Pune, India -- 02/13/2018 -- Market Overview:
The global market for protein supplement has witnessed continued demand during the last few years and is projected to reach 1,247.78 kilo tons by 2023, at a CAGR of 4.56%. Diverse demand of protein supplement across nutraceutical manufacturing industries and sports and nutrition products manufacturers are likely to drive the global protein supplement market. Plant sourced protein supplement is estimated to witness the higher growth rate. High focus on R and D has led to innovations in the protein supplement products which is likely to attract the consumers resulting in higher sale of protein supplements.
By 2023, plant sourced protein supplement will grow with a CAGR of 4.95% during the forecast period 2017-2023. Increase in health awareness has positive impact on the consumption of protein supplement in the developed countries of various region. Protein Supplement is found to be a rich source of calcium and is often fortified with vitamins. These two major factors are supporting its sale amongst the consumers of various regions.
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Application of protein supplement in nutraceuticals will continue to dominate the protein supplement market followed by sports and nutrition based application. Nutraceutical based application will hold more than 50% market share and it is projected to grow with a CAGR of 5.14% by 2023. Application in sports and nutrition will witness a growth rate (~4.57%) during forecast period 2017 to 2023. The application of protein supplement in nutraceuticals will witness significant growth in upcoming years due to high nutritional value of the product.
North America will continue to dominate the protein supplement market and it is projected to reach more than 400 kilo tons with CAGR of 5.65% by 2023. Asia-Pacific will witness highest growth rate during forecast period 2017 to 2023 backed up by economy developments. Europe region will witness moderate growth rate in protein supplement market for the same period. Growing popularity of health products and dietary supplements in Europe and North America is driving the market of protein supplement in the region
Major Key Players:
This report includes a study of strategies such as mergers and acquisitions, product launches by the major protein supplement market players. It further includes product portfolios, developments of leading major players which includes.
- 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.)
- Protein Supplement manufacturers
- Sports supplements manufacturers
- Nutraceuticals processing industries
- Retailers and wholesalers
- Traders, importers and exporters
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- Nutraceutical based applications will continue to dominate the protein supplement market with more than 55% market share and it is projected to grow at a CAGR of 5.14% by 2023
- Powder form of protein supplement will dominate the protein supplement forms holding a lion's share in the protein supplement market and growing at a rate of 4.81%
- The Global Protein Supplement market is projected to reach 1,247.78 kilo tons by 2023
- Plant sourced protein supplements will continue to dominate the protein supplement source segment with more than 50% market share
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