GVR Report cover Protein Supplements Market Size, Share & Trends Report

Protein Supplements Market Size, Share & Trends Analysis Report By Source (Animal-based, Plant-based), By Product (Powder, RTD), By Distribution Channel (Online Stores, DTC), By Application, And Segment Forecasts, 2021 - 2028

  • Published Date: Mar, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-1-68038-694-3
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 80

Report Overview

The global protein supplements market size was valued at USD 18.91 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.4% from 2021 to 2028. The market is gaining momentum owing to the increasing health consciousness and a rising number of fitness centers around the globe. The increasing product popularity among the millennials coupled with their interest in building health through a balanced diet is expected to create additional demand for protein supplements over the forecast period. Increasing reliance on supplements to fulfill the daily nutritional requirements owing to changing lifestyles is expected to drive the product demand further. Led by the U.S., North America was the largest regional market in 2020.

The U.S. protein supplements market size, by product, 2017 - 2028 (USD Million)

Increasing consumer acceptance of food supplementation, the availability of world-class athletics & fitness infrastructure, high disposable income, and a positive government outlook are expected to augment the product demand in the country. Milk is the key raw material used for extracting whey and casein proteins. While soy is a key raw material for plant-based proteins. 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 the final products.

The prices of proteins extracted from animal sources are witnessing a rise, thereby pushing manufacturers to look for cheaper alternatives. On the other hand, plant-based sources 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 their products or by developing new applications for vicelin, globulins, prolamins, and albumins, among others.

The Covid-19 pandemic has resulted in increased consumption of protein supplements to strengthen the immune system. As per a two-week survey conducted by Glanbia plc, a key nutrition products manufacturer, in April 2020 to track the impact of Covid-19 on consumer 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 (RTD) protein shakes also increased substantially post the Covid-19 outbreak.

Source Insights

The animal-based source segment led the market in 2020 and accounted for a revenue share of over 66%. The segment comprises meat & dairy proteins, including whey, casein, egg, chicken, and beef. Animal-based proteins are traditionally considered complete proteins since they contain all the essential amino acids.

Whey and casein were the most consumed animal-based proteins in 2020. All grades of whey, 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 manufacturers add them in small proportions to their respective formulas. The plant-based source segment is estimated to record the fastest CAGR from 2021 to 2028.

This is owing to the increasing popularity of these products. 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 product sources in 2020. Soy is the most popular as it has the presence of all nine essential amino acids. Moreover, it contains ingredients, such as glutamine, arginine, and BCAA’s that aid in muscle recovery and fast absorption.

Product Insights

The powder product segment dominated the global market with a revenue share of more than 63% in 2020. 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 & toning muscles, making enzymes & hormones, weight reduction, and repairing tissues in the human body. Furthermore, increasing demand for these powders from end-users is anticipated to boost the segment growth. Moreover, the availability of a wide range of products by different brands in the market will contribute to the segment growth.

The RTD segment is expected to register the fastest CAGR of 8.8% 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-/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 gels, capsules, cakes, cookies, and bites. These products are likely to experience a slower growth rate in comparison with the other major protein supplements owing to the higher demand for products like bars and RTDs.

Application Insights

Sports nutrition emerged as the largest application segment in 2020 and will witness the fastest CAGR over the forecast period owing to a wide scope of product application in the sports and medical industries. 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.

Also, ascending demand for sports nutritional supplements to promote lean muscle growth, improve performance, assist in weight reduction, and boost stamina is expected to augment the segment growth in the coming years. An increasing number of individuals engaging in sports and other physical activities is also likely to support the segment 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

The online stores segment accounted for the highest revenue share of over 59% in 2020 and is estimated to expand further at the fastest CAGR from 2021 to 2028. The growing usage of the internet for shopping, due to higher convenience, attractive pricing offers, and availability of a variety of brands is the key factor driving product sales through online stores.

Global protein supplements market share, by distribution channel, 2020 (%)

Supermarkets channel is projected to witness a CAGR of 7.6% over the forecast period. Supermarkets offer a wide range of products at lower prices. An increasing number of supermarkets across the globe owing to their growing popularity is expected to benefit product sales through these distribution channels.

Direct-to-customer or DTC is projected to be one of the significantly growing distribution channels with a CAGR of 8.3% over the forecast period. Major companies including 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. Small-scale retailers and cooperatives trying to keep the exclusive channels for protein bars, powders, and cookies, are now sharing the marketplace with traditional, big box stores, discount grocery outlets, and supermarket chains.

Regional Insights

North America led the market and accounted for more than 50% of the global revenue share in 2020. The region will retain its dominant position throughout the forecast years on account of high consumer awareness regarding health and wellness coupled with knowledge regarding the product benefits. Europe was the second-largest market in 2020 and is expected to witness revenue growth of 8.5% over the forecast period. Increasing emphasis on a healthy lifestyle coupled with higher disposable income is expected to be key factors driving the product demand in the region.

Asia Pacific is expected to be the fastest-growing regional market at a CAGR of 9.1% over the forecast period. The product demand in the region is mainly driven by modernization and the ascending need for on-the-go snacking options across emerging economies, such as China and India. Changing consumer lifestyle owing to the increasing disposable income levels is further expected to drive the industry growth in the Asia Pacific over the forecast period.

Key Companies & Market Share Insights

The industry is highly fragmented and is expected to progress at a significant growth rate owing to rising product demand. 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 the 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 of the prominent players in the global protein supplements market include:

  • Glanbia plc

  • MusclePharm

  • Abbott

  • CytoSport, Inc.

  • Iovate Health Sciences International, Inc.

  • QuestNutrition

  • The Bountiful Company

  • NOW Foods

  • Transparent Labs

  • Woodbolt Distribution LLC

  • Dymatize Enterprises LLC

  • RSP Nutrition

  • BPI Sports LLC

  • International Dehydrated Foods, Inc.

  • BRF

  • Rousselot

  • Gelita AG

  • Hoogwegt

Protein Supplements Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 20,470.2 Million

Revenue forecast in 2028

USD 36,055.6 Million

Growth rate

CAGR of 8.4% from 2021 to 2028

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Source, product, application, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K; France; Italy; Spain; China; Japan; India; Australia; Brazil; UAE

Key companies profiled

Glanbia plc; MusclePharm; Abbott; CytoSport, Inc.; Iovate Health Sciences International, Inc.; QuestNutrition; The Bountiful Company; NOW Foods; Transparent Labs; Woodbolt Distribution LLC; Dymatize Enterprises LLC; RSP Nutrition; BPI Sports LLC; International Dehydrated Foods, Inc.; BRF; Rousselot; Gelita AG; Hoogwegt

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global protein supplements market report on the basis of source, product, application, distribution channel, and region:

  • Source Outlook (Revenue, USD Million, 2017 - 2028)

    • Animal-based

      • Whey

      • Casein

      • Egg

      • Fish

      • Others

    • Plant-based

      • Soy

      • Spirulina

      • Pumpkin Seed

      • Hemp

      • Rice

      • Pea

      • Others

  • Product Outlook (Revenue, USD Million, 2017 - 2028)

    • Powder

    • Bars

    • Ready-to-Drink (RTD)

    • Others

  • Application Outlook (Revenue, USD Million, 2017 - 2028)

    • Sports Nutrition

    • Functional Food

  • Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)

    • Supermarkets

    • Online Stores

    • Direct to Customers (DTC)

    • Others

  • Regional Outlook (Revenue, USD Million, 2017 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • Japan

      • India

      • Australia

    • Central & South America

      • Brazil

    • Middle East & Africa

      • UAE

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