Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The Global protein supplement market is forecast to grow at a CAGR 6.0% to 7.0% during the forecast period 2018-2024. The growth of the market can be attributed to rising awareness about the benefits of including healthy diet & exercise and the growing demand for higher protein density in mainstream diet. Rising health awareness among the consumers drives the growth of the industry. The growing demand for fitness supplements from consumers and athletes is expected to fuel market growth over the forecast period. The major restrain for the global protein supplements market is availability of cheap substitutes of protein supplements along with negative publicity & false claims affect the reputation of the protein supplement industry.
The report analyses the global protein supplements market by source, raw material, product, distribution channel and application. By source the market is further segmented into animal based and plant based. Animal based protein supplements was the dominant segment due to easy availability and presence of high nutritional value. Plant based protein supplements is expected to grow at higher CAGR during the forecast period.
By raw material the global protein supplements market is bifurcated into whey, casein, soy, pea and others (egg protein, wheat, rice, canola and collagen). Whey was the fastest growing raw material segment accounted for the highest CAGR. Pea raw material segment is expected to witness a growth in the forecast period followed by soy and casein.
Based on product, the global protein supplements market is segmented into protein powder, protein bars, ready to drink and others. Protein powder dominates the protein supplements market due to increase in demand from athletes, body builders, and casual exercisers. Ready to drink segment is expected to witness fastest growth rate.
The distribution channel use by the protein supplements manufacturers is divided into supermarkets and hypermarkets, online stores, convenience stores, drug stores and others (Chemist, speciality sports store). Online stores accounted for majority sales due to increasing number of internet users, ease of access, fast paced lifestyle, 24/7 availability, convenience and access to wide options.
By geography protein supplements market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and Middle East & Africa. North America comprises United States, Canada and Mexico whereas Europe would primarily cover Germany, France, UK, Italy and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Middle East & Africa, South Africa and Rest of MEA are the key countries covered in the report. North America is expected to be the largest region in terms of market share in protein supplements market which is then followed by Europe. The primary factor driving the market growth in North America and Europe is the growing demand for fitness supplements from consumers and athletes.
Some of the prominent players operating in the global protein supplements market include Abbott Laboratories, Hormel (CytoSport), Transparent Labs, The Nature’s Bounty Co., NOW Foods, JYM Supplement Science, RSP Nutrition, Nutrabolt, BPI Sports LLC, Glanbia Plc, Forever Living Inc, Melaleuca Inc, Dymatize Enterprises LLC, DSM, Amway Corp, GlaxoSmithKline, etc.
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