According
to a new report by Transparency Market Research (TMR), a leading market
intelligence firm, the global protein supplements market is witnessing a tremendous
rise in its valuation, thanks to the increased focus of consumers towards
acquiring a healthy lifestyle. With the presence of a large number of players,
such as GlaxoSmithKline Plc, Amway Corp., ABH Pharma Inc., Vitacost.com Inc.,
and Nu Skin Enterprises Inc., the competitive landscape in the market looks
highly fragmented, notes the market study.
The
level of the competition is expected to get higher in the next couple of years
due to the continuous entry of new players in this market. Currently, the
leading protein supplement producers are relying more on product development
and differentiation for the growth of their business. Over the coming years,
they are expected to shift their focus towards expanding their businesses in
developing economies to remain in the competition.
TMR
report evaluates the global protein supplements market to rise at a CAGR of
5.30% during the period from 2017 to 2022. Protein supplements derived from
animal sources have a bigger market than supplements derived from plant
sources. TMR notes that the scenario may remain so over the period of the
forecast. Hitherto, conventional channels, such as drug stores, convenience
stores, and hypermarket/supermarket were the main distribution channels for
protein supplements. However, going forward, online stores may gain an edge
over these in the coming years.
Geographically,
the worldwide protein supplements market registers its presence mainly across
Asia Pacific, North America, Latin America, Europe, and the Middle East and
Africa. Among these, North America has been leading the global protein
supplements market, owing to the increasing awareness among consumers towards
healthy living. This regional market is likely to remain on the top over the
next few years. However, Asia Pacific is anticipated to report a greater growth
rate in the near future, thanks to the continuously rising population, states
the research report.
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Increasing Attention towards Health and Fitness to
Support Demand for Protein Supplements
“The
significant surge in the attention towards health and fitness fuelled the
demand for protein supplements doubly,” says a market research analyst at TMR.
The mushrooming of health clubs, gyms, and fitness centers across every corner
in the world has a big hand in trending health and fitness among consumers,
especially the youth. The younger generation is more inclined towards having
fit and healthy lifestyle, which, resultantly, has turned them towards protein
supplements. With the trend continuing to create a buzz, the demand for protein
supplements is projected to soar in the near future, reflecting positively on
the global protein supplements market. The rapid urbanization and the increase
in the purchasing power of consumers is also projected to assist this market in
reporting a healthy rise over the next few years, notes the market study.
Constantly Fluctuating Protein Product Prices to
Hinder Protein Supplements Market Growth Trajectory
In
the coming years, the global protein supplements market is expected to witness
a high-paced growth. However, the trajectory does not look smooth. The constant
fluctuation in the prices of protein products may hamper the growth of this
market to some extent. Moreover, due to the high product cost, the sales of
protein supplements will also experience a slowdown, especially in developing
economies, in the near future.
Nonetheless,
the continuous efforts by leading players to introduce reasonable prices for
their products may bear fruits and reflect positively on the global protein
supplements market. In addition to this, the increasing popularity of sports
events and various other fitness activities among youths is likely to support
the growth in the global protein supplements market, states the research
report.
The
review is based on a report by Transparency Market Research, titled, “Protein
Supplements Market (Product Type - Casein Protein Supplements, Whey Protein
Supplements, Egg Protein Supplements, MPC Protein Supplements, and Soy Protein
Supplements; Source - Animal and Plant; Distribution Channel - Online Stores,
Supermarkets and Hypermarkets, Convenience Stores, and Drug Stores; End-Use
Segment – Powder Supplements, Bars, and Ready to Drink Supplements) - Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 -
2022.”
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Food
and Beverages Sector
TMR has followed
the C19-TREND approach for
conducting a comprehensive analysis on the trends and changes in the food and
beverage sector due to the COVID-19 outbreak. Each factor is analyzed with
scrutiny. These points have been compiled in the report and will assure great
assistance to the stakeholders and CXOs in developing sound business
strategies.
