Animal Based Protein Supplements Industry Overview
The global animal based protein supplements market size is expected to reach USD 22.26 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.4% from 2020 to 2028. Increasing instances of fitness and sporting activities among consumers have led to nutrition awareness, thus positively impacting the market growth.
The whey raw material segment dominated the global market in 2020 owing to the availability of high protein content in it. Additionally, it is increasingly being used as a protein source for fortifying functional and nutritional food products, which is further expected to increase its demand during the forecast period.
The protein powder product segment accounted for the largest revenue share in 2020. The escalating global trends of exercise and fitness, coupled with a strong preference among consumers for snacks that boost energy and aid in muscle building, are contributing to the growth of energy-building snacks such as protein bars.
The sports nutrition application segment dominated the market in 2020 owing to consumers' desire for a healthy and active lifestyle, which has led to an increase in sports and fitness participation. Additionally, key players such as Quest Nutrition are focusing to meet the demand for sports nutrition by introducing products enriched with proteins in compact sizes and new formats, thus fueling the growth.
The Asia Pacific market is anticipated to witness the fastest growth over the forecast period owing to the increasing urbanization and growing middle-class with high disposable income. Additionally, increasing frequency of exercise and rising focus on leading an active and healthy lifestyle in economies such as China and India are expected to contribute to the market growth.
Animal Based Protein Supplements Market Segmentation
Grand View Research has segmented the global animal based protein supplements market on the basis of raw material, product, distribution channel, application, and region:
Based on the Raw Material, the market is segmented into Whey, Casein, Egg, Fish, and Others.
- The consumption of high protein-based foods and the increasing focus on fitness among consumers are projected to drive the demand for egg proteins for sports nutrition applications. In addition, the presence of selenium, zinc, and vitamin B2, D, and B6 in eggs is expected to contribute to the market growth over the forecast period.
- Fish proteins are also increasingly being utilized in functional foodon account of their ability to help reduce wrinkles, support stronger hair, and increase skin elasticity. Moreover, fish protein supplements may help prevent heart attacks and other cardiovascular diseases, thus attracting a large customer base.
Based on the Product, the market is segmented into Protein Powder, Protein Bars, Ready-to-Drink, and Others.
- Protein powder dominated the market with a revenue share of over 60.0% in 2020. Rising concerns among consumers regarding daily protein intake, coupled with the convenience and easy usability of protein powders for making protein shakes or for blending them with various food products in order to suit varying tastes, are expected to fuel the product demand.
- The demand for RTD animal based protein supplements is also expected to be driven by factors such as increasing awareness regarding healthy living and an increase in health and fitness centers. Manufacturers’ effort in offering animal based protein supplements in convenient formats to attract customers is further expected to fuel the market growth.
Based on the Distribution Channel, the market is segmented into Supermarkets/ Hypermarkets, Online Stores, Chemist/ Drugstores, Specialty Stores, and Others.
- The high competition in the protein supplement space has pushed manufacturers to distribute their products from different retail channels, along with traditional distribution channels in order to reach a wide customer base. This is further expected to boost the sales of animal based protein supplements through online retail during the forecast period.
- The specialty stores segment is likely to register a CAGR of 6.1% during the forecast period. The robust growth of specialty stores in developed and developing countries owing to their wide product offerings in a single category, flexible store formats, unique designs, and product displays has been attracting customers towards specialty stores.
Based on the Application, the market is segmented into Sports Nutrition, and Functional Food.
- Rising obesity levels globally are expected to propel the demand for sports nutritional supplements. With an increasing number of individuals engaging in sports and other physical activities to fight obesity, coupled with an increase in the number of fitness centers, health clubs, and gymnasiums, the demand for protein-rich animal based supplements is expected to further increase the application in sports nutrition during the forecast period.
- The demand for functional foods is increasing owing to a change in customer lifestyle and eating habits, which has led to a deficiency of essential nutrients. Functional foods are increasingly being enriched with protein supplements to keep up with the customer demand for health and wellness beyond the essential intake of nutrition.
Key Companies Market Share Insights
The industry is highly fragmented and is characterized by intense competition, with both public and privately-held market players focusing on innovation to stay competitive. Public companies in the industry are proactive in initiating strategies to push the adoption of their products in the global market.
Key players are focused on new product launches with varied flavors and convenient packaging to attract a large customer base. For instance, in March 2019, Quest Nutrition launched protein powders in 1.6 lbs. and 3 lbs. size variations in a wide variety of flavors. Some prominent players in the global animal based protein supplements market include:
- Glanbiaplc
- MusclePharm Corporation
- Abbott Laboratories
- CytoSport, Inc.
- Iovate Health Sciences International Inc.
- QuestNutrition
- THE BOUNTIFUL COMPANY
- AMCO Proteins
- NOW Foods
- Transparent Labs
- WOODBOLT DISTRIBUTION LLC
Order a free sample PDF of the Animal Based Protein Supplements Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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