Protein Powder Market to Attain a Value of $38.29Bn Globally by 2030 - Exclusive Report by The Insight Partners
The global protein powder market size is expanding at a CAGR of 6.1% during 2022-2030.
Pune, India, Nov. 06, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Protein Powder Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Product Type, Category, Distribution Channel, and Geography,” the protein powder market is expected to grow from $23.90 billion in 2022 to $38.29 billion by 2030; it is estimated to grow at a CAGR of 6.1% from 2022 to 2030. The report highlights key factors driving the protein powder market growth and prominent players along with their developments in the market.
Protein powder is a supplement made from protein-rich foods like milk, soy, or eggs. It is usually sold in powder form and can be mixed with water, milk, or juice. Protein powder is often used by people trying to build muscle or lose weight. It can also help people not getting enough protein in their diet.
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Glanbia Plc, MusclePharm, Abbott, CytoSport Inc., QuestNutrition LLC, Iovate Health Sciences International Inc., The Bountiful Company, AMCO Proteins, Now Foods, and Transparent Labs are among the key players operating in the global protein powder market. The global protein powder market players focus on providing high-quality products to fulfill customer demand. They also adopt strategies such as research and development investment, new product launches, and expanding production capacities. Key players in the protein powder market are using e-commerce platforms to meet the growing demand for protein powder.
Impact of COVID-19 Pandemic on Protein Powder Market
Before the onset of the COVID-19 outbreak, the protein powder market was mainly driven by the increasing health consciousness among consumers. However, due to the emergence of the outbreak in 2020, many industries reported unprecedented challenges. During the initial phase of the COVID-19 pandemic, the food and beverages industry reported a decline in profits due to the shutdown of manufacturing units and disruption in the supply chain. The COVID-19 pandemic disturbed the manufacturing processes of various products, including protein powders, owing to restrictions imposed by government authorities in various countries. Moreover, the shutdown of specialty stores due to lockdowns and travel restrictions during the initial months of the COVID-19 outbreak hampered the sales of protein powders. Furthermore, as the supermarket chains remained closed during the first quarter of 2020, the retail sales of protein powder reduced, hindering the growth of the protein powder market.
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The global protein powder market is segmented based on product type, category, distribution channel, and geography. Based on product type, the market is categorized into soy protein powder, pea protein powder, casein protein powder, whey protein powder, and others. By category, the market is bifurcated into organic and conventional. By distribution channel, the market is categorized into supermarkets and hypermarkets, specialty stores, online retail, and others. The global protein powder market is broadly segmented by geography into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
The North American protein powder market is further segmented into the US, Canada, and Mexico. The European protein powder market is sub segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The protein powder market in the Asia Pacific is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa market is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of the Middle East & Africa. The South & Central America protein powder market is further segmented into Brazil, Argentina, and the Rest of South & Central America.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
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