Protein Supplements Market Size, Share, Growth Analysis, By Product Type(Protein powder, protein bars), By Application(Sports nutrition and functional food) - Industry Forecast 2024-2031

Protein Supplements Market size was valued at USD 6.76 Billion in 2022 and is poised to grow from USD 7.31 Billion in 2023 to USD 13.74 Billion by 2031, at a CAGR of 8.2% during the forecast period (2024-2031).

The Protein Supplements Market is highly competitive, with numerous companies vying for market share. Some of the top key players in the market are continuously engaged in research & development activities to launch innovative products and expand their product portfolios to cater to the changing consumer demands. They also undertake strategic initiatives such as partnerships, mergers and acquisitions, and collaborations to strengthen their market position and increase their reach. The competition in the market is intense, with companies focusing on providing superior-quality products at competitive prices to gain an edge over their competitors. Additionally, companies are also investing in marketing and promotional activities to increase brand awareness and enhance their product visibility among consumers. 'Glanbia plc (Ireland)', 'Abbott Laboratories (US)', 'Amway Corporation (US)', 'GlaxoSmithKline plc (UK)', 'GNC Holdings Inc. (US)', 'Herbalife Nutrition Ltd. (US)', 'MusclePharm Corporation (US)', 'Nature's Bounty Co. (US)', 'NOW Foods (USA)', 'Quest Nutrition, LLC (US)', 'Scitec Nutrition (Hungary)', 'Solgar Inc. (US)', 'Ultimate Nutrition Inc. (US)', 'Universal Nutrition (US)', 'Vitaco Health Group (New Zealand)', 'Transparent Labs (US)', 'Optimum Nutrition Inc. (US)', 'NutraBio Labs Inc. (US)', 'MuscleTech (US)', 'Rule One Proteins, LLC (US)'

Increasing health and fitness consciousness among consumers is a major driver of the protein supplements market. Consumers are increasingly aware of the health benefits associated with protein supplements, such as muscle building and weight management, and are incorporating these supplements into their diets to meet their fitness goals.

Plant-based protein supplements are emerging as a major trend in the protein supplements market. With the rise of veganism and vegetarianism, consumers are looking for protein supplements that are derived from plant-based sources such as soy, pea, and rice. These supplements offer a range of health benefits and are also environmentally sustainable.

In 2021, North America dominated the protein supplements market, with a revenue share of more than 41.0%. The region's strong emphasis on health and wellness, as well as knowledge of the benefits of protein supplements, are expected to drive the industry's growth. The growing trend of a healthy lifestyle, combined with higher disposable income, is anticipated to increase demand for protein supplements in North America.