Global Protein Supplements Market: Snapshot
The rising health consciousness among consumers across the world is having a tremendous influence over the global market for protein supplements. Currently, the impact of the augmenting awareness level among them regarding the benefits of protein is substantially high on this market and is anticipated to continue driving the growth of this market over the next few years. The opportunity in the worldwide market for protein supplement is anticipated to attain a value of 2.20 bn by the end of 2017. Researchers expect the market to further rise at a CAGR 5.30% between 2017 and 2024, reaching 2.84 bn by 2024.
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North America to Remain Dominant
The global protein supplements market registers its spread across North America, Asia Pacific excluding Japan (APEJ), Europe, Japan, and the Middle East and Africa (MEA). The increasing interest of people in healthy living and their high disposable income have empowered North America to take the lead among all the regional markets. Progressing at a CAGR of 5.30% over the period from 2017 to 2024, the North America market for protein supplements is projected to remain attractive in the years to come.
With consumers capable of purchasing expensive healthcare products, Europe has held the second position in the global market and it is anticipates to remain doing so over the next few years. Among others, Asia Pacific is expected to register an exceptional rise in this market in the near future. The increasing health consciousness among people, coupled with the proliferation of health clubs, gymnasiums, and fitness centers, will propel the Asia Pacific market for protein supplements over the forthcoming years. The steady rise in the purchasing power of consumers, especially the middle class ones, is likely to impel this regional market immensely.
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Egg Protein Supplements to Face Tough Challenge from Soy
Protein supplements are commonly derived from animal or plant sources. At present, the demand for animal protein supplements is relatively higher than their plant-based counterparts. The key types of protein supplements available across the world are casein, egg, whey, MPC, and soy. With a share of approximately 38%, egg protein supplements have been dominating the overall market for protein supplements. As these egg protein supplements enjoy a wider spectrum of consumers, analysts expect this segment to continue to lead over the next few years. The soy protein supplements segment, however, is likely to present more lucrative growth opportunities for players in the years to come. The rising trend of veganism is projected to positively influence this segment. The ease in digestion offered by soy protein supplements and the presence of low level of cholesterol and fat in them will also fuel their demand in the near future.
Protein supplements can be purchased from supermarkets/hypermarkets, drug stores, convenience stores, and various other distribution channels, such as online stores. Consumers, until now, prefer to buy from conventional channels, i.e., supermarkets/hypermarkets, drug stores, convenience stores; however, with the swift penetration of Internet and rocketing number of smartphone users, online stores will prove to be a more profitable distribution channels over the forthcoming years.
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The worldwide protein supplements market is highly competitive and fragmented in nature. Some of the key suppliers of protein supplements across the world are Abbott Laboratories, Glanbia Plc, GlaxoSmithKline Plc, GNC Holdings Inc., Amway Corp., Vitaco Health Ltd., ABH Pharma Inc., Atlantic Multipower UK Ltd., Herbalife International Of America Inc., Makers Nutrition LLC, Nu Skin Enterprises Inc., Shaklee Corp., USANA Health Sciences Inc., and Vitacost.com Inc.
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