Owing to growing consumer needs and their awareness about protein supplements required for added nutrition has grown in recent years. The growth has been driven by the increased acceptance of supplements amongst the consumers. With growing health concerns and rising per capita health care cost, there has been surge in demand of protein supplements. Market Research Future, a firm which specializes in market reports related to the Foods, Beverages & Nutrition sector among others, recently forecasted in its report “Global Protein Supplements Market Research Report- Forecast to 2023” that the market will demonstrate an exceptional CAGR while achieving million dollar growth readily in the forecast period.
With increasing educational level coupled with increasing protein supplement products visibility, the consumer awareness regarding protein supplements is increasing. Additionally, various source of information showing the positive and negative effects of protein supplements is helping the consumers in decision making for choosing appropriate form of protein supplements. Also, knowledge of diseases caused due to protein deficiency is propelling the consumer to shift to protein supplements in their busy lifestyle. From last few years companies are promoting the nutritional profiles of various protein supplements along with their health benefits in social media and health magazines which have improved knowledge and awareness about functional properties of protein. Increasing awareness about product information has encouraged the consumer to buy protein supplements.
Increasing expenditure on research and development conducted by healthcare industry is expected to increase the overall healthcare cost in the global market. Due to the increasing cost of healthcare, people are turning towards supplements products including protein supplements, as it provides various health benefits. According to EFPIA member associations and Japan Pharmaceutical Manufacturers Association (JPMA), European pharmaceutical R&D expenditure increased from USD 37,030.6 million in 2011 to USD 38,055.6 million in 2012. In the U.S., the expenditure increased from USD 36,374 million in 2011 to USD 36,810 million in 2012.
Increasing health conscious population and inclination of consumers towards protein supplements is boosting the growth of protein supplements market. Moreover, continuous increase in health issues among the growing population has opened doors for protein supplements market owing to its health beneficial attributes. However, stringent government laws and regulations for application of protein supplements in the products may hamper the growth of the market.
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Major Key Players:
Key players are investing enormously on new product launch i.e. around 36% of strategy share include the new product launches by key players from last few years. Acquisitions is one of the main factors which are contributing around 34% of strategy share syndicate as it helping company to penetrate the potential market across globe. With strategic acquisition and business expansion, market players can focus on penetrating into the developing economies to expand their business portfolio. Consumers in developing countries are keen on exploring new product range offered to them and form a large consumer base.
The key players profiled in protein supplements are Glanbia Plc. (Ireland), Archer Daniels Midland Company (U.S.), GNC Holdings Inc. (U.S.), Herbalife Ltd (U.S.), GlaxoSmithKline Plc. (U.K), Abbott Laboratories (U.S.), Amway (U.S.)
Latest Industry Updates:
Oct 2017 Cooke Inc. a parent of Cooke Aquaculture Inc., and Omega Protein Corporation, a leading integrated provider of specialty oils and specialty protein products, has announced a definitive agreement under which Cooke will acquire all outstanding shares of Omega Protein in cash.
Jun 2017 Pure Protein, makers of protein-fortified bars, snacks, drinks and powders and one of the leading protein brands in the nation, has launched its newest innovation, Pure Protein super food protein powder. A complete, vegan protein blend, the product is available in three delicious flavors, dark cocoa, vanilla bean & mixed berry super fruits, each offering 20 grams of protein from 100% plant-based sources.
Jan 2017 Glanbia, MMPA, Dairy Farmers of America and Foremost Farms agreed to form a joint venture for developing and operating a new cheese and whey production facility in Michigan, the US.
Jun 2016 ADM Animal Nutrition, a division of ADM, has announced the launch of PROPLEX DY, a new high-quality protein source for swine nursery diets. The company is highly inclined towards new product launch.
The global protein supplements market has been divided into source, application, form, and region.
On the Basis of Source: Animal, Plant, and Others
On the Basis of Application: Foods, Beverages, Nutraceuticals, Sports Nutrition, Pharmaceuticals, and Others
On the Basis of Form: Powder, Liquids, and Others
On the Basis of Region: North America, Europe, Asia Pacific, and ROW
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The global protein supplements market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). North America is dominating the market followed by Europe. The U.S. is the major contributor for protein supplements market in North America. Inclination towards supplements among the consumers is driving the protein supplements market in Europe. Asia Pacific is expected to be the fastest growing region over the forecast period. Increasing health awareness in developing countries like India and China is boosting the growth of Asia Pacific market. Growing application of protein supplements in various industries is supporting the growth of protein supplements market in rest of the world.