Protein Supplement Category Steadily Growing, Per Report
Future Market Insights (FMI) has shared a new report examining the protein supplement market, with the category projected to have a compound annual growth rate (CAGR) of 8.53% through 2033. A quickly growing category, the report shows that retailers would be wise to invest in both plant- and animal-based protein supplements.
Valued at $27.78 billion heading into 2023, the protein supplement category is expected to surpass a market valuation of $62.99 billion by 2033. The ready-to-drink segment is growing at a notable rate, registering a CAGR of 8.5% during the period of 2023-2033. North America has emerged as the leading region with the U.S. holding dominant market shares. The country is expected to surpass a valuation of $2.47 billion by 2033.
“A surge in demand for on-the-go food consumption is identified to bolster the sales of protein supplements across 2033,” said the research firm. “Health awareness programs are raising awareness amongst the urban populace to consume nutritional diets for leading a healthy lifestyle. Furthermore, young athletes are also highly consuming protein supplements for the benefits of building muscles, increasing strength, immunity improvement, and low blood pressure levels. The working population across the globe is highly reliant on protein supplements owing to the changing lifestyle and busy schedules.”
The sports nutrition segment has emerged as the largest application segment in the year 2022. It has accounted for a revenue share of over 64.0% of protein supplements, as consumers gravitate towards protein bars and powders. Plant-based protein supplements, derived from soy, hemp, pea and more, have seen substantial growth and consumers shift to more plant-based items.
Despite projected growth, FMI pointed to high manufacturing costs as a possible barrier for protein supplement manufacturers. Volatility of milk, soybean and other ingredient prices were cited as potential challenges.
The full report from FMI can be found here.