Protein Supplements Global Market Report 2024 - By Share, Trends, Size, Demand, Drivers, Forecast To 2033

The protein supplements market size has grown strongly in recent years. It will grow from $20.39 billion in 2023 to $22.25 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to increasing fitness and health consciousness, growing awareness of protein benefits, expanding sports nutrition industry, changing dietary habits and nutrition trends, product innovation and diverse offerings.

The protein supplements market size is expected to see rapid growth in the next few years. It will grow to $33.24 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to continued focus on health and wellness, rising adoption of plant-based diets, e-commerce expansion and direct-to-consumer models, personalization and targeted nutrition, integration of protein supplements in everyday diets. Major trends in the forecast period include innovations in textures and formats, sports nutrition and performance enhancement, rise of collagen supplements, brand transparency and trust, social media influence on marketing.

Market Overview -
Protein supplements refer to a nutritional supplement that contains protein and is intended to supplement the diet. A protein supplement helps in building muscle, repairing tissue, and producing enzymes and hormones. It also aids in weight loss and assists in toning of muscles for athletes.

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Rising Demand For Dietary Supplement*s To Drive Market Growth
The rise in customer preference for food supplements is driving the protein supplements market. Food Supplements are intended to make up for dietary deficiencies among individuals through their regular diet. The desire to lead active and healthy lifestyles has increased participation in sports and fitness activities, driving the demand for food supplements, especially protein supplements. For instance, in October 2022, according to the Consumer Survey on Dietary Supplement*s, a 2022 online survey among 3,133 U.S. adults age 18+, and 2,342 adults consuming dietary supplement*s seasonally, conducted by The Council for Responsible Nutrition (CRN), a US-based trade association representing more than 200 dietary supplement* and functional food manufacturers, 75% of Americans use dietary supplement*s where majority of supplement users are regular users. Thus, an increase in customer preference for food supplements is expected to boost the demand for protein supplements during the forecast period.

Competitive Landscape -
Major companies operating in the protein supplements market report are Nestle SA, Abbott Laboratories, GlaxoSmithKline plc, Mondelez International Inc., ABB Ltd., Kerry Group plc, Amway Corporation, Meiji Holdings Company Ltd., Glanbia plc, Post Holdings Inc., Herbalife International of America Inc., The Hut Group plc, The Himalaya Drug Company, The Nature's Bounty Co, NOW Health Group Inc., BPI Sports LLC., Scitec Nutrition Ltd., Quest Nutrition LLC, Nature's Best Isopure, thinkThin Inc., Reliance Vitamin Company Inc., MuscleTech Research and Development Inc., CytoSport Inc., Weider Global Nutrition LLC, Dymatize Enterprises LLC, MusclePharm Corporation, RSP Nutrition, Optimum Nutrition Inc., Amazing Grass LLC, Bank Simpanan Nasional, Cellucor Nutrition, Professional Supplements, Redcon1 LLC, Rule One Proteins LLC, Universal Nutrition, Vega Industries Private Limited, Garden of Life LLC, Sun Brothers LLC, Naked Nutrition

Strategic Partnerships Transforming The Protein Supplements Market
Strategic partnership is a key trend gaining popularity in the protein supplements market. The companies operating in the protein supplement sector are focusing on entering strategic partnerships to expand their market reach and leverage each other's resources in new product development & marketing activities. In October 2021, a New Jersey-based company that creates collagen supplements entered a partnership with Entenmann's, owed by Bimbo Bakeries USA. The partnership aims to create a new collagen protein powder with Entenmann's chocolate chip cookies as inspiration. Entenmann is a US-based company that manufactures and delivers baked goods.

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Key Segments -
The protein supplements market covered in this report is segmented -
1) By Type: Protein Powder, Protein Bar, Ready to Drink
2) By Source: Plant-based, Animal-based
3) By Raw Material: Casein Protein Supplements, Whey Protein Supplements, Egg Protein Supplements, MPC Protein Supplements, Soy Protein Supplements
4) By Distribution Channel: Supermarkets & Hypermarkets, Online Stores, Drug Stores

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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