According to the new research available at MarketStudyReport.com under the title ‘Global Protein Powder Market - Analysis By Type (Whey, Casein, Soy, Hemp, Others), Application (Food & Beverage, Healthcare, Sports Nutrition, Others), Distribution Channel (Online, Offline), By Region, By Country (2019 Edition): Opportunities and Forecast (2019-2024)’, the worldwide protein powder market is presumed to expand momentously by the year 2024.
Proteins are basic supplements which are important for appropriate growth and maintenance of human body. It has numerous benefits like it boosts energy, tones the muscles, builds lean mass, aid in body building, and helps the body to recover from an injury. All these benefits make the product popular among consumers, thereby fuelling the growth of protein powder market.
Rising standards of the middle-class sector and increase in the disposable income are the main factors driving protein powder market. Other parameters aiding the market growth are increasing awareness among the millennial population regarding the benefits of healthy lifestyle and rising consumption of product as sport nutrition.
According to the report, protein powder market was worth US $6.6 billion in 2018 and is expected to grow with a CAGR of 7.7% by the year 2024. The research also provides a comprehensive insight about segmental growth, trends, drivers, challenges, and opportunities impacting the market growth.
Speaking of the product type, protein powder market is segmented as whey, hemp, soy, casein and others. While based on the application spectrum, the market is fragmented as healthcare, sports nutrition, food & beverage, and others. In terms of distribution channel, the industry is categorized as offline and online.
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Considering the regional landscape, the global protein powder market is divided into four main region which are Europe, Asia Pacific, North America, and others. As per the report, North America led the protein powder market in 2018, owing to increasing number of body builders and athletes, alongside the presence of leading product manufacturers in the region. These manufacturers are offering new and enhance products, hence driving the regional growth.
The prominent companies operating in protein powder market include Suppleform, Abbot Laboratories, General Nutrition Corporation, GlaxoSmithKline Plc, Herbalife International of America, AMCO Proteins, NBTY Inc., Glanbia Plc, NOW Foods, and MusclePharm Corporation.
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