Market Overview:
Protein supplements includes whey, casein, soy, egg and pea protein which are available in various forms such as powders, bars, and ready-to-drink supplements. These supplements helps in muscle building, weight management and provide necessary protein intake for sports nutrition and bodybuilding activities. The demand for protein powders is high among gym goers and fitness enthusiasts due to its easy mixability and digestibility.
Market key trends:
Growing health consciousness and active lifestyle adoption has increased the demand for protein enriched food and beverages. Consumers are extensively using protein powders, bars and other supplements to maintain calorie-controlled diet and build lean muscles. Increase in number of fitness centers and gyms has also propelled the sales of protein supplements. Furthermore, rising investments by supplement companies in product innovation such as plant-based proteins, low-calorie options and variety of flavors has attracted more customers. Introduction of ready-to-drink shakes and protein water has expand the customer base particularly among time-bound professionals and millennial population.
Porter's Analysis
Threat of new entrants: The Protein supplements market has moderate threat new entrants due to established distribution channels and brand recognition of existing players. However, innovation and focus on niche segments can provide opportunities for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and transparency in prices of protein supplements. Bulk orders from gym establishments and online platforms provide leverage to buyers.
Bargaining power of suppliers: The suppliers of raw materials like protein extracts have low to moderate bargaining power due to availability of substitute raw materials and focus on long term relationships with buyers.
Threat of new substitutes: Substitutes like meat, eggs, legumes provide low threat as protein supplements offer convenience, and specific protein profiles useful for fitness goals.
Competitive rivalry: Established brands compete on the basis of formulations, certifications, and variety in protein sources to gain market share.
SWOT Analysis
Strength: Protein supplements offer convenience, portability and specific protein profiles useful for muscle building and weight management goals. Established brands have strong distribution networks globally.
Weakness: Some supplements have adverse effects like bloating, nausea for a few users. Significant advertisement and promotion costs are incurred to increase awareness.
Opportunity: Growing health consciousness, increasing adoption of active lifestyles is driving demand for nutritional and dietary supplements. Growth in online retail is also expanding access channels.
Threats: Stringent regulations around formulations, labelling and certifications increase compliance costs. Impact of economic slowdowns on discretionary spending for supplements.
Key Takeaways
The Global Protein Supplements Market Demand is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing health consciousness and preference for dietary and sports nutrition products. North America currently dominates the market owing to large base of gym-goers and active adult population.
Regional analysis - Asia Pacific region is projected to be the fastest growing market for Protein Supplements during the forecast period. Rapid economic development, rising living standards, growing millennial population in emerging nations like China, India is driving focus on diet, health and fitness in the region. Growth of retail outlets, online channels makes protein supplements more accessible in the region.
Key players operating in the Protein Supplements market are Mondelez Company, Meiji Holdings Co Ltd., Quest Nutrition LLC, MusclePharm Corporation, Post Holdings Inc., Nestlé SA, Abbott Laboratories, Scitec Nutrition, The Hut Group, Glanbia PLC, Weider Global Nutrition LLC, and Iovate Health Sciences International Inc., among others. Top brands compete on flavor innovations, variety in protein sources and transparent formulation claims to drive sales. The market remains fairly consolidated with global leaders having a majority market
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https://www.dailyprbulletin.com/protein-supplements-market-trends-size-and-share-analysis/
