[Research Report] The protein powder market size was valued at US$ 23.90 billion in 2022 and is expected to reach US$ 38.29 billion by 2030; it is estimated to register a CAGR of 6.1% from 2022 to 2030.
Market Insights and Analyst View:
Protein powder is a supplement made from protein-rich foods like milk, soy, or eggs. It is usually sold in powder form and can be mixed with water, milk, or juice. Protein powder is often used by people trying to build muscle or lose weight. It can also help people not getting enough protein in their diet.
Growth Drivers and Challenges:
The surging demand for protein powder can be attributed to several key factors. Firstly, the global fitness and wellness trend has increased awareness of the importance of protein in one's diet. Protein is essential for muscle recovery and growth, making it highly popular among athletes, bodybuilders, and fitness enthusiasts. As people aim to achieve their health and fitness goals, they often turn to protein supplements such as protein powder to conveniently meet their daily protein requirements.
Secondly, the plant-based and vegan dietary movement's growth has significantly boosted the demand for protein powder. Manu individuals are adopting plant-based lifestyles, which can sometimes be lacking in complete protein sources. As a result, plant-based protein powders, such as those derived from peas, rice, and hemp, have gained popularity to bridge the protein gap in these diets. This shift toward plant-based options has expanded the protein powder market to cater to a broader and more diverse consumer base.
Thirdly, the convenience and versatility of protein powder have made it an attractive option for those with busy lifestyles. It offers a quick and efficient way to increase daily protein intake without elaborate meal preparation. Additionally, the COVID-19 pandemic has accelerated the demand for protein powder as more people tuned to home workouts and sought accessible solutions to maintain their fitness and nutrition routines while gyms were temporarily closed.
Report Segmentation and Scope:
The global protein powder market is segmented based on product type, category, distribution channel, and geography. Based on product type, the market is categorized into soy protein powder, pea protein powder, casein protein powder, whey protein powder, and others. By category, the market is bifurcated into organic and conventional. By distribution channel, the market is categorized into supermarkets and hypermarkets, specialty stores, online retail, and others. The global protein powder market is broadly segmented by geography into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
Based on category the market is categorized into organic and conventional. The organic segment is expected to register the highest CAGR during 2022-2030. Organic protein powder offers several benefits, including the absence of synthetic pesticides, herbicides, and genetically modified organisms (GMOs), making it a cleaner and more environmentally friendly choice. Additionally, organic protein powders often provide a purer and more natural source of nutrients, with higher levels of essential amino acids and without artificial additives, which can be advantageous for those looking to enhance their overall health and well-being.
The protein powder market is segmented into five key regions: North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. North America dominated the global protein powder market. Europe is a second major contributor, holding a significant global market share. Asia Pacific is expected to register a considerable CAGR during 2022-2030. The increasing interest of young and adult consumers in health and wellness trends is driving growth in the protein powder industry. Consumers are becoming more conscious of their health and are willing to invest in products that can help them maintain or improve their overall well-being. As a result, the protein powder industry is expected to continue growing in Asia Pacific in the years to come.
COVID-19 Pandemic Impact:
The COVID-19 pandemic initially hindered the global protein powder market due to the shutdown of manufacturing units, shortage of labor, disruption of supply chains, and financial instability. The disruption of various industries due to the economic slowdown caused by the COVID-19 outbreak restrained the protein powder supply. Various stores were closed. However, businesses started gaining ground as previously imposed limitations were eased across various countries. Moreover, the introduction of COVID-19 vaccines by governments of different countries eased the situation, leading to a rise in business activities worldwide. Several markets, including the protein powder market, reported growth after the ease of lockdowns and movement restrictions.
Competitive Landscape and Key Companies:
Glanbia Plc, MusclePharm, Abbott, CytoSport Inc., QuestNutrition LLC, Iovate Health Sciences International Inc., The Bountiful Company, AMCO Proteins, Now Foods, and Transparent Labs are among the prominent players operating in the global protein powder market.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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6.Iovate Health Sciences International Inc
7.The Bountiful Company
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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