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Protein Supplements Market to Be Worth $43.17 Billion by 2031
Meticulous Research®— leading global market research company, published a research report titled ‘Protein Supplements Market Size, Share, Forecast, & Trends Analysis by Product (Powder, RTD, Bar), Source (Animal-based {Whey}, Plant-based {Soy}), Application (Sports Nutrition), Distribution Channel (Online, Specialty Stores)- Global Forecast to 2031.’According to this latest publication from Meticulous Research®, the protein supplements market is projected to reach $43.17 billion by 2031, at a CAGR of 8.8% during the forecast period 2024–2031. The growth of this market is being propelled by factors such as the increasing demand for sports nutrition supplements, rising interest in plant-based nutrition, increasing consumer awareness regarding health and wellness, and rising product innovations in protein supplements. Moreover, the increasing demand for personalized nutrition and expansion into emerging economies are expected to offer growth opportunities for the players operating in this market. Additionally, the growing preference for online purchases and the rising popularity of vegan protein supplements are major trends in the protein supplements market.
However, the threat of counterfeit products is expected to hinder the market growth to a certain extent. Furthermore, the misconception about consuming protein supplements poses a challenge to market expansion.
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Key Players
Some of the key players operating in the protein supplements market are Glanbia plc (Ireland), The Simply Good Foods Company (U.S.), Iovate Health Sciences International Inc. (Canada), Amway Corporation (U.S.), PepsiCo, Inc. (U.S.), THG PLC (U.K.), Mondelēz International, Inc. (U.S.), Herbalife Ltd. (U.S.), NOW Health Group, Inc. (U.S.), Meiji Holdings Co., Ltd. (Japan), Woodbolt Distribution, LLC (U.S.), FitLife Brands, Inc. (U.S.), Orgain, Inc. (U.S.), and Post Holdings, Inc. (U.S.).
The protein supplements market is segmented by product (protein powder, ready-to-drink, protein bar, and others), source (animal-based {whey protein casein, egg protein, fish protein, and other animal-based proteins}, plant-based {soy protein, rice protein, pea protein, pumpkin seed protein, hemp protein, wheat protein, and other plant-based proteins} spirulina protein, and other sources), application (sports nutrition and additional nutrition), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the country level.
Based on product, the protein supplements market is segmented into protein powder, ready-to-drink, protein bar, and others. In 2024, the protein powder segment is expected to account for the largest share of 63.8% of the protein supplements market. The large market share of this segment can be attributed to the higher adoption of protein powder supplements with ease in handling, cost efficiency, comparatively lower additional ingredients like sugar, additives, and preservatives; and competence to maintain the stability of the ingredient. Further, the growing consumer demand for plant-based protein powders is expected to boost demand for protein powder.
Based on source, the protein supplements market is segmented into animal-based, plant-based, spirulina protein, and others. The plant-based segment is projected to register the highest CAGR during the forecast period of 2024–2031. The growth of this segment is driven by growing consumer interest in plant-based nutrition, increasing vegan & vegetarian population, rising prevalence of lactose intolerant consumers, and product innovations.
Based on application, the protein supplements market is segmented into sports nutrition and additional nutrition. In 2024, the sports nutrition segment is expected to account for the larger share of the protein supplements market. The large market share of this segment can be attributed to the growing demand from athletes, bodybuilders, and fitness enthusiasts seeking to enhance athletic performance, build muscle, and support muscle recovery. Furthermore, this segment is slated to register a higher CAGR during the forecast period due to the increasing consciousness regarding the benefits of a balanced and nutrient-rich diet, as well as the role protein supplements play in weight management and lean muscle growth. As more individuals prioritize their health and fitness goals, the demand for protein supplements within the sports nutrition segment is expected to grow.
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Based on geography, the protein supplements market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region is projected to register the highest CAGR of 9.4% during the forecast period. The growth of this region is mainly attributed to the rising disposable income, growing population & urbanization, and the growing popularity of fitness and sports activities. Additionally, the growing consumer awareness regarding the health benefits of high-protein-rich diets and the increasing number of health-conscious consumers are further expected to support the growth of this region. Furthermore, in major countries like China and India, the market is further bolstered by changing dietary patterns and the increasing accessibility of protein supplements through e-commerce platforms.
Scope of the Report:
Protein Supplements Market Assessment, by Product
- Protein Powder
- Ready-to-Drink (RTD)
- Protein Bars
- Others
- Animal-based
- Whey Protein
- Casein
- Egg Protein
- Fish Protein
- Other Animal-based Proteins
- Plant-based
- Soy Protein
- Rice Protein
- Pea Protein
- Pumpkin Seed Protein
- Hemp Protein
- Wheat Protein
- Other Plant-based Proteins
- Spirulina Protein
- Other Sources
- Sports Nutrition
- Additional Nutrition
- Online Stores
- Supermarkets & Hypermarkets
- Pharmacies/Drug Stores
- Specialty Stores
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Russia
- Poland
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- United Arab Emirates
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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