Protein Supplements Market Size, Share & Trends Report

Protein Supplements Market Size, Share & Trends Analysis Report By Product (Protein Powders, Protein Bars), By Distribution Channel (Supermarkets, Online), By Application, By Source, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-1-68038-694-3
  • Number of Pages: 150
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the protein supplements market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for protein supplements market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of protein supplements market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Protein Supplements Market Categorization:

The protein supplements market was categorized into five segments, namely source (Animal-based Protein Supplements, Plant-based Protein Supplements), product (Protein Powders, Protein Bars, RTD), application (Sports Nutrition, Functional Foods), distribution channel (Supermarkets, Online, DTC), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa) .

Segment Market Methodology:

The protein supplements market was segmented into source, product, application, distribution channel, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The protein supplements market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-five countries, namely, the U.S.; Canada; Mexico; the UK.; Germany; France; Spain; Italy; China; India; Japan; Australia; Brazil; UAE

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Protein Supplements market companies & financials:

The protein supplements market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Glanbia Plc - Glanbia Plc is a multinational company that specializes in producing nutrition products. Their offerings include cheese, dairy ingredients, sports nutrition, and supplements. Some of their popular brands include Isopure, BSN, Optimum Nutrition, Nutramino, and Amazing Grass. Glanbia Plc's product line includes protein bars, protein powders, animal feed, beverages, grains, and seeds. Overall, Glanbia Plc operates in the global nutrition industry.

  • MusclePharm - MusclePharm, a sports nutrition company based in Colorado, USA, was established in 2006. Its main focus is on developing and manufacturing nutritional supplements such as protein powders, gels, and bars for athletes and fitness enthusiasts. The company's product range includes four series: Sport Series, Core Series, Black Series, and Natural Series. MusclePharm's products are categorized based on their functions, including building muscle, daily support, energy, stimulant-free energy, pre-workout, post-workout, protein, multivitamin, thermogenic, fat burner, and weight loss.

  • Abbott - Abbott, a prominent healthcare and research company based in the United States, was established in 1888. Its core areas of focus include medical devices, diagnostics, nutrition, and branded generic pharmaceuticals. The organization operates through six primary business segments, namely Nutrition, Diagnostics, Vascular Care, Vision, Diabetes Care, and Pharmaceuticals. Abbott's notable brands include Similac, PediaSure, Pedialyte, EleCare, ZONEperfect, EAS Sports Nutrition, FreeStyle, and Glucerna. The company has a global presence in over 160 countries such as China, India, Malaysia, Japan, France, Germany, the UK, Canada, the U.S., Brazil, and Australia. As of 2020, Abbott employed more than 109,000 individuals.

  • CytoSport, Inc. - CytoSport, Inc., a subsidiary of Pepsico, is a California-based company that creates sports nutrition products and functional beverages. Established in 1997, their product line includes protein powders under brands like MUSCLE MILK, MONSTER MILK, and CYTOMAX. These products cater to athletes, active individuals, and weekend warriors, promoting workout recovery, sustained energy, and lean muscle growth. In summary, CytoSport develops and manufactures sports nutrition products for athletic performance and active lifestyles.

  • Quest Nutrition, LLC. - Quest Nutrition, founded in 2010, is a California-based nutritional supplement manufacturer specializing in protein supplements such as protein bars, protein powders, and protein chips. The company's mission is to create delicious, athlete-worthy nutrition products that are low in carbs and sugar, with a focus on taste. Quest Nutrition offers a wide range of products, including protein bars, hero bars, cereal bars, protein powders, chips, cravings, quest pasta. The company's products cater to a diverse customer base, including professional athletes, health-conscious consumers, bodybuilders, top fitness competitors, cross-fitters, low carb dieters, and yoga enthusiasts. Quest Nutrition's products are available online and in over 6,000 stores worldwide.

  • Iovate Health Sciences International Inc. - Iovate Health Sciences International Inc. is a Canadian company that was founded in 1995 and is headquartered in Ontario. The company specializes in developing, manufacturing, and marketing active nutrients and weight management supplements. It offers a wide range of products including creatine, protein bars, protein powders, thermogenic, amino acids, weight loss products, post-workout & pre-workout products, and meal replacement products. Iovate Health Sciences International Inc. manufactures protein powders under the brands including MuscleTech, Six Star Pro Nutrition, Purely Inspired, and Hydroxycut. The company is currently a subsidiary of Kerr Investment Holding Corp and distributes its products through retailers, health clubs, grocery shops, and health food stores worldwide.

  • The Bountiful Company - The Bountiful Company is a global manufacturer, marketer, distributor, and retailer of nutritional supplements, vitamins, sports and active nutrition, and ethical beauty products. The company was founded in 1971 and is headquartered in New York, U.S. It is currently owned by Nestle Group. The company operates through three main business segments, including Consumer Products Group, Holland & Barrett International, and Direct to Customer (DTC). The company offers over 16,000 products in categories including mineral, vitamins, herbs, supplement, active nutrition, and sports nutrition. The company's brands include Nature’s Bounty, Holland & Barrett, Sundown Naturals, Solgar, Osteo Bi-Flex, Balance Bar, and Puritan’s Pride. The company operates across various locations including the U.S., China, Canada, the UK, Netherlands, Spain, New Zealand, and South Africa. The Bountiful Company was acquired by Nestlé in 2021 for $5.75 billion.

  • AMCO Proteins - AMCO Proteins, formerly known as American Casein Company, was founded in 1956 and is headquartered in New Jersey, U.S. The company specializes in producing dairy and plant-based protein powders for the food, beverage, and nutrition industries. With a focus on providing functional and nutritional solutions, AMCO Proteins offers a wide range of products tailored to various applications, including bakery, confectionery, beverages, meat technology, nutrition supplements, and more. The company prides itself on its commitment to service, quality, and flexibility, aiming to be responsive, act with urgency, and reduce lead times while maintaining high-quality, consistent products. As of 2019, the company had over 150 employees and operates production facilities in the United States.

  • NOW Foods - NOW Foods is a family-owned natural foods company that was founded in 1968 and is headquartered in Illinois, U.S. The company has over 1,000 products including herbs, natural foods, vitamins, minerals, and natural personal care products marketed under its brands. It operates through six business segments, namely supplements, beauty & health, essential oils, sports nutrition, natural foods, and pet health. The sports nutrition segment manufactures protein powders. NOW Foods has seven manufacturing and distribution facilities in the U.S. and Canada, with the primary facility boasting a 263,000 square foot facility equipped with a thermostatically controlled warehouse and temperature-sensitive storage & refrigeration areas. The company has a presence across six continents and in over 70 countries. NOW Foods is still owned by the Richard family and has grown to become one of the natural product industry's most recognizable brands, providing one of the most extensive lines of natural products available.

  • Transparent Labs - Transparent Labs is a US-based company that specializes in developing and manufacturing protein supplements. Their products are made with all-natural sweeteners, clinically tested and effective dosages, and zero unnecessary fillers, food dyes, and harmful additives. The company offers a range of products, including pre-series, pre-workouts, protein series, intra & strength, fat burners, and raw series. They have stopped selling their products on third-party e-commerce websites such as Amazon and now sell directly to wholesale providers. Their most popular product is the 100% Grass-Fed Whey Protein Isolate, which is sourced from pure grass-fed American dairy cattle and is free of artificial sweeteners, fillers, food dyes, gluten, or preservatives.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Protein Supplements Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Protein Supplements Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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