With the increasing trend toward health consciousness, the protein powder market is poised to gain a valuation of US$ 26.9 billion by 2024. The sales of protein powder will develop at a 7.60% CAGR during the forecast period. A valuation of US$ 55.81 billion is likely to be reached by the protein powder market by 2034.
Protein powder used as a dietary supplement is among the primary factors pushing sales. People use protein powder to increase their protein intake, particularly when protein is deficient from their usual meals. Athletes, fitness fanatics, and health-conscious consumers frequently consume these. Protein powder is primarily used to support muscle development and repair. Protein powder will assist one in achieving the daily protein requirements, growing muscle, or altering body composition when paired with regular exercise.
Get Your Report Sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-14904
In contrast to this, the health risks that are associated with the intake of protein powder may impede the global protein powder market growth. Consuming protein powder for a prolonged period may lead to acute liver and kidney damage.
Key Takeaways from the Market Analysis
- The global protein powder market was valued at US$ 19.57 billion in 2019.
- From 2019 to 2023, the protein powder market experienced a CAGR of 7%.
- The United States protein powder industry is anticipated to develop with a 5.6% CAGR from 2024 to 2034.
- Whey protein powder will become extremely popular, accounting for 35.3% of the market by 2024.
- With a 45.3% market share in 2024, the demand for animal protein powder will soar.
“Attractive packaging designs along with high nutrients is what the consumers of protein powders are looking for. Market players need to develop their products in line with these consumer trends and set up a seamless distribution network,” says an FMI analyst.
Competitive Landscape
Market knowledge and expertise are necessary to enter the global protein powder market. The startups and the existing players must chalk out solid marketing plans to sell their products.
Market players must understand what kinds of products are currently available to determine whether developing their product is worthwhile. Competitive research can help with this.
Competitive research is identifying other organizations that offer comparable goods in order to determine their strengths and flaws and improve on it accordingly. Once they have all the facts, market players may set a market goal for their protein powder company.
Key Development
- In 2024, Abbott, Real Madrid, and the Real Madrid Foundation have announced that their collaboration would be extended until the 2026-27 season. Abbott will continue to be the Real Madrid Football Club’s global partner in nutrition and health sciences as well as the Real Madrid Foundation’s global partner.
- Abbott and Real Madrid will keep collaborating to promote children’s health and nutrition and create a healthier planet for future generations. Abbott will expand its partnership with the Real Madrid Foundation, including nutrition education and malnutrition screening services for kids enrolled in Real Madrid Foundation Social Sports Schools worldwide.
Comments
0 comment