Protein Supplement Market | Global Industry Trend, Size, Share, Growth and Opportunities by Forecast 2023

“\”Protein Supplement Market\””
Protein Supplement Market – By Source (Animal, Plant, Others), By Application (Food, Beverages, Nutraceuticals, Sports Nutrition), Form (Powder, Bars, Liquids, Others), and by Region Forecast to 2023

Market Overview:

Enhanced interest in consuming healthy foods and renewed focus on health wellness has led to the popularity and demand for the protein supplement industry. Market Research Future, a firm which specializes in market reports related to Food, Beverages & Nutrition sector among others, recently published a report on this market. The sector after experiencing continual demand during the last few years is estimated to reach 1,247.78 kilo tons by 2023 while developing at a CAGR rate of 4.56% by 2023.

Deficiency of protein in daily nutrient intake and focus on health & fitness have been major drivers for the market. Increase in costs and lack of availability of actual proteins has led to the development of the protein supplement market. Existing manufacturers in the nutraceutical sector have already started to enter this segment to tap the opportunities created by intensive demand levels.

Industry Segments:

The industry for protein supplements has been segmented by source into animal, plant, others. Plant sourced protein supplement will witness a growth rate of 4.95% .By 2023, plant sourced protein supplement will reach a market volume of more than 600 kilo tons on a global level. By application the types are food, beverages, nutraceuticals, sports nutrition, pharmaceuticals, others. Nutraceutical based application of protein supplement will reach more than 700 kilo tons market volume with CAGR of 5.14% by 2023 .By form powder, bars, liquids, others. Powder form of protein supplement will mostly dominate the protein supplement market holding a lion’s share of 57%.

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Detailed Regional Analysis:

As per the MRFR analysis, the global market for protein supplement has witnessed continued demand during the last few years and is projected to reach 1,247.78 kilo tons by 2023, at a CAGR of 4.56% during the forecasted period. North America is estimated to dominate the global protein supplement market holding a lion’s share of more than 30% accounting for a market volume of more than 300 kilo tons. Asia Pacific will witness the highest growth rate of 5.87% in the global protein supplement market whereas Europe and Rest of the world will witness moderate growth rate.

Global Competitive Analysis:

The entry of new industry players in the segment has initiated a trend of volume-driven growth that has been observed to intensify with the addition of new and advanced products. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. Companies can capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The leading market players in the global Protein Supplement market primarily are Glanbia Plc. (Ireland), Archer Daniels Midland Company (U.S.), GNC Holdings Inc. (U.S.), Herbalife Ltd (U.S.), GlaxoSmithKline Plc. (U.K.).

Currently, the market for protein supplements has been showing remarkable growth in response to the demand from the consumers for the sector. This has favorably led to a rise in the valuation of this sector.

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Latest Industry News:

Jan 2018 Workout supplement brand CTD Sports has created Isolicious, a 100 percent whey isolate protein powder that comes in three nostalgic flavors: Cinnamon Cereal (similar to Cinnamon Toast Crunch), Coco Cereal (like Cocoa Puffs), and Fruity Cereal (as in Fruity Pebbles).

July 2017 Canadian scientists out of McMaster University created a ready-to-drink formula that’s a protein supplement specifically for seniors, this segment grapples with weakening bones and loss of muscle mass and the protein powder is expected to stop muscle deterioration, handing the elderly more strength and mobility. The protein supplement could be given to seniors in old age homes, and long-term care facilities. It may even be recommended to aging adults who are worried about sarcopenia and losing muscle mass.

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