Protein Powder Market Trends and Forecast (2024-2031)
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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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Protein Powder Market: Strategic Insights
Shejal
Have a question?
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The global protein powder market is estimated to register a CAGR of 6.1 % during the forecast period 2023–2031.
The driving factors impacting the protein powder market are increasing health awareness, and growing fitness industry.
The future trend of the protein powder market is the growing demand for plant protein in the industry.
Glanbia Performance Nutrition; Iovate Health Sciences International Inc.; Bio-Engineered Supplements and Nutrition Inc.; Dymatize Nutrition; The Hut Group; Nature’s Best; Quest Nutrition; Nestle Health Science; Danone; and Orgain.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
1.Glanbia Plc
2.MusclePharm
3.Abbott
4.CytoSport Inc
5.QuestNutrition LLC
6.Iovate Health Sciences International Inc
7.The Bountiful Company
8.AMCO Proteins
9.Now Foods
10.Transparent Labs
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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