Characterized by the presence of a number of participants, the global protein supplements market stands competitive and fragmented, states a new report by Transparency Market Research (TMR). Hitherto, the leading companies, such as Abbott Laboratories, GlaxoSmithKline, Amway, Herbalife, and ABH Pharma, have been relying on product advancements to expand their businesses. However, they are expected to shift their focus towards expansion in emerging markets in the near future to exploit their ample untapped potential, reports the research study.
According to the research report, the worldwide market for protein supplement will attain a value of 2.2 bn by the end of 2017. The opportunity in this market is expected to further increase at a CAGR 5.30% over the period from 2017 to 2022 and reach 2.8 bn by the end of the forecast period. The demand for egg protein supplements is comparatively higher than other supplements and the trends is anticipated to remain so over the period of the forecast.
Emerging Economies to Serve as Lucrative Markets for Protein Supplements
“Driven significantly by the considerable increase in the number of health club, fitness centers, and gym, the global market for protein supplements is experiencing remarkable growth,” says a TMR analyst. The augmenting demand for weight management among consumers due to alarming rise in obesity and various other health-related concerns is also boosting this market substantially.
Going forward, the increasing trend of urbanization and the surge in consumers’ purchasing powers are projected to propel this market over the forthcoming years. However, the easy availability of cheap substitutes may hamper the market’s growth in the near future. The negative publicity, due to false claims, has affected the reputation of protein supplements severely, which is also expected to limit their demand over the next few years.
Nonetheless, the increasing expansion of this market in emerging economies, enticed by the increasing demand for protein supplements from health-conscious young population, and the strengthening of distribution channels in various regional markets are anticipated to help the overall market in fighting against these restriction in the years to come, notes the research study.
North America to Gain from Increasing Interest of Consumers in Healthy Living and Healthy Eating
Dominated by North America, the worldwide market for protein supplements finds its other prime regional markets in Asia Pacific excluding Japan (APEJ), Japan, Europe, and the Middle East and Africa (MEA). People in North America are increasingly being drawn towards healthy living and healthy eating. Together with, the high level of disposable incomes that enables them to afford expensive healthcare products, they have begun to include protein supplements in their daily diet.
This, as a result, is having extremely good effect on the North America market for protein supplements and is expected to continue doing so over the next few years. The presence of a large pool of protein supplement vendors in the U.S. is also projected to support this regional market in the years to come, states the research report.
The review is based on a report by Transparency Market Research (TMR), 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.”