Protein supplement market
of Protein supplement market The market size is projected to exceed USD 27.78 billion in 2023 and reach USD 62.99 billion by 2033. The market share of protein supplements is expected to grow at a CAGR of 8.5% from 2023 to 2033.
The concept of customized nutrition is gaining popularity as customers seek customized nutrition solutions that address their unique health goals and lifestyle choices. This movement is driven by a growing recognition that each individual’s dietary needs vary based on characteristics such as age, gender and activity level.
Companies are leveraging data analytics, artificial intelligence and consumer insights to create personalized nutrition plans and custom product formulations. These strategies help meet customers’ individual dietary needs and deepen their connection with brands and products.
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Consumers are becoming increasingly conscious about the food they eat, driving the need for clean label products and ingredient transparency. This movement reflects a notable shift toward conscientious consumption and a preference for recognized natural ingredients and products with fewer chemicals. In response, companies are shortening their ingredient lists and refocusing their focus by emphasizing clean label procedures and strict quality control standards.
By building a culture of openness and trust, companies can differentiate themselves in a marketplace of increasing scrutiny and increasingly picky customers.
“The ability to adapt to changing customer demands and a firm dedication to developing products that appeal to an environmentally and health-conscious society are prerequisites for success in this industry.” An analyst at FMI said:
Key Takeaways from the Protein Supplements Market Report:
- The global market size in 2018 was US$23,683.6 million.
- The market size expanded at a CAGR of 2.0% from 2018 to 2022.
- The global market size is expected to reach US$25.715 billion in 2022.
- The protein powder segment held 56.0% of the market share in 2023.
- The sports nutrition segment accounted for 64.1% of the market share in 2023.
- The US market size is expected to grow at a CAGR of 4.3% through 2033.
- The German market size is expected to grow at a CAGR of 3.8% by 2033.
- Japan’s market size is expected to expand at a CAGR of 8.8% by 2033.
Competitive Environment
of Protein Supplement Industry is a vibrant and ever-evolving ecosystem that offers a variety of opportunities for businesses and investors. In this changing environment, industry professionals who embrace innovation, conduct intensive research and development, and offer sustainable and customized packaging solutions are likely to thrive.
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Recent trends observed by FMI:
- Naturel India, the parent company of Max Protein, has announced the launch of two new products — Max Protein Whey Protein and Max Protein Plant Protein — in September 2023, in a bid to change the face of fitness and nutrition in India.
- According to Optimum Nutrition (ON), a global leader in sports nutrition, Gold Standard Protein Shake was launched in August 2022. This easy-to-drink alternative shows that convenience doesn’t have to sacrifice quality by using Gold Standard, the world’s best-selling whey protein powder brand.
Key Players in the Global Protein Supplements Market
- Now Foods
- Transparent Labs
- Woodbolt Distribution LLC
- Dymatize Enterprises LLC
- com
- RSP Nutrition
- Site Sports Co., Ltd.
- Iovate Health Sciences International, Inc.
- Quest Nutrition
- A wealthy company
- AMCO Protein
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Protein Supplement Market Segmentation
source:
- Plant-derived
- soy
- Spirulina
- Pumpkin seeds
- hemp
- Rice
- pea
- others
- Animal origin
- whey
- casein
- egg
- fish
- others
By application:
By distribution channel:
- Supermarkets and hypermarkets
- online store
- Direct to Consumer
- others
By form:
- Ready to drink
- Protein Powder
- Protein Bars
- others
Gender:
Age group:
- Millennials
- Generation Z
- Baby Boomers
By region:
- North America
- latin america
- Europe
- East Asia
- South Asia and the Pacific
- Middle East and Africa (MEA)
author:
Nandini Roy Choudhury (Food & Beverage Client Partner at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders to explore unseen opportunities and challenges. She puts processes and operating models in place to support business objectives.
She has strong analytical skills and often provides thought leadership.
Nandini has extensive functional expertise in key niche areas such as Food Ingredients, Nutrition & Health Solutions, Animal Nutrition, Marine Nutrients etc. She is also well versed in the Pharmaceutical, Biotechnology, Retail and Chemical sectors and advises market participants on developing methodologies and strategies that drive results.
Her primary areas of expertise are corporate growth strategies, sales and marketing effectiveness, post acquisition and merger integration, and cost reduction. Nandini holds an MBA in Finance from MIT Business School and a Bachelor’s in Electrical Engineering from Nagpur University, India.
Nandini is a published author and has been quoted in Beverage Industry, Bloomberg, Wine Industry Advisor and other publications.
Check out FMI’s ongoing related coverage of the food and beverage sector.
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