Protein Supplements Market Size, Share & Trends Analysis Report By Source (Animal-based, Plant-based), By Product (Protein Powder, Protein Bars, RTD), By Application, By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global protein supplements market was valued at USD 6.26 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.0% from 2022 to 2030. The market is gaining momentum owing to the increasing number of health-conscious consumers and fitness centers around the globe. The increasing popularity of protein supplements among the millennials, coupled with their interest in building health through a balanced diet, is expected to create additional demand for protein supplements. Increasing reliance on supplements to fulfill the daily nutritional requirements owing to changing lifestyles is expected to drive the demand for protein supplements even further.

The COVID-19 pandemic has resulted in an increased intake of protein supplements to strengthen the immune system. As per a two-week survey conducted by Glanbia plc, a key nutrition products producer, in April 2020 to track the impact of COVID-19 on consumers spending on food and nutrition products in the U.S., the percentage of respondents who consumed protein bars to stay healthy and boost immunity increased from 21% in week 1 to 23% in week 2 of March 2020. The consumption of ready-to-drink protein shakes also increased substantially post the COVID-19 outbreak.

The U.S. was the largest market in North America for protein supplements, with total revenue of USD 2,069.3 million in 2021. Increasing consumers’ acceptance of food supplementation, the availability of world-class athletics and fitness infrastructure, high disposable income, and a positive government outlook is expected to augment the demand for protein supplements. Milk is the key raw material used for extracting casein and whey proteins. Soy is also a key raw material for plant-based protein. Volatility in the prices of raw materials including milk and soybean, owing to supply and demand constraints, is expected to result in fluctuations in the prices of protein supplements.

The prices of proteins extracted from animal sources are rising, pushing manufacturers to look for cheaper alternatives. Plant-based proteins like soy, canola, rice, wheat, and pea are becoming increasingly popular as supplements. Various companies are looking for new opportunities by valorizing the ingredients to enhance the nutritional content of the products or by developing new applications for globulins, prolamins, albumins, and vicelin among others.

Source Insights

Animal-based protein supplements accounted for the largest revenue share in 2021. The segment comprises meat and dairy proteins, including whey, casein, egg, chicken, and beef. Animal-based proteins are traditionally considered complete proteins as they contain all the essential amino acids. Whey and casein were the most consumed animal-based proteins in 2021. All grades of whey proteins including concentrates, isolates, and hydrolysates have a great digestibility as well as amino acid profile. However, hydrolyzed whey proteins cost more as compared to other whey proteins, thus several whey supplement manufacturers add them in small proportions to their respective formulas.

The plant-based protein supplements segment is expected to expand at a higher CAGR of 8.7% over the forecast period owing to the increasing popularity of plant-based and vegan supplements among vegans, vegetarians, and individuals who are allergic to dairy, meat, and egg proteins. These products are derived from various plant sources such as wheat, soy, pea, canola, rice, potato, hemp, oat, and almond. Soy and wheat emerged as the dominant plant protein segments in 2021. Soy is popular amongst consumers as it has the presence of all nine essential amino acids. It is gaining popularity owing to its composition of ingredients such as glutamine, arginine, and BCAA’s, which aid in muscle recovery and fast absorption. This is expected to drive the demand over the forecast period.

Product Insights

Protein powder dominated the market with a revenue share of 56.0% in 2021. The powders are manufactured using a variety of sources such as whey, casein, soy, pea, and egg proteins. These powders are packed with essential micronutrients such as vitamins, greens (such as dehydrated vegetables), minerals, grains, fibers, additional fats, and/or thickeners. They assist in building and toning muscles, making enzymes and hormones, weight reduction, and repairing tissues in the human body.

Furthermore, increasing demand for these powders from bodybuilders, elite athletes, and casual exercisers is anticipated to boost the protein powder segment growth. At present, there are many protein powder brands available in the market including Optimum Nutrition; Quest Nutrition; Bio-Engineered Supplements & Nutrition, Inc.; NOW Foods; Body Fortress; MusclePharm; Pure Protein; and MET-Rx, which is also expected to contribute to the segment growth.

The ready-to-drink is expected to be the fastest-growing product with a CAGR of 8.5% over the forecast period. RTD supplements are protein drinks that have a precise formulation for direct consumption. RTDs offer a high dose of proteins and can thus be consumed pre-workout, post-workout, or on the go. These proteins are easily absorbed by the body and promote muscle recovery as well as aid in lean muscle growth.

The others segment includes various niche products such as protein gels, capsules, cakes, cookies, and bites. These products are likely to observe a slower growth rate in comparison with the other major protein supplements owing to the strong competition from protein supplements including protein powders, bars, and RTDs.

Application Insights

Sports nutrition emerged as the largest application segment in 2021 with a revenue share of over 64.0%. Protein supplements find large-scale application in the sports and medical industries owing to their high consumption by sportsmen, athletes, and bodybuilders as dietary supplements. The availability of sports nutrition products in supermarkets and convenience stores is expected to spur their demand given the exposure to a wider customer base including lifestyle and recreational users.

Moreover, ascending demand for sports nutritional supplements to promote lean muscle growth, improve performance, assist in weight reduction, and boost stamina is expected to boost the growth of the sports nutrition segment over the upcoming years. The increasing number of individuals engaging in sports and other physical activities to fight obesity is likely to support growth. However, the rising market penetration of energy drinks and sugar-free carbonated soft drinks is expected to emerge as a challenge for the industry.

Distribution Channel Insights

Online stores led accounted for the largest revenue share of over 47% in 2021. The growing usage of the internet for shopping, reduction in lead time, higher convenience, and more discounts are the key factors driving the sales of protein supplements through online stores. The supermarkets and hypermarkets channel is projected to register a CAGR of 8.3% over the forecast period. Supermarkets and hypermarkets offer a wide range of products at lower prices. An increasing number of supermarkets and hypermarkets in developing and developed economies owing to increased popularity is expected to benefit product sales.

DTC or direct-to-customer is projected to register a CAGR of 7.7% over the forecast period. Major companies including IOVATE, Quest Nutrition, Glanbia, and NBTY are investing in direct-to-consumer channels to extend their reach to other regions. Companies are developing user-friendly and specialized websites to market their products without the need for any third-party distribution channel.

As the demand for protein-based products is rising, pharmacies, fitness centers, and small-scale retailers are offering more shelf space for protein supplements of various brands that may attract diligent shoppers. Small-scale retailers and cooperatives are trying to keep the exclusive channels for protein bars, powders, and cookies, which are now sharing the marketplace with traditional, big box stores, discount grocery outlets, supermarkets, and hypermarket chains.

Regional Insights

North America led the market and accounted for a revenue share of over 41.0% in 2021. High consumer awareness regarding health and wellness, coupled with knowledge regarding product benefits, is expected to support the industry’s growth. Increasing emphasis on a healthy lifestyle, coupled with higher disposable income, is expected to drive the demand for protein supplements in the region.

Asia Pacific is expected to register a lucrative CAGR of 8.8% over the forecast period. The product demand in the region is mainly driven by modernization and the ascending need for convenient and healthy RTD supplement options across emerging economies, such as China and India. Changing consumer lifestyles owing to growing awareness regarding health and wellness is further expected to drive the protein supplements industry in the Asia Pacific during the forecast period.

Key Companies & Market Share Insights

The industry is highly fragmented and is expected to expand significantly in the coming years owing to the rising demand for supplements among sports enthusiasts. The manufacturers in the market are constantly experimenting with new sources ranging from marine collagen to sacha inchi. Furthermore, manufacturers are incorporating egg white proteins in nutrition bars to provide enhanced snacking options.

Glanbia developed BevEdge technology in 2017 that allows manufacturers to remove lecithin from their products. This technology can be applied in the case of a variety of animal and plant-based products such as whey, milk, casein, and pea. Some prominent players in the global protein supplements market include:

• Glanbia, plc

• MusclePharm Corporation

• Abbott Laboratories

• CytoSport, Inc.

• Iovate Health Sciences International Inc.

• QuestNutrition

• THE BOUNTIFUL COMPANY

• AMCO Proteins

• NOW Foods

• Transparent Labs

• WOODBOLT DISTRIBUTION LLC

• Dymatize Enterprises LLC

• JymSupplementScience.com

• RSP Nutrition

• BPI Sports LLC

• International Dehydrated Foods, Inc.

• BRF

• Rousselot

• GELITA AG

• Hoogwegt

Protein Supplements Market Report Scope

Global Protein Supplements Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global protein supplements market report based on source, product, distribution channel, application, and region:

• Source Outlook (Revenue, USD Million, 2017 - 2030)

  • Animal-based

    • Whey

    • Casein

    • Egg

    • Fish

    • Others

  • Plant-based

    • Soy

    • Spirulina

    • Pumpkin Seed

    • Wheat

    • Hemp

    • Rice

    • Pea

    • Others

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Protein Powder

  • Protein Bars

  • Ready-to-Drink

  • Others

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Sports Nutrition

  • Functional Food

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

  • Supermarkets/Hypermarkets

  • Online Stores

  • Direct-to-customer (DTC)

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • India

    • China

    • Japan

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • UAE

    • Saudi Arabia