Characterized
by the presence of a number of participants, the global protein
supplements market stands competitive and fragmented, states
a new report by Transparency Market Research (TMR). Hitherto, the
leading companies, such as Abbott Laboratories, GlaxoSmithKline,
Amway, Herbalife, and ABH Pharma, have been relying on product
advancements to expand their businesses. However, they are expected
to shift their focus towards expansion in emerging markets in the
near future to exploit their ample untapped potential, reports the
research study.
According
to the research report, the worldwide market for protein supplement
will attain a value of 2.2 bn by the end of 2017. The opportunity in
this market is expected to further increase at a CAGR 5.30% over the
period from 2017 to 2022 and reach 2.8 bn by the end of the forecast
period. The demand for egg protein supplements is comparatively
higher than other supplements and the trends is anticipated to remain
so over the period of the forecast.
Emerging
Economies to Serve as Lucrative Markets for Protein Supplements
“Driven
significantly by the considerable increase in the number of health
club, fitness centers, and gym, the global market for protein
supplements is experiencing remarkable growth,” says a TMR analyst.
The augmenting demand for weight management among consumers due to
alarming rise in obesity and various other health-related concerns is
also boosting this market substantially.
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Going
forward, the increasing trend of urbanization and the surge in
consumers’ purchasing powers are projected to propel this market
over the forthcoming years. However, the easy availability of cheap
substitutes may hamper the market’s growth in the near future. The
negative publicity, due to false claims, has affected the reputation
of protein supplements severely, which is also expected to limit
their demand over the next few years.
Nonetheless,
the increasing expansion of this market in emerging economies,
enticed by the increasing demand for protein supplements from
health-conscious young population, and the strengthening of
distribution channels in various regional markets are anticipated to
help the overall market in fighting against these restriction in the
years to come, notes the research study.
North
America to Gain from Increasing Interest of Consumers in Healthy
Living and Healthy Eating
Dominated
by North America, the worldwide market for protein supplements finds
its other prime regional markets in Asia Pacific excluding Japan
(APEJ), Japan, Europe, and the Middle East and Africa (MEA). People
in North America are increasingly being drawn towards healthy living
and healthy eating. Together with, the high level of disposable
incomes that enables them to afford expensive healthcare products,
they have begun to include protein supplements in their daily diet.
This,
as a result, is having extremely good effect on the North America
market for protein supplements and is expected to continue doing so
over the next few years. The presence of a large pool of protein
supplement vendors in the U.S. is also projected to support this
regional market in the years to come, states the research report.
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