Protein Supplements Market – Growth, Trends, Impact of COVID-19 and Forecast (2022)
The global protein supplement market is expected to grow at a CAGR of 7.8% during the forecast period (2022-2027). Protein supplements are popular among gym fanatics and fitness enthusiasts because they influence various aspects of the body such as muscle growth, metabolism, energy levels, heart health, and weight management.
New York, Sept. 27, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Protein Supplements Market – Growth, Trends, Impact of COVID-19 and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06321509/?utm_source=GNW
The diversity of protein supplements, in terms of claims, protein content, sources, forms and flavors, caters to a wide group of consumers worldwide and is actively driving the market. It is also expected to continue gaining momentum over the forecast period. Additionally, the growing demand for plant-based proteins is expected to push manufacturers to offer organic and own-brand protein supplements through the market channels.
With the onset of Covid-19, protein supplements have gained prominence for their apparent ability to boost immunity. According to a two-week survey conducted by Glanbia PLC, a leading producer of nutritional products, in April 2020 to track the impact of COVID-19 on consumer spending on food and nutrition products in the United States, the percentage of respondents who consumed protein bars to stay healthy and boost immunity increased from 21% in week 1 to 23% in week 2 of March 2020. Consumption of ready-to-drink protein shakes also increased significantly increased after the pandemic.
“Furthermore, the growing prominence of sports activities, celebrity endorsements, international sports and fitness events, social media influencers and various government initiatives and campaigns are encouraging consumers to participate in various fitness and fitness related activities. sport, thus contributing to increased expenses in maintaining a healthy lifestyle.
However, government scrutiny in the sports nutrition category, including protein supplements, continues to affect the types of products introduced to the market. The lack of appropriate guidelines and regulatory framework has led to numerous recalls of protein supplements.
Main market trends
Market diversity and product innovation are driving demand for protein supplements
Protein has become a popular macronutrient among all consumers, including athletes looking for a competitive edge, seniors looking to maintain muscle mass, and busy people opting for meal replacement protein bars and shakes. , among other types of protein supplements. Trends in specialty diets, such as Paleo, Ketogenic, and Whole30, which emphasize fat and protein over carbs and sugar, have forced increasing numbers of people to assess their protein intake. and to seek new sources, which in turn further support the demand for protein supplements. worldwide. Meanwhile, commitments to active living and healthy aging are pushing the protein supplement market in new directions. As consumers from diverse backgrounds with different health goals, lifestyles and values continue to add more protein to their diets, companies have formulated innovative protein supplements and other functional nutrition products to high in protein and in multiple flavors to meet growing demand. For example, in March 2022, MusclePharm, a global provider of branded sports nutrition and lifestyle nutritional supplements, launched a line of whey protein-rich drinks (ready-to-drink protein drinks) with over 20g of protein, in several, without sugar. the flavours.
Asia-Pacific holds a significant share of the market
The Asia-Pacific region holds a major share of the market studied and has been growing rapidly in recent years due to a higher percentage of young consumers and increasing levels of disposable income. China is expected to lead the region’s growth, thanks to government initiatives promoting increased participation in sports and fitness activities as a way for residents to lead active and healthier lives. The growing emergence and penetration of various sports leagues, including the Chinese Super League and the ASEAN Basketball League, are creating a culture of fitness and active lifestyles, thereby boosting the supplement market protein in China. In many Asian countries, there has been a noticeable shift in consumer lifestyles as a larger population participates more frequently in sports, marathons, gyms, fitness clubs, and trekking activities to maintain their physical form. This trend has led an increasing number of consumers to adopt many protein supplement products, whether before or after workouts. For example, according to a study published by Food Science and Nutrition Technology, in Malaysia around 73.7% of consumers preferred protein shakes and 68.3% of consumers preferred whey protein among exercised supplement users. in the gym in 2021.
The global protein supplements market is fragmented with the presence of a number of regional and global players. Players with substantial market shares include Glanbia PLC, Mondelez International Inc., Meiji Holdings Company, Post Holdings, Inc., and The Hut Group. Companies are increasing their investments in research and development (R&D) and marketing and expanding their distribution channels to maintain their position in the market. In addition, they adopt competitive strategies by investing more to develop products according to the tastes and preferences of the new generation of customers. Apart from a strong product portfolio, the companies use various corporate strategies such as partnerships, mergers and acquisitions to enter the protein supplement market. For example, in November 2021, Six Star Pro Nutrition announced a partnership with United States National Soccer Team player and European star Weston McKennie to promote active eating on and off the field.
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