Protein Supplements Market Growth 2023- Global Industry Share-Size, Revenue, Scope, Upcoming Trends, Business Challenges and Future Investment Opportunities Report 2033: SPER Market Research
The purpose of protein supplements is to offer an additional source of this nutrient, which is necessary for the maintenance and repair of bodily structures. They frequently arrive as powders, smoothies, bars, or capsules. Amino acids, which make up protein, are essential for immunological health, muscle growth, and general wellbeing. Athletes, fitness fanatics, and others looking to improve their protein intake frequently use protein supplements. They provide a handy and concentrated supply of protein that helps people fulfill their daily protein needs and supports muscle building and recovery. But rather than replacing full food sources, it’s crucial to utilize them as a supplement to a balanced diet.
According to SPER market research, ‘Protein Supplements Market Size- By Type, By Source, By Raw Material, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the Protein Supplements Market is predicted to reach USD 15.36 billion by 2032 with a CAGR of 8.5%.
The protein supplements market is witnessing growth momentum due to the rising number of health-conscious individuals and the proliferation of fitness centers worldwide. The millennial generation’s growing interest in maintaining a balanced diet and improving health has led to increased popularity of protein supplements, resulting in additional demand. Additionally, the shift towards modern lifestyles has led to an increased reliance on supplements to meet daily nutritional needs, further driving the demand for protein supplements.
However, the market for protein supplements faces several challenges that can hinder its growth and development. Variations in the cost of raw materials like milk and soybeans are anticipated to have an effect on the cost of protein supplements. Milk, which is a key raw material for whey and casein proteins, undergoes a refining process similar to crude oil, resulting in various traded products such as whey concentrates, isolates, casein concentrates/isolates, yogurt, and milk powder. Milk prices can be influenced by political and economic factors, leading to booms or crashes. Additionally, milk supply follows seasonal patterns, with higher availability in spring due to calving patterns. Consumer demand also exhibits seasonal patterns, with increased fluid milk consumption during fall when schools reopen. Political scenarios further contribute to price volatility.
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Impact of COVID-19 on Global Protein Supplements Market
On the global market for protein supplements, the COVID-19 pandemic had a conflicting effect. On the one hand, demand initially increased as people concentrated on bolstering their immune systems and keeping their health throughout the crisis. The market, however, was impacted by manufacturing issues and supply chain interruptions, which resulted in shortages and production delays. Exercise aficionados have less access to and use of protein supplements as a result of gym closures and travel restrictions. However, when limitations loosened, online shopping and at-home workouts became more well-liked and helped the market rebound. The long-term effect will rely on elements including customer behavior, economic recovery, and the fitness industry’s return to normalcy.
Protein Supplements Market Key Players:
Geographically, North America held the largest share in the protein supplements market, attributed to high consumer awareness and emphasis on health and wellness. Meanwhile, the Asia Pacific region is projected to experience a lucrative compound annual growth rate (CAGR) due to increasing demand for convenient and healthy ready-to-drink (RTD) supplement options in countries like China and India, driven by changing consumer lifestyles and awareness of health and wellness. Additionally, some of the market key players are KUMHO PETROCHEMICAL, Dynasol Group, LG Chem, Synthomer, JSR Corporation, Others.
Protein Supplements Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
| By Type: | · Protein powder
· Protein bar · Ready to drink |
| By Source: | · Plant-based
· Animal-based |
| By Raw Material: | · Casein Protein Supplements
· Whey Protein Supplements · Egg Protein Supplements · MPC Protein Supplements · Soy Protein Supplements |
| By Distribution Channel: | · Supermarkets and Hypermarkets
· Online stores · Drug stores |
| By Region: | · North America
· Europe · Asia-Pacific |
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Protein Supplements Market Growth Opportunity
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