Protein Supplements Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2151
Global Protein Supplement Market size is primarily driven by the upsurge of health & fitness centers and increase in health-related awareness amongst people. Alarming obesity rates indicative of rise in demand for weight management, evolution in urbanization, and growth in disposable income are the key factors enhancing the industry growth.
Owing to the characteristics displayed by protein like being building blocks of bones, skin, muscles and blood and key constituents of hormones, vitamins & enzymes, which maintain, and control body processes will create positive outlook for the industry. Other alarming benefits of protein enhancements includes lower cholesterol, prevent cardiovascular diseases and strengthen immunity enhances product popularity.
Protein complements are also beneficial for post-surgery (particularly bariatric surgery) for instant recovery of the patient. Growing popularity of the health enhancers amid youths and advent of protein-based ready-to-drink pediatric milk formulations coupled with numerous health claims allied with it are the other key factors driving the product growth.
However, availability of cheaper alternatives, negative effects of protein enhancements, and negative claims & publicity are anticipated to hinder the industry growth in the forecast period. Strengthening of distribution channels in several regional markets are projected to help the overall industry in rebellion against these restraints in the years to come.
Egg supplements have been leading the overall market owing to broader spectrum of customers and is anticipated that this segment will endure to lead the industry in the next few years. The soy complements segment, though, is probable to offer more lucrative evolution opportunities for players in the near future. The increasing trend of veganism is expected to positively impact this segment. The ease in absorption presented by soy supplements and the existence of low level of fat and cholesterol in them will also propel their demand.
Currently, the demand for animal supplements is comparatively higher than their plant-based counterparts. Growing novelty in the production of animal based products containing a wide variety of amino acids, directing quantified functions including muscle repair, energy balance, weight loss, and satiety will likely promote the overall industry expansion.
Whey was the leading raw material segment in 2016. The factors favoring the segment development include augmented adoption of the product for building & maintaining muscle mass, improving the retrieval of athletes from heavy exercises, and building muscle strength in response to strength & endurance training.
Conventional distribution channels including hypermarkets, convenience stores, drug stores have been major consumer preference, however, with the rapid penetration of Internet usage and shooting up figure of smartphone users, online stores will be more profitable distribution channels in the forthcoming years.
Increase in interest of people for healthy lifestyle and high disposable income have entitled North America to hold the lead amongst all other regional markets. The existence of a huge number of protein supplement retailers and wholesalers in the U.S. is also expected to support the regional growth in the U.S.
Asia Pacific is anticipated to record an extraordinary upsurge in the coming years. The growing health awareness amongst people, joined with the propagation of health gymnasiums, clubs, and fitness centers, will fuel the Asia Pacific industry for protein supplements over the forthcoming years. The sturdy growth in the purchasing power of customers, particularly the middle-class, is prospective to compel regional market immensely.
Key Players of protein supplements market includes Abbott Laboratories, Abh Pharma, Amway Corporation, Glanbia Group, Glaxosmithkline, Gnc Holdings, Makers Nutrition, Herbalife International of America, Suppleform, Vitaco Health. The industry players are aggressively intricate in the standardization for volume of the products for reduction of adoption cost. Companies are depending on product developments to develop their businesses. However, they are projected to alter their attention towards extension in emerging economies in the near future for exploiting their abundant untapped potential.
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