The market is attaining momentum due to the growing number of health-conscious customers and fitness centers around the world. The growing popularity of protein supplements among the millennials, coupled with their interest in forming health through a balanced diet, is predicted to generate an additional requirement for protein supplements. Growing reliance on supplements to fulfill the daily nutritional demands due to transforming lifestyles is predicted to propel the requirement for protein supplements even further.
Customer awareness of food supplements is also predicted to rise, as is the accessibility of world-class athletics and fitness infrastructure, high disposable incomes, and a favorable government outlook. These aspects are predicted to assist the growth of the market during the forthcoming period.
According to SPER market research, ‘Protein Supplement Market Size– By Type, By Source, By Raw Material, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecasts to 2032’ state that the Protein Supplement Market is predicted to reach USD 15.36 billion by 2032 with a CAGR of 8.5%.
The global market is impacted extremely owing to uncertain pandemic circumstances that occurred around the world. Since most of the region experienced a nationwide lockdown, the buying power of the customers has impacted the growth of the food products. The global market is anticipated to witness hurdles in its growth owing to the limitations forced on trade, purposes of production amenities at diminished workforce & capacity, nationwide lockdown, and conclusion of international borders. The coronavirus pandemic has severely impacted international industrial production due to lockdowns in foremost regions. This has negatively impacted the production, production, and transport of different goods around the world.
The foremost markets for dietary supplements are concentrated around North America and European regions. In addition, these regions have witnessed coronavirus outbursts in most of their economies, involving the U.S., Spain, Italy, the U.K., and several others. This, in turn, led to the snowballing requirement for immune-boosting supplements around dissimilar channels, such as hypermarkets, supermarkets, food stores, and drug stores & pharmacies.
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In addition, the significant growth in the distribution channel of encapsulation technologies in the fortification of food & beverage products is projected to tap fresh markets for the sports nutrition ingredients. Furthermore, the rising naturally-derived ingredients in light of growing health concerns connected to synthetic ingredients are predicted to propel the penetration of protein supplements in the sports nutrition industry.
Different awareness campaigns run by non-governmental organizations, companies, and government agencies have augmented customer understanding of the nutritious advantages of protein supplements, which, in turn, is predicted to propel market growth. In addition, the consumption of premium protein powders and bars is concerned as a symbol of one’s social status in different regions. Some companies engaged in introducing nutritional supplements also involve organic and natural products, which are further propelling the market.
North America led the market and registered for a great value of revenue share. High customer awareness concerning health and wellness, coupled with knowledge concerning product advantages, is predicted to support the industry’s growth.
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