Increase in awareness among people for health & fitness, significant rise in obesity rates, rise in disposable income, and surge in demand for supplement from the millennial population drive the growth of the global protein supplement market
PORTLAND, Oregon, Aug. 21, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Protein Supplement Market by Type (Casein, Whey Protein, Egg Protein, Soy Protein, and Others), Form (Powder, RTD Liquid, and Protein Bars), Source (Animal and Plant), Distribution Channel (Hypermarket/Supermarket, Online, Chemist/Drugstore, Nutrition Store, Health Food Store, Specialist Sport Store, and Others), Gender (Male and Female) and Age Group (Millennials, Generation X, and Baby Boomers): Global Opportunity Analysis and Industry Forecast, 2018 – 2025." The report provides a detailed analysis of the drivers & opportunities, wavering market trends, competitive market scenario, and market size & estimates. As per the report, the global protein supplement industry was estimated at $5.28 billion in 2018, and is expected to hit $8.71 billion by 2025, registering a CAGR of 7.4% from 2018 to 2025.
Increase in awareness among people regarding health & fitness, significant rise in obesity rates, and surge in demand for supplement from the millennial population drive the growth of the global protein supplement market. On the other hand, presence of cheaper substitute and side-effects and negative publicity & claims restrain the growth to some extent. However, introduction of protein supplements in untapped market and surge in demand from young generation are expected to create a number of lucrative opportunities in the industry.
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The whey protein segment to lead the trail till 2025-
Based on product type, the whey protein segment contributed to nearly two-fifths of the total protein supplement market revenue in 2018 and is expected to dominate throughout the forecast period. Increase in demand for sports nutrition products and its value-added tag as clean label ingredients are the two major factors that spur the growth of the segment. On the other hand, the soy protein segment is projected to grow at the fastest CAGR of 8.6% through 2018–2025. This is attributed to various health benefits associated with the consumption of soy products.
The powder segment to rule the roost in terms of revenue-
Based on form, the powder segment held the major share in 2018, generating more than three-fourths of the total protein supplement market. The fact that customers look for convenience even while taking protein supplement has made the manufacturers come up with powdered formats of protein supplements that are convenient to consume. Simultaneously, the RTD liquid segment would showcase the fastest CAGR of 9.0% during the estimated period. Its easy availability and convenience have worked as the two major driving factors for the growth.
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North America to maintain the lion's share by 2025-
Based on geography, North America accounted for more than half of the total protein supplement market share in 2018 and is predicted to retain its dominance by 2025. This is due to rise in number of U.S. consumers adapting a healthy lifestyle or indulging in activities that promotes active and good health. At the same time, the Asia-Pacific region would showcase the fastest CAGR of 9.0% throughout 2018–2025. Millennials and the generation X in the region seek for performance enhancement programs, which drives the demand for protein supplement products
Key market players-
- Abbott Laboratories
- Maker Nutrition LLC
- Suppleform, Amway corporation
- Glambia Plc
- GlaxoSmithKline Plc
- Vitaco Health Limited
- General Nutrition Corporation (GNC Holdings Inc.)
- ABH Pharma Inc.
- Herbalife International of America, Inc.
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SOURCE Allied Market Research