Protein Powder Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

The protein powder market size is projected to reach US$ 39.15 billion by 2031 from US$ 24.39 billion in 2023. The market is expected to register a CAGR of 6.1% during 2023–2031. Growing demand for plant-based protein powders and increased heath awareness are likely to remain key trends in the market.

Protein Powder Market Analysis

Several key factors can be attributed to the growing demand for protein powder global. Firstly, the benefits of consuming protein powder have increased awareness regarding the importance of protein in one’s diet. Protein is made up of essential amino acids, which are helpful for muscle recovery and growth, making it highly popular among athletes, bodybuilders, and fitness enthusiasts. As people aim to achieve their fitness goals, they often take up protein powder to conveniently meet their daily protein requirements. Secondly, there has been significant growth in the demand of plant-based protein alternatives which has further boosted the demand for protein powder. Many individuals are adopting plant-based or vegan lifestyles, which is not fulfilled by conventional protein sources. As a result, plant-based protein powders, usually derived from peas, rice, and hemp, have gained significant popularity among the population. This shift toward plant-based options has expanded the opportunities for protein powder market to cater to a broader and more diverse consumer base.

Protein Powder Market Overview

The protein powder market has been growing significantly during the forecast period. North America has emerged as a major contributor towards this growth, due to increasing number of fitness enthusiasts in the region. Additionally, the demand for plant-based proteins from sources like microalgae and duckweed has been increased drastically, while also seeking transparent packaging that clearly lists all ingredients and their sources. This trend signifies a shift towards more sustainable and natural products, driven by consumer preferences for transparency and recognizable ingredients. It presents opportunities for companies to innovate in plant-based protein products and packaging to meet these evolving consumer demands.

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Protein Powder Market: Strategic Insights

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Protein Powder Market Drivers and Opportunities

Convenience and Versatility of Protein Powder to Favor Market

The convenience and versatility of protein powder have made it an attractive option for those with busy lifestyles. It offers a quick and efficient way to increase daily protein intake without having a wide variety of meal preparations. Additionally, the COVID-19 pandemic has accelerated the demand for protein powder as more people tuned to home workouts and sought accessible solutions to maintain their fitness and nutrition routines while gyms were temporarily closed.

Expanding Consumer Base and Product Diversification

The protein powder market offers significant opportunities for growth and diversification. There is a rising demand for a wide range of protein powders tailored to different dietary preferences and lifestyles, with a broadening consumer base, including health-conscious individuals, and fitness enthusiasts. This presents opportunities for manufacturers to develop new products, such as plant-based protein powder options and personalized protein formulations, as well as emphasizing the benefits of protein in overall health and wellness.

Protein Powder Market Report Segmentation Analysis

Key segments that contributed to the derivation of the protein powder market analysis are product type, category, and distribution channel.

• Based on product type, the protein powder market is segmented into soy protein powder, pea protein powder, casein protein powder, whey protein powder, and others. The whey protein segment held a largest market share in 2023.
• By category, the market is divided into organic and conventional. The conventional segment held the significant share of the market in 2023.
• In terms of distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment held the largest share of the market in 2023.

Protein Powder Market Share Analysis by Geography

The geographic scope of the protein powder market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the market. Nearly 40-45% of population in US consume protein powder on daily basis to support their diet. Due to increasing health awareness and growing fitness industry in the region, North America held the largest share in 2023. An inclination toward plant protein alternatives and the presence of global market players are factors contributing to the dominance of the market. Asia Pacific is expected to grow with the highest CAGR in the coming years.

Protein Powder Market News and Recent Developments

The protein powder market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the protein powder market are listed below:

• Abbott announced the launch of a new brand of protein shakes named Protality. While there are plenty of protein shakes on the market, these particular shakes are designed to be used by people taking weight loss drugs. (Source: Abbott, Press Release, Jan 2024)
• Optimum Nutrition, the world's #1 sports nutrition brand is excited to announce the launch of Clear Protein - a brand new product that uses cutting-edge technology to create a clear protein shake. (Source: Glanbia, Press Release, Oct 2023)

Protein Powder Market Report Coverage and Deliverables

The “Protein Powder Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Protein powder market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Protein powder market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Protein powder market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the protein powder market
• Detailed company profiles

Market Players Density: Understanding Its Impact on Business Dynamics

The Protein Powder Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Protein Powder Market are:

1. Glanbia Performance Nutrition
2. Iovate Health Sciences International Inc.
3. Bio-Engineered Supplements and Nutrition Inc.
4. Dymatize Nutrition
5. The Hut Group
6. Nature

Disclaimer: The companies listed above are not ranked in any particular order.

Protein Powder Market Report Scope