Protein Supplements Market: Emerging Economies to Serve as Lucrative Markets for Protein Supplements

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 2022, reaching 2.84 bn by 2022.

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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 2022, 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.

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.

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.

Protein Supplements Market: Untapped Potential of Emerging Economies to Create Growth Opportunities

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.