Protein Supplements Market Size, Share, Forecast, & Trends Analysis by Product (Powder, RTD, Bar), Source (Animal-based {Whey}, Plant-based {Soy}), Application (Sports Nutrition), Distribution Channel (Online, Specialty Stores)

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Protein Supplements Market Size, Share, Forecast, & Trends Analysis by Product (Powder, RTD, Bar), Source (Animal-based {Whey}, Plant-based {Soy}), Application (Sports Nutrition), Distribution Channel (Online, Specialty Stores)-Global Forecast to 2031

According to a new market research report titled, 'Protein Supplements Market Size, Share, Forecast, & Trends Analysis by Product (Powder, RTD, Bar), Source (Animal-based {Whey}, Plant-based {Soy}), Application (Sports Nutrition), Distribution Channel (Online, Specialty Stores)-Global Forecast to 2031,' by Meticulous Research(R), the protein supplements market is projected to reach $43.17 billion by 2031, at a CAGR of 8.8% from 2024 to 2031. The report provides an in-depth analysis of the protein supplements market across five major geographies, current market trends, size, and recent developments, and the forecast for 2031.

Succeeding extensive secondary and primary research and an in-depth analysis of the market scenario, the report conducts the impact analysis of the key industry drivers, restraints, opportunities, challenges, and trends.

The growth of the protein supplements market is primarily driven by the increasing demand for sports nutrition supplements, rising interest in plant-based nutrition, increasing consumer awareness regarding health and wellness, and rising product innovations in protein supplements. However, the threat of counterfeit products is expected to hinder the market growth to a certain extent. On the other hand, the misconception about consuming protein supplements poses a challenge to market expansion.

Moreover, the increasing demand for personalized nutrition and expansion into emerging economies are expected to offer growth opportunities for the players operating in this market. Additionally, the growing preference for online purchases and the rising popularity of vegan protein supplements are major trends in the protein supplements market.

Key Players

The key players operating in the protein supplements market are Glanbia plc (Ireland), The Simply Good Foods Company (U.S.), Iovate Health Sciences International Inc. (Canada), Amway Corporation (U.S.), PepsiCo, Inc. (U.S.), THG PLC (U.K.), Mondelez International, Inc. (U.S.), Herbalife Ltd. (U.S.), NOW Health Group, Inc. (U.S.), Meiji Holdings Co., Ltd. (Japan), Woodbolt Distribution, LLC (U.S.), FitLife Brands, Inc. (U.S.), Orgain, Inc. (U.S.), and Post Holdings, Inc. (U.S.).

Based on product, the protein supplements market is segmented into protein powder, ready-to-drink, protein bar, and others. In 2024, the protein powder segment is expected to account for the largest share of 63.8% of the protein supplements market. The large market share of this segment can be attributed to its higher adoption due to ease of handling, cost efficiency, comparatively lower additional ingredients like sugar, additives, and preservatives, and competence to maintain the stability of the ingredients. Furthermore, the growing consumer demand for plant-based protein powders is expected to boost demand for protein powder.

However, the ready-to-drink segment is projected to witness the highest growth rate of 9.3% during the forecast period of 2024-2031. This growth is driven by factors such as growing consumer preferences for convenience, the rising popularity of plant-based protein beverages, and changing consumer preferences & lifestyles. Ready-to-drink (RTD) protein beverages offer a quick, on-the-go solution for consumers seeking to meet their daily protein needs without the hassle of preparation.

Based on source, the protein supplements market is segmented into animal-based, plant-based, spirulina protein, and others. In 2024, the animal-based segment is expected to account for the largest share of the protein supplements market. The large market share can be attributed to the increasing demand for whey protein powder, rising demand for high-value proteins, nutritional benefits of animal protein, and increasing demand for sports nutrition. Furthermore, animal-based proteins, such as whey and casein, are known for their high biological value and essential amino acid profiles, making them popular among consumers seeking muscle growth, athletic performance, and overall health benefits.

Based on application, the protein supplements market is segmented into sports nutrition and additional nutrition. In 2024, the sports nutrition segment is expected to account for the larger share of the protein supplements market. The large market share of this segment can be attributed to the growing demand from athletes, bodybuilders, and fitness enthusiasts seeking to enhance athletic performance, build muscle, and support muscle recovery. Furthermore, this segment is slated to register a higher CAGR during the forecast period due to the increasing consciousness regarding the benefits of a balanced and nutrient-rich diet, as well as the role protein supplements play in weight management and lean muscle growth. As more individuals prioritize their health and fitness goals, the demand for protein supplements within the sports nutrition segment is expected to grow.

Based on distribution channel, the protein supplements market is segmented into supermarkets & hypermarkets, online stores, pharmacies/drug stores, and specialty stores. In 2024, the online stores segment is expected to account for the largest share of the protein supplements market. The large market share of this segment can be attributed to the increasing preference for online shopping among consumers, the convenience offered by online platforms, the growing preference for personalization, contactless shopping, easy price comparisons between brands, availability of different brands, and the advantage of greater discounts compared to offline stores. Additionally, this segment is projected to register the highest CAGR during the forecast period due to the increasing consumer demand for direct-to-consumer protein supplement brands and new product innovations with new flavors and ingredients.

Based on geography, the protein supplements market is divided into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of 50.5% of the protein supplements market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The large share of this market is mainly attributed to the growing number of fitness activities, higher adoption of nutritional supplements, increased health consciousness among consumers, easy availability of protein supplement products, and increasing prevalence of health concerns. Furthermore, the increasing adoption of plant-based protein supplements is expected to drive the demand for protein supplements in the U.S.

Key Questions Answered in the Report:

What are the historical market sizes and growth rates of the protein supplements market?
At what rate is the protein supplement demand projected to grow over the next 5-7 years?
What are the major factors impacting market growth at the regional and country levels? What are the opportunities for existing players and new entrants in the market?
Which segments, in terms of product, source, application, and distribution channel, are expected to create traction for the manufacturers in this market during the forecast period 2024-2031?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the players operating in the protein supplements market during the forecast period 2024-2031?
Who are the major players in the protein supplements market? What are their specific product offerings in this market?
What are the recent strategic developments in the protein supplements market? What are the impacts of these strategic developments on the market?

Scope of the Report:

Protein Supplements Market Assessment-by Product

Protein Powder
Ready-to-Drink (RTD)
Protein Bars
Others

Protein Supplements Market Assessment-by Source

Animal-based
- Whey Protein
- Casein
- Egg Protein
- Fish Protein
- Other Animal-based Proteins
Plant-based
- Soy Protein
- Rice Protein
- Pea Protein
- Pumpkin Seed Protein
- Hemp Protein
- Wheat Protein
- Other Plant-based Proteins
Spirulina Protein
Other Sources

Protein Supplements Market Assessment-by Application

Sports Nutrition
Additional Nutrition

Protein Supplements Market Assessment-by Distribution Channel

Online Stores
Supermarkets & Hypermarkets
Pharmacies/Drug Stores
Specialty Stores

Protein Supplements Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Netherlands
- Poland
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
Middle East & Africa
- United Arab Emirates
- South Africa
- Saudi Arabia
- Rest of the Middle East & Africa

Product Code: MRFB - 1041168

1. Introduction

1.1. Market Definition & Scope
1.2. Market Ecosystem
1.3. Currency
1.4. Key Stakeholders

2. Research Methodology

2.1. Research Approach
2.2. Process of Data Collection and Validation
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders of the Industry
2.3. Market Sizing and Forecast
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study

3. Executive Summary

3.1. Overview
3.2. Segmental Analysis
- 3.2.1. Protein Supplements Market Analysis: by Product
- 3.2.2. Protein Supplements Market Analysis: by Source
- 3.2.3. Protein Supplements Market Analysis: by Application
- 3.2.4. Protein Supplements Market Analysis: by Distribution Channel
3.3. Regional Analysis
3.4. Market Competitors & Competitive Landscape

4. Market Insights

4.1. Overview
4.2. Drivers
- 4.2.1. Increasing Demand for Sports Nutrition Supplements
- 4.2.2. Rising Interest in the Plant-Based Nutrition
- 4.2.3. Increasing Consumer Awareness Regarding Health and Wellness
- 4.2.4. Rising Product Innovations in Protein Supplements
4.3. Restraints
- 4.3.1. Threat of Counterfeit Products
4.4. Opportunities
- 4.4.1. Increasing Demand for Personalized Nutrition
- 4.4.2. Expansion into Emerging Economies
4.5. Key Trends
- 4.5.1. Growing Preference for Online Purchases
- 4.5.2. Rising Popularity of Vegan Protein Supplements
4.6. Challenges
- 4.6.1. Misconception Around Consuming Protein Supplements
4.7. Porter's Five Forces Analysis
- 4.7.1. Bargaining Power of Suppliers
- 4.7.2. Bargaining Power of Buyers
- 4.7.3. Threat of Substitutes
- 4.7.4. Threat of New Entrants
- 4.7.5. Degree of Competition

5. Protein Supplements Market Assessment-by Product

5.1. Overview
5.2. Protein Powder
5.3. Ready-to-Drink (RTD)
5.4. Protein Bars
5.5. Others

6. Protein Supplements Market Assessment-by Source

6.1. Overview
6.2. Animal-based
- 6.2.1. Whey Protein
- 6.2.2. Casein
- 6.2.3. Egg Protein
- 6.2.4. Fish Protein
- 6.2.5. Other Animal-based Proteins
6.3. Plant-based
- 6.3.1. Soy Protein
- 6.3.2. Rice Protein
- 6.3.3. Pea Protein
- 6.3.4. Pumpkin Seed Protein
- 6.3.5. Hemp Protein
- 6.3.6. Wheat Protein
- 6.3.8. Other Plant-based Proteins
6.4. Spirulina Protein
6.5. Other Sources

7. Protein Supplements Market Assessment-by Application

7.1. Overview
7.2. Sports Nutrition
7.3. Additional Nutrition

8. Protein Supplements Market Assessment-by Distribution Channel

8.1. Overview
8.2. Online Stores
8.3. Supermarkets & Hypermarkets
8.4. Pharmacies/Drug Stores
8.5. Specialty Stores

9. Protein Supplements Market Assessment-by Geography

9.1. Overview
9.2. North America
- 9.2.1 U.S.
- 9.2.2. Canada
9.3. Europe
- 9.3.1. Germany
- 9.3.2. U.K.
- 9.3.3. France
- 9.3.4. Italy
- 9.3.5. Spain
- 9.3.6. Russia
- 9.3.7. Netherlands
- 9.3.8. Poland
- 9.3.9. Rest of Europe
9.4. Asia-Pacific
- 9.4.1. China
- 9.4.2. India
- 9.4.3. Japan
- 9.4.4. Australia
- 9.4.5. South Korea
- 9.4.6. Rest of Asia-Pacific
9.5. Latin America
- 9.5.1. Brazil
- 9.5.2. Mexico
- 9.5.3. Argentina
- 9.5.4. Rest of Latin America
9.6. Middle East & Africa
- 9.6.1. United Arab Emirates
- 9.6.2. South Africa
- 9.6.3. Saudi Arabia
- 9.6.4. Rest of Middle East & Africa

10. Competition Analysis

10.1. Overview
10.2. Key Growth Strategies
10.3. Competitive Benchmarking
10.4. Competitive Dashboard
- 10.4.1. Industry Leaders
- 10.4.2. Market Differentiators
- 10.4.3. Vanguards
- 10.4.4. Emerging Companies

11. Company Profiles

11.1. Glanbia Plc
11.2. The Simply Good Foods Company
11.3. Iovate Health Sciences International Inc.
11.4. Amway Corporation
11.5. THG PLC
11.6. PepsiCo, Inc.
11.7. Meiji Holdings Co., Ltd.
11.8. Mondelez International, Inc.
11.9. Herbalife Ltd.
11.10. NOW Health Group, Inc.
11.11. Woodbolt Distribution, LLC
11.12. FitLife Brands, Inc.
11.13. Orgain, Inc.
11.14. Post Holdings, Inc.

(Note: SWOT Analysis of the Top 5 Companies Will Be Provided)

12. Appendix

12.1. Available Customization
12.2. Related Reports