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Protein powder market size expected to cross US$41.5 billion by 2032: Report
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Monday, 11 September, 2023, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Worldwide protein powder market was valued US$21.5 billion in 2022 and will surpass a revenue collection of US$41.5 billion by 2032 with an annual growth rate of 6.5% over 2023 to 2032, as per the report by Global Market Insights, Inc.
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 linked with protein powder, such as that it helps in building blocks for healthy muscles and tissues, aids in weight management, repairs tissues, synthesises 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 the consumers owing to the changing lifestyle and eating habits will propel the market expansion.
The competitive landscape of the global protein powder industry is highly fragmented. The key players are constantly incorporating 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 US$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, which is crucial for the healthy growth and normal operation of animals. Hence, all these benefits are projected to boost the segment expansion.
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