Animal Based Protein Supplements Market to Grow with a CAGR of 7.72% through 2028
Heightened focus on health and wellness, the surge in fitness and sports nutrition trends, and an aging population's needs is expected to drive the Global Animal Based Protein Supplements Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Animal Based Protein Supplements Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Animal Based Protein Supplements Market stood at USD 13.75 billion in 2022 and is anticipated to grow with a CAGR of 5.50% in the forecast period, 2024-2028. This can be attributed to convenience and busy lifestyles. Modern lifestyles are characterized by busy schedules and limited time for meal preparation. Animal-based protein supplements offer a convenient and quick way to meet daily protein requirements. They are easily portable and can be consumed on the go, making them an attractive option for individuals with hectic lives.
Additionally, the digitalization of health and wellness is transforming how consumers access and purchase dietary supplements. E-commerce platforms and digital health apps are becoming essential tools for reaching and engaging consumers. Companies are expected to invest more in online marketing, direct-to-consumer sales, and digital health initiatives to connect with tech-savvy consumers.
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The market is experiencing growth due to a rising number of health-conscious consumers seeking supplements with high protein content and nutritional value. These preferences align with numerous health benefits associated with animal-based protein supplements, supported by robust scientific evidence and recognized by government food regulatory agencies like the FDA. Consequently, the increasing incidence of health issues stemming from nutrient deficiencies is expected to drive market expansion.
The prevailing trend among consumers favoring high-protein products, driven by a growing interest in sports and fitness, is further boosting the demand for animal-based protein supplements. In 2020, the U.S. dominated the market, with a proactive approach to addressing chronic health concerns driving demand for these supplements. Additionally, the rising adoption of personalized nutrition in the country is anticipated to have a positive influence on product demand.
Manufacturers in the sports nutrition industry increasingly prefer these products due to their widespread availability and robust amino acid profiles. Nevertheless, market growth may face hindrances during the forecast period as more vegan and lactose-intolerant consumers gravitate toward plant-based supplements.
The COVID-19 pandemic heightened consumer awareness about the role of health and wellness in reducing mortality risk, leading to a shift towards preventive healthcare. However, lockdown measures implemented in various countries resulted in gym and fitness center closures, impacting protein supplement sales.
As lockdown restrictions eased, there was a substantial increase in demand for whey protein supplements, attributed to its reputation as a complete protein source for overall health maintenance. It provides all the essential amino acids necessary for supporting the immune system's cell structure, making it particularly attractive to customers.
The Global Animal Based Protein Supplements Market is segmented into raw material, product, distribution channel, application, regional distribution, and company.
Based on its distribution channel, the online stores segment secured the largest share of revenue, primarily because it offers convenient access to products tailored to various tastes and preferences. Additionally, the increasing number of available brands in the online space contributed to this dominance. Intense competition within the protein supplement industry has compelled manufacturers to expand their distribution networks beyond traditional channels. This strategic move aims to reach a broader customer base and is expected to further bolster the online retail sales of animal-based protein supplements in the foreseeable future.
Supermarkets and hypermarkets play a significant role in protein supplement sales in Europe and North America, driven by their widespread presence. Moreover, the rising number of supermarkets and hypermarkets in emerging economies like China, India, and Brazil is poised to enhance the sales of animal-based protein supplements in these regions.
The specialty stores segment is projected to exhibit substantial growth with a significant CAGR during the forecast period. This growth can be attributed to the thriving specialty stores in both developed and developing countries. These stores are known for their extensive product selections within a single category, flexible store layouts, unique designs, and attractive product displays, which have been attracting customers to opt for specialty stores.
Based on application, sports nutrition claimed the largest share of revenue in 2022. This can be attributed to the fact that animal proteins possess prebiotic, antimicrobial, antioxidant, and hypertensive properties when used in nutritional beverages, ready-to-drink protein shakes, and dry-mix beverages.
The global rise in obesity levels is expected to drive the demand for sports nutritional supplements. With an increasing number of individuals engaging in sports and physical activities as a means to combat obesity, and with the proliferation of fitness centers, health clubs, and gyms, the demand for protein-rich animal-based supplements in sports nutrition is projected to grow further during the forecast period.
There is also an increasing demand for functional foods, driven by changing lifestyles and dietary habits that often lead to nutrient deficiencies. Functional foods are increasingly being fortified with protein supplements to meet consumer demands for health and wellness that go beyond basic nutrition.
Furthermore, major food and beverage companies like The Coca-Cola Company, Cargill, Incorporated, JBF, Friesl and Campina, and Danone have escalated their investments in developing functional products. This is expected to create favorable growth opportunities for manufacturers of animal protein supplements.
Major
companies operating in Global Animal Based Protein Supplements Market
are:
- Glanbia
PLC
- AMCO
Proteins
- Quest
Nutrition LLC
- NOW
Foods
- Bountiful
Co/The
- MusclePharm
Corp
- Abbott
Laboratories Inc
- Iovate
Health Sciences International Inc
- Transparent
Labs
- Woodbolt
Distribution LLC
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“The global animal-based protein supplements market is poised for exciting developments in the coming years. Sustainability and ethical sourcing, novel protein sources, customized formulations, plant-animal hybrids, enhanced bioavailability, clean label products, and digital health are all trends that will shape the industry's future. As consumer preferences continue to evolve, companies that embrace these trends and stay ahead of the curve will thrive in this dynamic and competitive market. The future of animal-based protein supplements promises innovative and diverse options that cater to the evolving needs of health-conscious consumers worldwide,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Animal Based Protein Supplements Market By Raw Material (Whey, Casein, Egg, Fish, Others), By Product (Protein Powder, Protein Bars, Ready-to-Drink, Others), By Distribution Channel (Supermarkets/ Hypermarkets, Online Stores, Chemist/ Drugstores, Specialty Stores, Others), By Application (Sports Nutrition, Functional Food), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Animal Based Protein Supplements Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Animal Based Protein Supplements Market.
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