in health-conscious consumers and a growing fitness community in Singapore is expected to drive further growth in protein drink consumption.
Protein Drink Market Growth in the United States
The United States remains the largest market for protein drinks, with strong demand from the sports nutrition sector, as well as from health-conscious individuals seeking weight management and fitness support. The US market is projected to grow at a CAGR of 7.1%, reaching USD 10.1 billion by 2029.
PepsiCo and Nestlé, two major global players in the protein drink market, are capitalizing on the growing trend of high-protein products. The demand for ready-to-drink protein beverages is increasing, driven by the need for convenient, nutritious, and protein-rich options. These beverages are popular among athletes, fitness enthusiasts, and health-conscious consumers alike.
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Protein Drink Market Trends in Europe
Europe’s protein drink market is experiencing steady growth, particularly in countries like Germany, the UK, and France. The market is expected to grow at a CAGR of 6.9%, with increasing demand for protein drinks in sports nutrition and functional food categories.
Danone and Nestlé Health Science are among the key players in Europe, offering a variety of protein-based drinks targeted at athletes and individuals looking for convenient nutritional solutions. The rising consumer interest in clean label products and plant-based protein options is expected to drive growth in the European protein drink market.
Key Recent Developments:
- PepsiCo launched a new line of high-protein ready-to-drink beverages under its Muscle Milk brand, targeting athletes and fitness enthusiasts.
- Nestlé Health Science expanded its protein drink offerings in the United States and Europe, with a focus on functional beverages designed to support muscle recovery and overall wellness.
- Meiji Holdings Co. Ltd. in Japan introduced protein drinks fortified with vitamins and minerals, catering to the health-conscious older demographic.
- ThaiBev launched a range of plant-based protein drinks in Thailand, tapping into the growing trend of vegan and plant-based nutrition.
- Herbalife Nutrition introduced new protein shakes and beverages in Singapore, focusing on weight management and fitness recovery.
Protein Drink Market Segment Analysis:
by Product
Protein Powder
Ready to Drink
protein powder dominates the market in 2023. Protein powder is popular amongst fitness experts, athletes and fitness guru for help to build muscle and improve physical performance. But powder isn’t only for sports and fitness experts, protein powder is frequently used to assist people achieve their daily protein requirements, gain or lose weight, or heal from an injury or surgery.
by Source
Animal Source
Milk
Whey
Plant Source
Soy
Rice
by Distribution Channel
Retail
Online
Direct to Customers
Others
Protein Drink Market Key Players are:
1. Abbott
2. AMCO Proteins
3. Amway
4. Arla Foods Amba
5. Carbery
6. CytoSport, Inc.
7. Dymatize Enterprises LLC
8. GELITA AG
9. Glanbia PLC
10. GNC Holdings Inc.
11. Hoogwegt
12. International Dehydrated Foods, Inc.
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