The
international protein supplements market is characterized with the
existence of numerous market participants and as such the said market
stands fragmented and competitive, discovers a new market research
study by Transparency Market Research (TMR). As such, the prominent
market players, like ABH Pharma, Herbalife, GlaxoSmithKline, Abbott
Laboratories, and Amway have been cashing in on product
diversification and development so as to expand their business and
market share across the globe. These companies are, however,
forecasted to shift their emphasis towards the expansion of their
business in the emerging economies in near future in a bid to exploit
their untapped limitless potential, as reported by the market
research report.
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In
accordance with a market research report, the world market for
protein supplement was anticipated to attain a market valuation of
around US$ 2.2 bn by the end of the year 2017. The opportunity in
this said market is foreseen to further increase by rising at a
growth rate of around 5.30% CAGR over the timeframe of forecast that
extends from the year 2017 to 2022 and reaches a market valuation of
around US$ 2.8 bn by the end of the forecast period. The demand for
the egg protein supplements is relatively higher as compared to other
supplements and trends are forecasted to remain so over the said
period of the forecast.
North
America to Dominate Due to Increased Inclination towards Healthy
Living and Healthy Eating
The
international market for protein supplements is categorized into the
geographies of North America, South America, Europe, Middle East and
Africa, and Asia Pacific. The said market is being dominated by the
region of North America. Furthermore, the international market for
protein supplements also finds its popularity in various other
geographies, namely the Middle East and Africa (MEA), Japan, and Asia
Pacific excluding Japan (APEJ). People from the region of North
America are increasingly being attracted towards healthy eating and
living alike. Presence of high level of disposable incomes also makes
it possible for them to afford pricey healthcare products and
services. As such, the Americans have begun to make an inclusion of
protein supplements in their everyday diet. As a consequence, this is
having extremely good effect on the region of North America for
protein supplements and the same is anticipated to continue doing so
over the forthcoming years. The existence of a large base of vendors
of protein
supplement in the U.S. is also prognosticated to encourage
this regional market over the years to come, as mentioned in the
market intelligence report by TMR.
Increasing
Disposable Income to Stimulate Market Growth
In
accordance to an analysis by TMR researcher, there has been a
substantial increase in the number of gym, fitness centers, and
health club which has resulted in the considerable growth of the said
market. The bolstering demand for weight management amongst various
consumers owing to alarming rise in the incidences of obesity and
numerous other health-related concerns is also further encouraging
the growth of this market significantly.
Furthermore,
rapid urbanization coupled with increasing ability of the purchasing
power of the consumers are further estimated to drive this market in
the years to come.
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