Protein Supplements Market Booming Trends, Size, Share, Business Growth, Development, Forecast To 2023
Protein Supplement Market Scenario
Protein Supplement Market are dietary supplements which provide energy and high protein content to the body. Protein supplements are produced by extraction of protein majorly form plants and animals. Based on the protein content and form, the protein supplement varieties are segregated. They contribute to a proper balanced diet and enhances the body metabolism. Protein supplements are vital nutraceutical products and are consumed mainly by the athletes and health conscious consumers to enhance the body muscles thereby increasing the rate of metabolism. The high health benefits obtained from protein supplement will fuel up its market during the forecast period.
The global market for Protein Supplement Market has witnessed continued demand during the last few years and is projected to reach 1,247 kilo tons by 2023. Increase in demand of protein supplement-based products as a dietary supplement across various countries is likely to drive the global protein supplement. Increasing awareness about the health benefits of protein supplements has appositive impact on its market growth.
Plant based protein supplement will witness the highest growth rate (~4.95%). By 2023, plant-based protein supplement among the various protein supplement sources is projected to grow the most due to its high consumer’s preference and increased demand for herbal and natural protein products. Plant based protein supplement share will contribute to the largest market volume of protein supplement. Animal sourced protein supplement is likely to contribute up to 41% of the total market share and is projected to grow at a CAGR of 4.14%. Animal sourced protein supplement will dominate the Europe market while plant-based protein supplement will be dominating the other regions.
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By Downstream analysis
By 2023, plant sourced protein supplement will reach more than 500 kilo tons. The easy availability and high protein content of plant-based protein in addition to easy processing for protein extraction is supporting the growth of plant-based protein supplement in the market.
Application of protein supplement in nutraceuticals holds a lion’s share of the total market share and it is projected to grow at a CAGR of 5.14% by 2023. However, sports nutrition-based application will witness the high growth rate (~4.57%) during forecast period 2017 to 2023. By 2023, powder form of protein supplement is projected to hold a major share and is projected to have a significant growth rate backed up by high shelf-life of the product.
The major key players in Protein Supplement Market are
- Glanbia Plc. (Ireland)
- Archer Daniels Midland Company (U.S.)
- GNC Holdings Inc. (U.S.)
- Herbalife Ltd (U.S.)
- GlaxoSmithKline Plc. (U.K.)
- Abbott Laboratories (U.S.)
- Amway (U.S.)
Key players are focused majorly on new product launch in their protein supplements product and it accounts for more than 30% of the overall strategy share by key players from last few years. Acquisition, mergers and geographical expansion are the main factors which are contributing 50% of strategy share and is facilitating companies to penetrate the potential market across globe.
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North America will continue to dominate the Protein Supplement Market with more than 30% market share, and it is projected to reach more than 400 kilo tons with CAGR of 5.65% by 2023. Asia-Pacific will witness the highest growth rate (~5.87%) during forecast period 2017 to 2023. Europe region will witness the growth of 2.58% in protein supplement market for the same period. Growing popularity of consumption of dietary supplements imparting necessary nutrients to the body is driving the market growth of protein supplement globally. Increasing health awareness and adoption of healthy lifestyle is playing a key role in the protein supplement market growth from last few years.