July 25, 2024
Protein Supplements Market

Protein Supplements Market: Growing Product Demand To Drive Market Growth

Market Overview:

Protein supplements are dietary supplements that provide a convenient and efficient way to increase protein intake. These supplements are commonly used by athletes, bodybuilders, and fitness enthusiasts to support muscle growth, aid in recovery, and enhance overall performance. The growing awareness about the health benefits of protein supplements, such as improved muscle strength, weight management, and enhanced immune function, is driving their demand in the market.

The global Protein Supplements Market Size is estimated to be valued at US$ 25.54 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period of 2023 to 2030, according to a new report published by Coherent Market Insights.

Market Key Trends:

One key trend in the Protein Supplements market is the increasing adoption of plant-based protein supplements. With the rise in veganism and the growing preference for plant-based diets, consumers are seeking alternatives to animal-based protein sources. Plant-based protein supplements, derived from sources like peas, soybeans, and brown rice, offer a sustainable and ethical choice.

These supplements provide a complete amino acid profile, making them suitable for muscle building and post-workout recovery. Furthermore, plant-based protein supplements are often free from common allergens, such as lactose and gluten, making them accessible to a wider consumer base. The growing demand for plant-based protein supplements presents a significant opportunity for manufacturers in the market.

Porter’s Analysis

Threat of new entrants: The protein supplements market is highly attractive and lucrative, which may encourage new entrants. However, the high level of competition and the need for significant investments in research and development, marketing, and distribution create barriers to entry.

Bargaining power of buyers: The bargaining power of buyers in the protein supplements market is moderate. While there are many buyers in the market, their individual purchase volumes may not be significant enough to exert significant bargaining power. However, the availability of alternative products and the ease of switching to other brands may give buyers some leverage.

Bargaining power of suppliers: The bargaining power of suppliers in the protein supplements market is low. The market is characterized by numerous suppliers offering a wide range of ingredients and raw materials at competitive prices. Suppliers may also face competition from alternative sources, giving buyers more options and reducing supplier power.

Threat of new substitutes: The threat of new substitutes in the protein supplements market is moderate. While there may be alternative sources of protein in the form of whole foods, protein supplements offer convenience and a concentrated dose of protein that may not be easily replaced. However, the availability and promotion of alternative protein sources may pose a threat to the market.

Competitive rivalry: The competitive rivalry in the protein supplements market is high. The market is crowded with numerous players, including multinational companies and smaller niche players. Intense competition exists in terms of product innovation, pricing, marketing strategies, and distribution networks. Differentiation and brand reputation are essential for companies to gain a competitive edge.

Key Takeaways

The global protein supplements market is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period. This growth can be attributed to increasing consumer awareness about the importance of protein in the diet for muscle growth, recovery, and overall health. Additionally, the rising popularity of fitness and sports activities, along with the growing trend of personal fitness and wellness, is driving the demand for protein supplements.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the protein supplements market. The increasing adoption of a healthy lifestyle and the presence of a large number of fitness enthusiasts and athletes in the region are driving the demand for protein supplements. Furthermore, the well-established distribution channels, extensive marketing, and easy availability of a wide range of protein supplement products contribute to the growth of the market in North America.

Key players operating in the protein supplements market include Mondelez Company, Meiji Holdings Co Ltd., Quest Nutrition LLC, MusclePharm Corporation, Post Holdings Inc., Nestlé SA, Abbott Laboratories, Scitec Nutrition, The Hut Group, Glanbia PLC, Weider Global Nutrition LLC, and Iovate Health Sciences International Inc. These players are focusing on product innovation, strategic partnerships, mergers and acquisitions, and geographical expansion to gain a competitive advantage in the market.

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Source: Coherent Market Insights, Public sources, Desk research

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