The protein supplements market size is projected to reach US$ 97.10 billion by 2031 from US$ 56.59 billion in 2023. The market is expected to register a CAGR of 7.0% in 2023–2031. Increasing preference for personalized nutrition solutions and availability of customized protein supplements tailored to an individual’s health goal are likely to remain the key protein supplements market trends.
Protein Supplements Market Analysis
Protein supplements play an important role in meeting the daily protein requirements of an individual engaged in active lifestyle and sports. Protein supplements help in muscle recovery, and body toning, and promote muscle growth. The rising health awareness and increased participation in fitness and sports activities are driving the demand for protein supplements. Protein supplements such as protein powders, RTD protein shakes, and others also increase the endurance and overall performance of an athlete. These supplements also aid in weight loss and improve cardio performance. The growing inclination of people toward developing muscles is driving the growth of the protein supplements market. Moreover, the increasing number of participations in gyms, fitness centers, and yoga clubs is also driving the demand for protein supplements across the globe. Further, as veganism is surging, there is a strong growth potential for plant-based protein supplements, which is expected to open new growth opportunities in the coming years.
Protein Supplements Market Overview
Protein supplements help in fulfilling an individual’s protein requirements, usually to promote muscle growth, recovery, and overall wellness. They come in various forms, including tablets and capsules, powders, protein bars, and ready-to-drink protein shakes, each having its advantages. Protein powders are the most commonly available protein supplements, obtained from various sources including dairy and non-dairy based. Whey, casein, soy, and peas are the most widely used protein sources for manufacturing protein supplements. These powders are consumed by mixing with water or other beverages after working out to support muscle recovery or meet daily protein intake. Nowadays, innovative forms of protein supplements including protein bars and RTD protein shakes are becoming popular among consumers due to the variety of flavors and the convenience of consuming them on-the-go. Such products are expected to witness extensive consumer demand in the coming years.
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Protein Supplements Market: Strategic Insights
Market Size Value in US$ 53.47 billion in 2022 Market Size Value by US$ 90.03 billion by 2030 Growth rate CAGR of 6.7% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Protein Supplements Market: Strategic Insights
| Market Size Value in | US$ 53.47 billion in 2022 |
| Market Size Value by | US$ 90.03 billion by 2030 |
| Growth rate | CAGR of 6.7% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Protein Supplements Market Drivers and Opportunities
Rising Consumer Awareness Regarding Health and Nutrition to Favor Market
The growth of the protein supplements market is majorly driven by rising consumer awareness regarding health and fitness. As people become more health-conscious, the importance of protein in building muscle and post-workout recovery is increasing. Protein is a crucial nutrient for muscle maintenance, growth, and weight management. This has led to increased demand for protein supplements for fitness enthusiasts, athletes, sportsmen, and the general population. Due to the penetration of the internet and smartphones, people are spending more time online, browsing articles and blogs on fitness and diet which is also driving the demand for protein supplements, bolstering the market growth. Further, the rising influence of social media and celebrity-influenced fitness trends on the lifestyle of people along with increasing celebrity endorsements for protein supplement brands are favoring the growth of the protein supplements market.
Rapidly Expanding Consumer Base and Product Diversification – An Opportunity
The rising customer base and product innovation present significant growth opportunities for the protein supplements market. With expanding health-conscious individuals, there is a rising demand for customized protein supplements that fulfill different health goals of individuals. This creates opportunities for manufacturers of protein supplements to develop customized solutions to cater to different health requirements, such as personalized formulation. Moreover, with the booming e-commerce sector, companies are designing their direct-to-consumer websites that expand their customer reach and offer personalized shopping experiences, enhancing the market potential.
Protein Supplements Market Report Segmentation Analysis
Key segments that contributed to the derivation of the protein supplements market analysis are product type, source, and distribution channel.
- Based on product type, the protein supplements market is divided into tablets and capsules, powder, liquid, and others. The powder segment held a larger market share in 2023.
- By source, the market is segmented into plants and animals. The animals segment held the largest share of the market in 2023.
- In terms of distribution channel, the market is divided into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment dominated the market in 2023.
Protein Supplements Market Share Analysis by Geography
The geographic scope of the protein supplements market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America dominated the global protein supplements market. Europe is a second major contributor, holding a significant global market share. Asia Pacific is expected to register a considerable CAGR during 2023–2031. North America has dominated the protein supplements market share in 2023. The emerging fitness and wellness culture in the US and Canada, majority of the population actively engaged in fitness activities, yoga, Pilates, bodybuilding, and sports, are driving the demand for protein supplements to support muscle growth and recovery. Additionally, the region’s well-developed sports nutrition industry and easy availability of health and fitness products have increased the access to protein supplements among consumers. Moreover, effective marketing strategies, including celebrity endorsements, and endorsements by sportsmen and athletes have further triggered the demand for protein supplements in North America. The stringent food and drug safety regulations in North America, especially in the US also contribute increased level of trust in the safety and effectiveness of protein supplements, driving market growth in the region.
Protein Supplements Market Report Scope
Protein Supplements Market News and Recent Developments
The protein supplements market is evaluated by gathering qualitative and quantitative data post post-primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
- Centrum, Multivitamin Brand marketed by Haleon (erstwhile GlaxoSmithKline Consumer Healthcare) announced the launch of Multivitamin & Protein Powders as an extension to its existing portfolio of tablets and gummies (Source: Nuffoods Spectrum, Press Release, 2023)
- Herbalife, a premier health and wellness company and community, announced today the launch of the Herbalife GLP-1 Nutrition Companion, a new range of food and supplement product combos fueled by the #1 Protein Shake in the World and intended to support the nutritional needs of individuals on GLP-1 and other weight-loss medications. Herbalife’s Classic and Vegan options are now available in the United States and Puerto Rico in a variety of flavors. (Herbalife, Press Release, 2024)
Protein Supplements Market Report Coverage and Deliverables
The “Protein Supplements Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Source, and Distribution Channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Protein Supplements Market - By Product Type
1.3.2 Protein Supplements Market - By Source
1.3.3 Protein Supplements Market - By Distribution Channel
1.3.4 Protein Supplements Market - By End-Use Supplements
1.3.5 Protein Supplements Market - By Region
1.3.5.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PROTEIN SUPPLEMENTS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. PROTEIN SUPPLEMENTS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. PROTEIN SUPPLEMENTS MARKET - GLOBAL MARKET ANALYSIS
6.1. PROTEIN SUPPLEMENTS - GLOBAL MARKET OVERVIEW
6.2. PROTEIN SUPPLEMENTS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. PROTEIN SUPPLEMENTS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT TYPE
7.1. OVERVIEW
7.2. PRODUCT TYPE MARKET FORECASTS AND ANALYSIS
7.3. CASEIN PROTEIN SUPPLEMENTS
7.3.1. Overview
7.3.2. Casein Protein Supplements Market Forecast and Analysis
7.4. WHEY PROTEIN SUPPLEMENTS
7.4.1. Overview
7.4.2. Whey Protein Supplements Market Forecast and Analysis
7.5. EGG PROTEIN SUPPLEMENTS
7.5.1. Overview
7.5.2. Egg Protein Supplements Market Forecast and Analysis
7.6. MPC PROTEIN SUPPLEMENTS
7.6.1. Overview
7.6.2. MPC Protein Supplements Market Forecast and Analysis
7.7. SOY PROTEIN SUPPLEMENTS
7.7.1. Overview
7.7.2. Soy Protein Supplements Market Forecast and Analysis
7.8. OTHERS
7.8.1. Overview
7.8.2. Others Market Forecast and Analysis
8. PROTEIN SUPPLEMENTS MARKET - REVENUE AND FORECASTS TO 2028 - SOURCE
8.1. OVERVIEW
8.2. SOURCE MARKET FORECASTS AND ANALYSIS
8.3. ANIMAL
8.3.1. Overview
8.3.2. Animal Market Forecast and Analysis
8.4. PLANT
8.4.1. Overview
8.4.2. Plant Market Forecast and Analysis
9. PROTEIN SUPPLEMENTS MARKET - REVENUE AND FORECASTS TO 2028 - DISTRIBUTION CHANNEL
9.1. OVERVIEW
9.2. DISTRIBUTION CHANNEL MARKET FORECASTS AND ANALYSIS
9.3. ONLINE STORES
9.3.1. Overview
9.3.2. Online Stores Market Forecast and Analysis
9.4. SUPERMARKETS AND HYPERMARKETS
9.4.1. Overview
9.4.2. Supermarkets and Hypermarkets Market Forecast and Analysis
9.5. CONVENIENCE STORES
9.5.1. Overview
9.5.2. Convenience Stores Market Forecast and Analysis
9.6. DRUG STORES
9.6.1. Overview
9.6.2. Drug Stores Market Forecast and Analysis
9.7. OTHERS
9.7.1. Overview
9.7.2. Others Market Forecast and Analysis
10. PROTEIN SUPPLEMENTS MARKET - REVENUE AND FORECASTS TO 2028 - END-USE SUPPLEMENTS
10.1. OVERVIEW
10.2. END-USE SUPPLEMENTS MARKET FORECASTS AND ANALYSIS
10.3. POWDER SUPPLEMENTS
10.3.1. Overview
10.3.2. Powder Supplements Market Forecast and Analysis
10.4. BARS
10.4.1. Overview
10.4.2. Bars Market Forecast and Analysis
10.5. READY TO DRINK SUPPLEMENTS
10.5.1. Overview
10.5.2. Ready to Drink Supplements Market Forecast and Analysis
11. PROTEIN SUPPLEMENTS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
11.1. NORTH AMERICA
11.1.1 North America Protein Supplements Market Overview
11.1.2 North America Protein Supplements Market Forecasts and Analysis
11.1.3 North America Protein Supplements Market Forecasts and Analysis - By Product Type
11.1.4 North America Protein Supplements Market Forecasts and Analysis - By Source
11.1.5 North America Protein Supplements Market Forecasts and Analysis - By Distribution Channel
11.1.6 North America Protein Supplements Market Forecasts and Analysis - By End-Use Supplements
11.1.7 North America Protein Supplements Market Forecasts and Analysis - By Countries
11.1.7.1 United States Protein Supplements Market
11.1.7.1.1 United States Protein Supplements Market by Product Type
11.1.7.1.2 United States Protein Supplements Market by Source
11.1.7.1.3 United States Protein Supplements Market by Distribution Channel
11.1.7.1.4 United States Protein Supplements Market by End-Use Supplements
11.1.7.2 Canada Protein Supplements Market
11.1.7.2.1 Canada Protein Supplements Market by Product Type
11.1.7.2.2 Canada Protein Supplements Market by Source
11.1.7.2.3 Canada Protein Supplements Market by Distribution Channel
11.1.7.2.4 Canada Protein Supplements Market by End-Use Supplements
11.1.7.3 Mexico Protein Supplements Market
11.1.7.3.1 Mexico Protein Supplements Market by Product Type
11.1.7.3.2 Mexico Protein Supplements Market by Source
11.1.7.3.3 Mexico Protein Supplements Market by Distribution Channel
11.1.7.3.4 Mexico Protein Supplements Market by End-Use Supplements
11.2. EUROPE
11.2.1 Europe Protein Supplements Market Overview
11.2.2 Europe Protein Supplements Market Forecasts and Analysis
11.2.3 Europe Protein Supplements Market Forecasts and Analysis - By Product Type
11.2.4 Europe Protein Supplements Market Forecasts and Analysis - By Source
11.2.5 Europe Protein Supplements Market Forecasts and Analysis - By Distribution Channel
11.2.6 Europe Protein Supplements Market Forecasts and Analysis - By End-Use Supplements
11.2.7 Europe Protein Supplements Market Forecasts and Analysis - By Countries
11.2.7.1 Germany Protein Supplements Market
11.2.7.1.1 Germany Protein Supplements Market by Product Type
11.2.7.1.2 Germany Protein Supplements Market by Source
11.2.7.1.3 Germany Protein Supplements Market by Distribution Channel
11.2.7.1.4 Germany Protein Supplements Market by End-Use Supplements
11.2.7.2 France Protein Supplements Market
11.2.7.2.1 France Protein Supplements Market by Product Type
11.2.7.2.2 France Protein Supplements Market by Source
11.2.7.2.3 France Protein Supplements Market by Distribution Channel
11.2.7.2.4 France Protein Supplements Market by End-Use Supplements
11.2.7.3 Italy Protein Supplements Market
11.2.7.3.1 Italy Protein Supplements Market by Product Type
11.2.7.3.2 Italy Protein Supplements Market by Source
11.2.7.3.3 Italy Protein Supplements Market by Distribution Channel
11.2.7.3.4 Italy Protein Supplements Market by End-Use Supplements
11.2.7.4 United Kingdom Protein Supplements Market
11.2.7.4.1 United Kingdom Protein Supplements Market by Product Type
11.2.7.4.2 United Kingdom Protein Supplements Market by Source
11.2.7.4.3 United Kingdom Protein Supplements Market by Distribution Channel
11.2.7.4.4 United Kingdom Protein Supplements Market by End-Use Supplements
11.2.7.5 Russia Protein Supplements Market
11.2.7.5.1 Russia Protein Supplements Market by Product Type
11.2.7.5.2 Russia Protein Supplements Market by Source
11.2.7.5.3 Russia Protein Supplements Market by Distribution Channel
11.2.7.5.4 Russia Protein Supplements Market by End-Use Supplements
11.2.7.6 Rest of Europe Protein Supplements Market
11.2.7.6.1 Rest of Europe Protein Supplements Market by Product Type
11.2.7.6.2 Rest of Europe Protein Supplements Market by Source
11.2.7.6.3 Rest of Europe Protein Supplements Market by Distribution Channel
11.2.7.6.4 Rest of Europe Protein Supplements Market by End-Use Supplements
11.3. ASIA-PACIFIC
11.3.1 Asia-Pacific Protein Supplements Market Overview
11.3.2 Asia-Pacific Protein Supplements Market Forecasts and Analysis
11.3.3 Asia-Pacific Protein Supplements Market Forecasts and Analysis - By Product Type
11.3.4 Asia-Pacific Protein Supplements Market Forecasts and Analysis - By Source
11.3.5 Asia-Pacific Protein Supplements Market Forecasts and Analysis - By Distribution Channel
11.3.6 Asia-Pacific Protein Supplements Market Forecasts and Analysis - By End-Use Supplements
11.3.7 Asia-Pacific Protein Supplements Market Forecasts and Analysis - By Countries
11.3.7.1 Australia Protein Supplements Market
11.3.7.1.1 Australia Protein Supplements Market by Product Type
11.3.7.1.2 Australia Protein Supplements Market by Source
11.3.7.1.3 Australia Protein Supplements Market by Distribution Channel
11.3.7.1.4 Australia Protein Supplements Market by End-Use Supplements
11.3.7.2 China Protein Supplements Market
11.3.7.2.1 China Protein Supplements Market by Product Type
11.3.7.2.2 China Protein Supplements Market by Source
11.3.7.2.3 China Protein Supplements Market by Distribution Channel
11.3.7.2.4 China Protein Supplements Market by End-Use Supplements
11.3.7.3 India Protein Supplements Market
11.3.7.3.1 India Protein Supplements Market by Product Type
11.3.7.3.2 India Protein Supplements Market by Source
11.3.7.3.3 India Protein Supplements Market by Distribution Channel
11.3.7.3.4 India Protein Supplements Market by End-Use Supplements
11.3.7.4 Japan Protein Supplements Market
11.3.7.4.1 Japan Protein Supplements Market by Product Type
11.3.7.4.2 Japan Protein Supplements Market by Source
11.3.7.4.3 Japan Protein Supplements Market by Distribution Channel
11.3.7.4.4 Japan Protein Supplements Market by End-Use Supplements
11.3.7.5 South Korea Protein Supplements Market
11.3.7.5.1 South Korea Protein Supplements Market by Product Type
11.3.7.5.2 South Korea Protein Supplements Market by Source
11.3.7.5.3 South Korea Protein Supplements Market by Distribution Channel
11.3.7.5.4 South Korea Protein Supplements Market by End-Use Supplements
11.3.7.6 Rest of Asia-Pacific Protein Supplements Market
11.3.7.6.1 Rest of Asia-Pacific Protein Supplements Market by Product Type
11.3.7.6.2 Rest of Asia-Pacific Protein Supplements Market by Source
11.3.7.6.3 Rest of Asia-Pacific Protein Supplements Market by Distribution Channel
11.3.7.6.4 Rest of Asia-Pacific Protein Supplements Market by End-Use Supplements
11.4. MIDDLE EAST AND AFRICA
11.4.1 Middle East and Africa Protein Supplements Market Overview
11.4.2 Middle East and Africa Protein Supplements Market Forecasts and Analysis
11.4.3 Middle East and Africa Protein Supplements Market Forecasts and Analysis - By Product Type
11.4.4 Middle East and Africa Protein Supplements Market Forecasts and Analysis - By Source
11.4.5 Middle East and Africa Protein Supplements Market Forecasts and Analysis - By Distribution Channel
11.4.6 Middle East and Africa Protein Supplements Market Forecasts and Analysis - By End-Use Supplements
11.4.7 Middle East and Africa Protein Supplements Market Forecasts and Analysis - By Countries
11.4.7.1 South Africa Protein Supplements Market
11.4.7.1.1 South Africa Protein Supplements Market by Product Type
11.4.7.1.2 South Africa Protein Supplements Market by Source
11.4.7.1.3 South Africa Protein Supplements Market by Distribution Channel
11.4.7.1.4 South Africa Protein Supplements Market by End-Use Supplements
11.4.7.2 Saudi Arabia Protein Supplements Market
11.4.7.2.1 Saudi Arabia Protein Supplements Market by Product Type
11.4.7.2.2 Saudi Arabia Protein Supplements Market by Source
11.4.7.2.3 Saudi Arabia Protein Supplements Market by Distribution Channel
11.4.7.2.4 Saudi Arabia Protein Supplements Market by End-Use Supplements
11.4.7.3 U.A.E Protein Supplements Market
11.4.7.3.1 U.A.E Protein Supplements Market by Product Type
11.4.7.3.2 U.A.E Protein Supplements Market by Source
11.4.7.3.3 U.A.E Protein Supplements Market by Distribution Channel
11.4.7.3.4 U.A.E Protein Supplements Market by End-Use Supplements
11.4.7.4 Rest of Middle East and Africa Protein Supplements Market
11.4.7.4.1 Rest of Middle East and Africa Protein Supplements Market by Product Type
11.4.7.4.2 Rest of Middle East and Africa Protein Supplements Market by Source
11.4.7.4.3 Rest of Middle East and Africa Protein Supplements Market by Distribution Channel
11.4.7.4.4 Rest of Middle East and Africa Protein Supplements Market by End-Use Supplements
11.5. SOUTH AND CENTRAL AMERICA
11.5.1 South and Central America Protein Supplements Market Overview
11.5.2 South and Central America Protein Supplements Market Forecasts and Analysis
11.5.3 South and Central America Protein Supplements Market Forecasts and Analysis - By Product Type
11.5.4 South and Central America Protein Supplements Market Forecasts and Analysis - By Source
11.5.5 South and Central America Protein Supplements Market Forecasts and Analysis - By Distribution Channel
11.5.6 South and Central America Protein Supplements Market Forecasts and Analysis - By End-Use Supplements
11.5.7 South and Central America Protein Supplements Market Forecasts and Analysis - By Countries
11.5.7.1 Brazil Protein Supplements Market
11.5.7.1.1 Brazil Protein Supplements Market by Product Type
11.5.7.1.2 Brazil Protein Supplements Market by Source
11.5.7.1.3 Brazil Protein Supplements Market by Distribution Channel
11.5.7.1.4 Brazil Protein Supplements Market by End-Use Supplements
11.5.7.2 Argentina Protein Supplements Market
11.5.7.2.1 Argentina Protein Supplements Market by Product Type
11.5.7.2.2 Argentina Protein Supplements Market by Source
11.5.7.2.3 Argentina Protein Supplements Market by Distribution Channel
11.5.7.2.4 Argentina Protein Supplements Market by End-Use Supplements
11.5.7.3 Rest of South and Central America Protein Supplements Market
11.5.7.3.1 Rest of South and Central America Protein Supplements Market by Product Type
11.5.7.3.2 Rest of South and Central America Protein Supplements Market by Source
11.5.7.3.3 Rest of South and Central America Protein Supplements Market by Distribution Channel
11.5.7.3.4 Rest of South and Central America Protein Supplements Market by End-Use Supplements
12. INDUSTRY LANDSCAPE
12.1. MERGERS AND ACQUISITIONS
12.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
12.3. NEW PRODUCT LAUNCHES
12.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
13. PROTEIN SUPPLEMENTS MARKET, KEY COMPANY PROFILES
13.1. ABBOTT LABORATORIES
13.1.1. Key Facts
13.1.2. Business Description
13.1.3. Products and Services
13.1.4. Financial Overview
13.1.5. SWOT Analysis
13.1.6. Key Developments
13.2. AMCO PROTEINS
13.2.1. Key Facts
13.2.2. Business Description
13.2.3. Products and Services
13.2.4. Financial Overview
13.2.5. SWOT Analysis
13.2.6. Key Developments
13.3. CYTOSPORT, INC.
13.3.1. Key Facts
13.3.2. Business Description
13.3.3. Products and Services
13.3.4. Financial Overview
13.3.5. SWOT Analysis
13.3.6. Key Developments
13.4. GLANBIA PLC
13.4.1. Key Facts
13.4.2. Business Description
13.4.3. Products and Services
13.4.4. Financial Overview
13.4.5. SWOT Analysis
13.4.6. Key Developments
13.5. IOVATE HEALTH SCIENCES INTERNATIONAL INC.
13.5.1. Key Facts
13.5.2. Business Description
13.5.3. Products and Services
13.5.4. Financial Overview
13.5.5. SWOT Analysis
13.5.6. Key Developments
13.6. MUSCLEPHARM CORPORATION
13.6.1. Key Facts
13.6.2. Business Description
13.6.3. Products and Services
13.6.4. Financial Overview
13.6.5. SWOT Analysis
13.6.6. Key Developments
13.7. NATURE'S BOUNTY CO.
13.7.1. Key Facts
13.7.2. Business Description
13.7.3. Products and Services
13.7.4. Financial Overview
13.7.5. SWOT Analysis
13.7.6. Key Developments
13.8. NOW FOODS
13.8.1. Key Facts
13.8.2. Business Description
13.8.3. Products and Services
13.8.4. Financial Overview
13.8.5. SWOT Analysis
13.8.6. Key Developments
13.9. QUEST NUTRITION, LLC
13.9.1. Key Facts
13.9.2. Business Description
13.9.3. Products and Services
13.9.4. Financial Overview
13.9.5. SWOT Analysis
13.9.6. Key Developments
13.10. TRANSPARENT LABS
13.10.1. Key Facts
13.10.2. Business Description
13.10.3. Products and Services
13.10.4. Financial Overview
13.10.5. SWOT Analysis
13.10.6. Key Developments
14. APPENDIX
14.1. ABOUT THE INSIGHT PARTNERS
14.2. GLOSSARY OF TERMS
The List of Companies
1. Abbott Laboratories
2. AMCO Proteins
3. CytoSport, Inc.
4. Glanbia plc
5. Iovate Health Sciences International Inc.
6. MusclePharm Corporation
7. Nature's Bounty Co.
8. NOW Foods
9. Quest Nutrition, LLC
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.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
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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