The Protein Supplements Market Is Estimated To Witness High Growth Owing To Rising Health Consciousness Among Consumers

Protein Supplements Market 


 The protein supplements market is estimated to be valued at US$ 27.43 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Protein supplements are food items that provide additional protein beyond what is available in everyday foods. They come in various forms including powders, bars, and ready-to-drink products. Bodybuilders and athletes regularly consume protein supplements to build muscle mass or support exercise recovery. They are also popular among health conscious consumers looking to support weight management or general wellness goals.

Market Dynamics:
The protein supplements market is driven by rising health consciousness among consumers and growing demand for diet and sports nutrition products. According to studies, protein plays an important role in building muscles, tissue repair, and overall health. As more individuals participate in fitness activities, the sales of protein supplements are increasing. Product launches catering to specific needs such as vegan, paleo, keto diets are also fueling market growth. However, high costs associated with premium supplements and concerns regarding long-term safety could hamper the market expansion. Nonetheless, increasing investments by manufacturers in innovative delivery formats like protein water and adoption of plant-based supplements are expected to create new opportunities over the forecast period.

SWOT Analysis

Strength: Protein supplements offer additional nutrition and support muscle growth, giving users physical and mental benefits. They help meet nutrition requirements without consuming excess calories from food. The numerous product varieties allow users to choose formulations tailored to their individual needs and fitness goals.

Weakness: Many supplements overpromise results and leave consumers dissatisfied. Additionally, some products are more costly than standard nutrition sources like meat and dairy.

Opportunity: Rising health consciousness is driving strong demand for supplements supporting fitness, weight management and chronic disease prevention. Expanding gyms and athletics provide opportunities to market directly to target audiences.

Threats: Stricter regulations could lead to reformulation or removal of some ingredients. Economic downturns may cause consumers to trade down to cheaper sources of protein or forego supplements entirely.

Key Takeaways:

The Global Protein Supplements Market Demand is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing health awareness among consumers. Rising obesity levels and growing trend of fitness globally are major growth drivers. Additionally, supplements are convenient alternatives for consumers seeking nutrient-dense options without excessive calories.

Regional analysis: North America dominates the protein supplements market, accounting for a share of over 35% in 2023. This is attributed to widespread gym culture and affinity for supplements to aid workouts. Asia Pacific exhibits fastest growth, with China, India and Japan emerging as key markets. Rising incomes are boosting discretionary spends on health and wellness products.

Key players: Key players operating in the protein supplements market are Mondelez Company, Meiji Holdings Co Ltd., Quest Nutrition LLC, MusclePharm Corporation, Post Holdings Inc., Nestlé SA, Abbott Laboratories, Scitec Nutrition, The Hut Group, Glanbia PLC, Weider Global Nutrition LLC, and Iovate Health Sciences International Inc., among others. They compete on the basis of product innovation, quality, and brand recognition to strengthen market presence.

Read More:

https://www.marketwebjournal.com/protein-supplements-market-demand-share-analysis/

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