July 13, 2020
According to the research report titled ‘Global Protein Powder Market - Analysis By Type, Application, Distribution Channel , By Region, By Country (2019 Edition): Opportunities and Forecast (2019-2024)’, available with Market Study Report LLC, global protein powder market was worth USD 6.6 billion in the year 2018 and is anticipated to showcase a y-o-y growth rate of 7.7% between 2019 and 2024.
As per type, global protein powder industry is bifurcated into hemp, soy, casein, whey and others. The report states that whey protein powder market segment is predicted to amplify substantially during the forecast period. The growth is primarily attributed to growing millennial population with preferences towards adopting healthy eating habits and lifestyle.
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Elaborating on the application spectrum, global protein powder market is classified into sports nutrition, healthcare, food & beverage and others. According to the report, sports nutrition segment is expected to register substantial growth during the study period. Shifting trend of adopting healthy eating habits along with increasing awareness pertaining to benefits of protein powder are augmenting the product demand for sports nutrition applications.
From the regional frame of reference, worldwide protein powder market is classified into Asia-Pacific, North America, Europe and Rest of the World, while countries such as South Korea, India, Japan, China, Canada, U.S., Italy, U.K., France and Germany among others being the point of focus.
The report cites that North America accounted for a significant market share in the year 2019 and is poised to accumulate commendable returns in the ensuing years. Leading manufacturers in the region are focusing on expanding their product portfolio, thereby augmenting the regional demand. In addition, increasing number of body builders and athletes coupled with preference towards healthy lifestyle are complementing the business outlook in North America.
The major companies formulating the competitive landscape of global protein powder market are Suppleform, General Nutrition Corporation (GNC Holdings Inc.), Herbalife International of America Inc., NBTY Inc., Glanbia plc, NOW Foods, MusclePharm Corp., AMCO Proteins, GlaxoSmithKline Plc and Abbott Laboratories.