Protein Powder Market Size Expected to Cross US$ 41.5 Bn by 2032
As per the Global Market Insights report, “Worldwide protein powder market was valued USD 21.5 billion in 2022 and will surpass a revenue collection of USD 41.5 billion by 2032 with an annual growth rate of 6.5% over 2023 to 2032.”
The protein powder market is slated to surge exponentially through 2032, propelled majorly by the surging concern toward animal health and diet among consumers. In addition, several health benefits are linked with protein powder, such as that it helps in building blocks for healthy muscles and tissues, aids in weight management, repairs tissues, synthesise enzymes, improves the immune system, and assists in maintaining healthy cholesterol levels, are anticipated to bolster protein powder industry growth over the forecasted period.
Besides, the rising health consciousness among consumers due to changing lifestyles and eating habits will propel the market expansion. The competitive landscape of the global protein powder industry is highly fragmented. The key players constantly incorporate strategic initiatives, including mergers and acquisitions, partnerships, and product launches, to strengthen their foothold in the market. For instance, in October 2020, Harbin Pharmaceutical Group Holding acquired GNC Holdings in a deal worth USD 760 million.
The plant-based segment is slated to register notable gains between 2023 and 2032. The growth can be attributed to the rising demand for non-meat protein from various plant-based sources such as soybeans, sunflower, rapeseed, peas, wheat, other cereals, and pulses. Furthermore, factors such as easy availability and low cost will support plant-based protein powder demand in the future.
The animal nutrition supplements segment is anticipated to amass significant gains over 2023–2032. Notably, protein supplements are a rich source of organic nitrogen, crucial for the healthy growth and normal operation of animals. Hence, all these benefits are projected to boost the segment expansion.
The nutrition and health food store segment will grow significantly over the foreseeable time. The changing consumer preferences and tastes and rapid adoption of plant-based products have empowered the nutrition stores to increase their inventories with such products, further driving the segment growth by 2032 end.
The Asia Pacific protein powder market is expected to expand considerably over the estimated timeframe. Increased accessibility and awareness around various cosmetic items owing to the expanding multi-level marketing and efficient distribution networks have complemented the industry expansion. In addition, the increased popularity of beauty products among the young population and trends toward chemical-free cosmetics will spur regional cosmetics demand, thereby augmenting the Asia Pacific protein powder market share.
The protein powder market consists of ABH Pharma Inc, Melaleuca Inc, Amway, Abbott Laboratories, Glanbia Group., Makers Nutrition, GlaxoSmithKline, Herbalife International of America, Inc., GNC Holdings, Living Inc, Omega Protein, Vitaco Health, Atlantic Multipower UK Limited, Dalblads, Nestlé, Atlantic Multipower.
