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Protein Supplements Global Market Report 2023
Major players in the protein supplements market are GlaxoSmithKline (GSK), Glanbia PLC, ABBOTT LABORATORIES (ABBOTT), Amway Corporation, Herbalife International of America, Inc., PepsiCo, AMCO Proteins, QuestNutrition, GNC Holdings, Maker Nutrition LLC, SUPPLEFORM, Vitaco Health Limited, Garden of Life, Melaleuca Inc.
New York, March 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Protein Supplements Global Market Report 2023" - https://www.reportlinker.com/p06320084/?utm_source=GNW
, Atlantic Multipower UK Limited, International Dehydrated Foods, Inc., Scitec Nutrition, and BRF.
The global protein supplements market grew from $18.75 billion in 2022 to $20.62 billion in 2023 at a compound annual growth rate (CAGR) of 10.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The protein supplements market is expected to grow to $29.51 billion in 2027 at a CAGR of 9.4%.
The protein supplements market consists of sales of soybean meal, essential amino acid, protein intake, proteins, amino acids, whey protein.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The protein supplements refer to a nutritional supplement that contains protein and is intended to supplement the diet.Protein supplement helps in building muscle, repairing tissue, and producing enzymes and hormones.
It also aids in weight loss and assists in toning of muscles for athletes.
North America was the largest region in the protein supplements market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the protein supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of protein supplements include protein powder, protein bar, and ready-to-drink.Protein powder refers to powdered forms of protein that are derived from plants (soybeans, peas, rice, potatoes, or hemp), eggs, or milk (casein or whey protein).
Other components such as extra sugar, artificial flavors, thickeners, vitamins, and minerals are added to enhance the flavor and functionality of the powder.Based on raw material, the protein supplements are differentiated by casein protein supplements, whey protein supplements, egg protein supplements, MPC protein supplements, and soy protein supplements.
The animal-derived and plant-derived protein supplements are sold through ssupermarkets& hypermarkets, online stores, and drug stores.
The rise in customer preference for food supplements is driving the protein supplements market.Food Supplements are intended to make up for dietary deficiencies among individuals through their regular diet.
The desire to lead active and healthy lifestyles has increased participation in sports and fitness activities, driving the demand for food supplements, especially protein supplements.According to the Council for Responsible Nutrition survey 2020, a US-based trade association for ingredient suppliers and manufacturers in the dietary supplement industry, approximately 43% of supplement users have altered their supplement regimens after the pandemic, whereas 91% of these users report an increase in supplement intake, including the addition of new supplements to an existing routine (46%), the taking of the same supplements more frequently (25%), or the increasing of doses (22%).
Thus, an increase in customer preference for food supplements is expected to boost the demand for protein supplements during the forecast period.
Strategic partnership is a key trend gaining popularity in the protein supplements market.The companies operating in the protein supplement sector are focusing on entering into strategic partnerships to expand their market reach and leverage each other’s resources in new product development & marketing activities.
In October 2021, a New Jersey-based company that creates collagen supplements entered into a partnership with Entenmann’s, owed by Bimbo Bakeries USA.The partnership aims to create a new collagen protein powder with Entenmann’s chocolate chip cookies as inspiration.
Entenmann is a US-based company that manufactures and delivers baked goods.
In February 2022, Nestle Health Sciences, a Switzerland-based provider of nutrition solutions, diagnostics devices, and drugs for specific target areas acquired a majority stake in Orgain, for an undisclosed amount.Through this, Nestle is focused on expanding its product portfolio in the plant-based protein supplement sector and enhancing its business presence in the fast-growing plant-based product sector across the globe.
Orgain is a California-based provider of plant-based nutritional products.
The countries covered in the protein supplements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The protein supplements market research report is one of a series of new reports that provides protein supplements market statistics, including protein supplements industry global market size, regional shares, competitors with a protein supplements market share, detailed protein supplements market segments, market trends and opportunities, and any further data you may need to thrive in the protein supplements industry. This protein supplements market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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