Protein Supplements Market Size, Share & Industry Analysis, By Source (Plant-Based, Animal-Based, and Others), By Product (Protein Powder, RTD, Protein Bars, and Others), Distribution Channel (Supermarkets and Hypermarkets, Pharmacies/Drug Stores, Online Retail, and Others), and Regional Forecast, 2024-2032

The global protein supplements market size was USD 26.10 billion in 2023 and is projected to grow from USD 28.15 billion in 2024 to USD 55.32 billion by 2032 at a CAGR of 8.81% during 2024-2032. The United States protein supplements market is projected to grow significantly, reaching an estimated value of US$ 22.58 Billion by 2032.

Increasing purchasing power parity (PPP) is likely to propel ready-to-drinks (RTD) demand in the coming years. In addition, the rising consumption of dried fruit snacks due to changing lifestyles is anticipated to fuel the segment growth over the next seven years. Furthermore, surging demand for protein bars, RTD, and powders among bodybuilders, elite athletes, and casual exercisers is anticipated to drive the market. The presence of a large number of brands, including Optimum Nutrition, Inc., Quest Nutrition, Bio-Engineered Supplements and Nutrition, Inc. (BSN), NOW Foods, United States Nutrition, Inc., MusclePharm, MuscleTech, and Met-Rx Substrate Technology, Inc. is expected to further boost the protein supplements market growth.

The global market was slightly impacted due to uncertain pandemic circumstances. In the early stages of the COVID-19 pandemic, there was a notable increase in the demand for protein supplements. Many individuals turned to these supplements to support their immune systems and overall health while staying at home. The convenience of protein supplements made them popular for meeting nutritional needs during this period.

Protein Supplements Market Trends

Increasing Popularity of Plant-based Protein Products Fuels Market Growth

In recent years, the popularity of veganism has been on the rise globally, driven by growing concerns about environmental sustainability and animal welfare. This increasing interest in plant-based lifestyles has significantly impacted the demand for plant-based protein products. Notably, plant-based protein powders have gained traction due to their fiber content, which promotes smoother digestion and supports a healthy gut microbiome. As a result, plant-based protein powders are often considered a preferable substitute for animal-based protein.

Plant-based protein products derived from ingredients such as soy, pea, and rice have gained substantial popularity, increasing their demand. Companies are focusing on developing innovative plant-based supplements to meet this growing demand. For example, in October 2022, Glanbia’s flagship sports nutrition brand, Optimum Nutrition, launched a new offering in the plant-based category - Gold Standard 100% Plant Protein powder, made with 100% vegan ingredients. The new formula is crafted with 24 grams of premium plant-based protein to fuel various fitness activities. In addition, personalized nutrition is becoming popular among consumers and nutritionists may recommend nutrient consumption specifically catering to the consumer needs. Hence, manufacturers have the opportunity to develop specifically tailored customized solutions and programs that meet individual needs.   

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Protein Supplements Market Growth Factors

Augmented Demand for Sports Nutrition Supplements to Drive the Market

Sports nutrition involves the consumption of nutrients, such as vitamins, proteins, supplements, fats, carbohydrates, minerals, and organic substances. Sports nutritional products consist of sports beverages, sports supplements, and sports food targeted at strength & endurance athletes and bodybuilders to increase their overall performance, enhance stamina, promote muscle growth, and improve health. Nano-encapsulation and microencapsulation technologies have gained popularity over the past few years owing to controlled release and minimum utilization of ingredients. Increasing the distribution channel of encapsulation technologies in the fortification of food material is expected to tap new markets for sports nutrition ingredients. Furthermore, the growing naturally-derived ingredients in light of increasing health concerns related to synthetic ingredients are expected to fuel the penetration of protein supplements in the sports nutrition industry. Furthermore, the use of automation for manufacturing protein supplements is also expected to improve the quality of the products. The use of nanotechnology for manufacturing protein supplements can be helpful in creating nano emulsions with higher and improved bioavailability of nutrients.

Rising Consumer Awareness Concerning Health & Nutrition to Usher Innovation

Numerous awareness campaigns run by non-governmental organizations, government agencies, and companies have increased consumer understanding of the nutritious benefits of protein supplements, which, in turn, is expected to fuel market growth. Moreover, the consumption of premium protein powders and bars is regarded as a symbol of one’s social status in many countries. Some companies engaged in producing nutritional supplements also include natural and organic products, which are further fueling the market. The use of attractive packaging techniques has led to surged consumer awareness, thereby triggering spending on protein & nutritional supplements. Furthermore, raising consumer awareness regarding the benefits of these products through advanced technology, such as virtual reality, can increase the consumption and sales of protein supplements. 

RESTRAINING FACTORS

High Cost of Production Due to Volatile Raw Material Prices Could Hamper Market Growth

Volatility in the prices of raw materials, including soybean and milk, due to demand and supply constraints is projected to result in fluctuations in the prices of protein supplements. Milk is the major raw material used for manufacturing whey and casein proteins. Milk can be compared to crude oil as it goes into refineries and emerges in the form of various products (whey concentrates, isolates, casein concentrates/isolates, cheese, yogurt, and milk powder), which are traded across the globe. Milk prices are expected to boom or crash depending on political and economic factors. Furthermore, the milk supply is subject to seasonal patterns; the milk supply is greater during spring owing to the calving patterns of cows. Consumers also tend to have a seasonal pattern in terms of their consumption; for instance, the demand for fluid milk is maximum in the fall when the schools are back in session. The political scenario also has a considerable impact on price volatility.

Protein Supplements Market Segmentation Analysis

By Source Analysis

Animal-Based to Hold Largest Market Share Due to Increasing Expenditure on Research Pertaining to Human Health

By source, the market is divided into plant-based, animal-based, and others.

The demand for animal protein supplements is expected to witness significant growth over the next few years owing to strong scientific evidence regarding the health benefits offered by them. Products such as whey protein are rich with nutritional and health values, which contribute to their popularity among consumers such as sports professionals and gym goers. For instance, whey proteins enhance immunity and nutritional status as well as help increase glutathione (GSH) levels in cancer patients undergoing chemotherapy.

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On the other hand, plant-based proteins, such as rice, pumpkin, and sunflower, are usually combined with other plant-based protein & sport supplements, such as pea or soy, to provide complete and balanced protein contents for a human body, together with the inclusion of all the essential amino acids. Consumption of additives-free and 100% organic & natural soy and pea-based protein supplements among lactose intolerant consumers is projected to drive the overall market demand.

By Product Analysis

Protein Powder to Hold Largest Market Share Owing to Growing Preference Toward Snacking Options

By product, the market is segmented into protein powder, RTD, protein bars, and others.

Protein powder emerged as the dominant product segment in 2022, accounting for 55.86% of the overall market revenue share. Strong online sales and mass distribution channels by various companies, including Glanbia, Nature's Bounty Co., and Iovate Health Sciences International Inc., are expected to fuel the demand for protein powders. Further, increasing demand for these powders from bodybuilders, elite athletes, and casual exercisers is anticipated to boost the protein powder segment growth. The presence of a large number of brands, including Optimum Nutrition, Quest Nutrition, Bio-Engineered Supplements and Nutrition, Inc., NOW Foods, Body Fortress, MusclePharm, Pure Protein, and MET-Rx, is also expected to contribute to the segment growth.

By Distribution Channel Analysis

Supermarkets and Hypermarkets hold Significant Market Share due to Convenience of Shopping and Availability of Multiple Brands

By distribution channel, the market is classified into supermarkets and hypermarkets, pharmacies/drug stores, online retail, and others.

Supermarkets and hypermarkets emerged as the dominant product segment in 2022. Major retailers in the U.S., including Walmart are investing in private label varieties to promote the sale of protein products.

However, the retail sale of protein products is anticipated to grow slower over the forecast period due to strong competition from other distribution channels, such as online stores and DTC channels.

REGIONAL INSIGHTS

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North America to Exhibit Highest Growth due to Emerging Plant-Based Protein Industry

In terms of revenue, the North America dominated the protein supplements market with a market share of 37.47% in 2023. Functional foods and sports nutrition are the major distribution channel segments of the North American market. This can be attributed to the rising fitness awareness among consumers in the U.S., Canada, and Mexico, which is expected to drive the demand for functional food and beverages. Moreover, the growing health benefits of protein bars and shakes coupled with millennials' increasing adoption of protein bars and cookies as a healthy snacking option are expected to further propel the demand for protein supplements in North America in the coming years.

Rising health awareness in Europe is also anticipated to augment the demand for functional foods over the next few years. The presence of major manufacturers, such as Glanbia plc, Bulk Powders Co., Ultimate Nutrition, Inc., and PowerBar Europe GmbH, in the region is expected to surge the demand for protein supplement products further.

The trend for on-the-go snacking options across developing economies, such as India and China will fuel the demand for protein & nutrition supplements in Asia Pacific. Besides, a notable shift in consumer lifestyle could further foster the protein and nutrition supplement products market in the Asia Pacific and South America over the forecast period.

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The market in South America is witnessing substantial growth, primarily fueled by the rising awareness of health and fitness trends. One notable trend in the region is the increasing demand for plant-based protein products. As consumers prioritize their well-being, they are actively seeking nutritional options to support their fitness goals. In the Middle East and Africa, consumers are displaying a growing inclination toward maintaining a healthy lifestyle and are actively seeking out nutritional products to enhance their fitness endeavors. Whey protein, renowned for its popularity among athletes and fitness enthusiasts, currently dominates the market in this region.

List of Key Companies in Protein Supplements Market

Companies to Focus on Growth in Production Capacity to Meet Global Demand

The market is consolidated owing to the presence of a limited number of established and regional players. Key companies, such as Glanbia Plc, RSP Nutrition, BRF, and Muscle Pharm, are the prominent players in this market. These players are focusing to increase their production capacity in order to meet the global demand.

LIST OF KEY COMPANIES PROFILED:

• Glanbia Plc (Ireland)


• MusclePharm (U.S.)


• Abbott (U.S.)


• CytoSport, Inc. (U.S.)


• Quest Nutrition (U.S.)


• The Bountiful Company (U.S.)


• The Himalaya Drug Company (India)


• NOW Foods (U.S.)


• RSP Nutrition (U.S.)


• BPI Sports LLC. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• December 2023: Centrum launched Multivitamin & Protein Powders in the India market which are available in powder and gummy form.


• May 2023: Arla Foods Ingredients launched a product that increases the protein content of juice-style oral nutrition supplements (ONS) for medical nutrition to 7% without compromising mouthfeel or taste.


• April 2023: U.K.'s premium sports supplement brand, Genetic Nutrition, launched its high-quality health and wellness segment in India. The brand's range of supplements includes protein powders, amino acids, and vitamins formulated using best-in-class ingredients for maximum effectiveness and is now available in the Indian market.


• September 2022: Tata Consumer Products entered the health supplements segment by launching a plant-based protein powder. Tata GoFit, a health supplement range for women, is a plant-based easy-to-mix product formulated with the goodness of gut-friendly probiotics.


• August 2022: Optimum Nutrition, one of the leading companies in sports nutrition, announced the launch of its new Gold Standard Protein Shake. The new, versatile drink option provides Optimum Nutrition standard of delicious, designed to delight in chocolate and vanilla flavors, and formulated with 24 grams of protein per serving.


• July 2022: Myprotein and Perfect Day partnered to launch a new animal-free whey protein powder called Whey Forward. Whey Forward is made with Perfect Day's animal-free whey protein, which uses precision fermentation to create an identical whey protein from microflora instead of coming from animals. The animal-free protein will be available in three flavors: creamy mint chocolate chip, rich salted caramel, and decadent chocolate brownie.

REPORT COVERAGE

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The global market report provides qualitative and quantitative insights into the market. It also offers a detailed analysis of the market size and growth rate for all possible segments in the market. Various key insights presented in the report are an overview of related markets, recent industry developments, such as mergers & acquisitions, the regulatory scenario in critical countries, and key protein supplements industry trends.

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