Global Protein Powder Market is expected to be worth roughly USD 24,600 Million by 2030, growing at a CAGR of more than 7.5% during the projected timeframe of 2022-2030, according to Ameco Research
In the food industry, protein powder is regarded as a vital dietary supplement. The emergence of COVID-19 has had a massive impact on the consumer side for various nutritional goods in the food service industry. On the other hand, disruptions in supply chains have occurred as a result of nationwide shutdowns. In the aftermath of the COVID-19 epidemic, consumer trends for vitamins and supplements to promote immunity due to their high efficiency against infectious diseases, as well as acute respiratory system disorders, are projected to drive market demand. Furthermore, the sector is developing due to an increase in the number of engaging in physical activity as well as health-conscious individuals globally. Throughout the projected timeframe, demand for protein powders is expected to rise due to young people's growing popularity and desire in enhancing their physical wellbeing through a nutritious diet. Furthermore, the market for protein powder is expected to grow as individuals become increasingly reliant on vitamins and supplements to fulfill their daily dietary demands as their lifestyles change.
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Global Protein Powder Market Dynamics
The rise in understanding of the advantages of protein, such as increased vitality and streamlined weight administration, has been one of the critical elements propelling the protein powder market. Other factors expected to propel the worldwide protein powder market include rising middle-class standards of living and an increase in disposable income. Aside from the sports industry, protein powder has a tremendous opportunity in the non-sports segment, which is expected to drive the protein powder market throughout the projected period. Furthermore, the high incidence of obesity in childhood and adolescence is fueling the demand for intelligent electronic gadgets, and awareness of this authentication system is growing, which is presented to become a trend. However, unfavorable publicity, as well as claims, is projected to stymie the growth of the protein powder market during the projected timeframe.
Market Segmentation
Ameco Research has fragmented the global protein powder market by type, flavor, source, application, and distribution channel. In terms of the type, the industry is further segmented into casein protein, whey protein, soy protein, and others. Based on the type, the natural whey segment is expected to lead the market over the forecasting years. Natural whey protein powder is used in a variety of procedures, including the manufacturing of yogurt, dairy beverages, and desserts. These concentrates are also used to add protein to infant nutritional and food products. It has a gelatinization characteristic when warmed and dissolved into water. Applications in the meat and food sectors benefit tremendously from this property.
In term of flavor, the segment is sub-categorized into double rich chocolate, vanilla cream, strawberry, mocha cappuccino, extreme chocolate milk, cookies and cream, and others. Moreover, the market is divided into plant-based, and animal-based, based on source. According to the protein powder market forecast, the plant-based segment is predicted to expand significantly in the market over the next few years.
Based on the application, the market is further segmented into functional food, and sports nutrition. Moreover, according to the distribution channel segment is further segmented into supermarket/hypermarket, chemist/drugstore, specialist food store, health food store, online, nutrition store, and others.
Regional Outlook
The global Protein Powder market is divided into several geographic regions: North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. Geographically, North America is estimated to dominate the protein powder market in 2021. This is due to the expansion of the production of animal feed and growing consumer knowledge of animal health. Major corporations are making investments in new promotional campaigns for both domestic and foreign markets. The United States is one of the world's top producers of animal feed, resulting in a significant need for protein powder.
According to the protein powder industry analysis, the Asia-Pacific region is expected to grow at the fastest rate throughout the projection period. Consumers are becoming more interested in nutritional supplements, particularly vegan proteins, as the fitness and nutrition business grows in popularity. Plant-based protein powder supplement revenues are expected to rise due to an aging population and increased demand for nutritional supplements to improve overall health in growing economies including India, China, and Indonesia.
Market Competitors
Recently, the global protein powder market players are concentrating their efforts on product innovation as well as acquisitions and mergers to grow their market position in various regions all over the world in order to capitalize on the extensive product applications of protein powder in different markets.
Some of the most notable worldwide protein powder market players are Abbott Laboratories, Garden of Life, GlaxoSmithKline, Herbalife International of America, Inc, Makers Nutrition, Shaklee Corporation, USANA Health Sciences, Amway, Glanbia Group, GNC Holdings, Living Inc., Melaleuca Inc, Suppleform, and Vitacost.com.
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