Global Market Insights, Inc., reports that the protein powder market is likely to grow over USD 30.5 billion by 2027.
Driven by extensive product adoption, protein powder manufacturers are working towards new product development. In 2017, nutritional solutions firm, Glanbia Nutritionals announced the launch of the ProTherma hydrolyzed whey protein meant for the hot, ready-to-mix powdered food and beverages industries.
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The protein powder market is estimated to grow at a steady pace over the coming years owing to increasing demand from health-conscious and fitness enthusiastic consumers. Easy accessibility to one stop solution like hypermarkets is another key factor driving industry expansion. Apart from human nutrition products, growing awareness about animal nutrition and health, as well as a surging livestock sector, is fueling the animal nutrition supplement application, which is expected to record a CAGR of 6.7% over the forecast timeframe.
Mentioned below are some of the key trends driving protein powder market expansion:
Robust demand from online platforms
The online segment in protein powder market is projected to rise over $11 billion in the upcoming years owing to granted benefits like better user interface, product specification, differentiation, and cash back offers that online shopping provides. Product demand via online stores is likely to grow further given to easy accessibility of protein powder and the subscription models offered to consumers, giving frequent discounts on special occasions. High millennial population is also significantly fueling this demand for protein powder.
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Europe emerging as a lucrative business ground
The Europe protein powder market is expected to register a CAGR of 7.6% on account of increasing usage of edible insects in protein supplements and rising demand for functional beverages and food. There is high demand for spirulina-based protein from feed or food producing industries given to easy digestibility of cell wall, low nucleic acid content, and a high concentration of vitamins and minerals. Spirulina is a rich source of protein among all plant-based sources because it consists of almost 60% - 70% of protein in dry weight. Protein powder obtained from plants like rice, hemp, and pea provide an adequate amount of vitamins and nutrients.
North America dominating protein powder industry share
The North America protein powder market is estimated to progress over the forecast period owing to the tremendous popularity of protein powder products among health-conscious people, coupled with the growing demand for functional food.
In 2019, U.S.-based dietary supplement company, Herbalife Nutrition introduced a protein drink mix and the Formula 1 Select Meal Replacement shake, both plant-based and formulated with a blend of quinoa, pea and rice proteins, for consumers seeking nutritional, alternative protein sources.
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