Protein Supplements Market Anticipated To Expand At A CAGR Of 8.0%From 2023 To 2030Posted by Neha Bora on March 15th, 2023 San Francisco, 15 March 2023: The Report Protein Supplements Market Size, Share & Trends Analysis Report By Source (Animal-based, Plant-based), By Product (Protein Powder, Protein Bars, RTD), By Application, By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2030 The global protein supplements market size is expected to reach USD 10.80 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.0% from 2022 to 2030. The growing number of fitness centers on account of rising millennials’ interest in health and wellness is expected to drive market growth. The protein supplement manufacturing companies are primarily concentrated in Europe and North America owing to the abundant availability of raw materials. Increasing obesity rates in these regions are leading consumers to opt for a healthy lifestyle and eating habits, which is expected to increase the demand for protein supplements in the upcoming years. Protein supplement manufacturing requires high capital investments owing to the complex manufacturing process. The European Food Safety Authority (EFSA) and the U.S. Food & Drug Administration (USDA) have laid regulations on product labeling and health claims, which makes it challenging for new market entrants. The established players are continuously working on increasing their production capacity to cater to the growing demand for protein supplements. For Instance, in October 2020, Glanbia PLC began the operation of its new facility producing cheese and whey in Michigan, U.S. and is capable of processing 3.6 million liters of milk per day. The rising vegan population across the globe has compelled manufacturers to invest in R&D to innovate in plant-based protein supplements. In March 2020, The Hut.com, which goes with the brand ‘My Protein’, launched a new plant-based protein shake in the U.S. to capitalize on the increasing vegan population in the country. Similarly, in February 2020, InnovoPro launched chickpea protein concentrate for the ready-to-drink formula for vegan athletes. The supermarkets segment is expected to expand with the highest CAGR from 2022-2030 during the forecast period. Supermarkets offer significant advantages to consumers, such as freedom of selection, lower prices, and increased visibility of international brands, which makes them a suitable platform for purchasing all types of protein supplements. These stores provide dedicated shelf spaces that offer a range of protein supplements. Access Research Report of Protein Supplements Market @ https://www.grandviewresearch.com/industry-analysis/protein-supplements-market Protein Supplements Market Report Highlights
List of Key Players in Protein Supplements Market
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