Accordingto a new report by Transparency Market Research (TMR), a leading marketintelligence firm, the global proteinsupplements market is witnessing a tremendous rise in itsvaluation, thanks to the increased focus of consumers towards acquiring ahealthy lifestyle. With the presence of a large number of players, such asGlaxoSmithKline Plc, Amway Corp., ABH Pharma Inc., Vitacost.com Inc., and NuSkin Enterprises Inc., the competitive landscape in the market looks highlyfragmented, notes the market study.
The levelof the competition is expected to get higher in the next couple of years due tothe continuous entry of new players in this market. Currently, the leadingprotein supplement producers are relying more on product development anddifferentiation for the growth of their business. Over the coming years, theyare expected to shift their focus towards expanding their businesses indeveloping economies to remain in the competition.
TMR reportevaluates the global protein supplements market to rise at a CAGR of 5.30%during the period from 2017 to 2022. Protein supplements derived from animalsources have a bigger market than supplements derived from plant sources. TMRnotes that the scenario may remain so over the period of the forecast.Hitherto, conventional channels, such as drug stores, convenience stores, andhypermarket/supermarket were the main distribution channels for proteinsupplements. However, going forward, online stores may gain an edge over thesein the coming years.
Geographically,the worldwide protein supplements market registers its presence mainly acrossAsia Pacific, North America, Latin America, Europe, and the Middle East andAfrica. Among these, North America has been leading the global proteinsupplements market, owing to the increasing awareness among consumers towardshealthy living. This regional market is likely to remain on the top over thenext few years. However, Asia Pacific is anticipated to report a greater growthrate in the near future, thanks to the continuously rising population, statesthe research report.
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IncreasingAttention towards Health and Fitness to Support Demand for Protein Supplements
“Thesignificant surge in the attention towards health and fitness fuelled thedemand for protein supplements doubly,” says a market research analyst at TMR.The mushrooming of health clubs, gyms, and fitness centers across every cornerin the world has a big hand in trending health and fitness among consumers, especiallythe youth. The younger generation is more inclined towards having fit andhealthy lifestyle, which, resultantly, has turned them towards proteinsupplements. With the trend continuing to create a buzz, the demand for proteinsupplements is projected to soar in the near future, reflecting positively onthe global protein supplements market. The rapid urbanization and the increasein the purchasing power of consumers is also projected to assist this market inreporting a healthy rise over the next few years, notes the market study.
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Constantly Fluctuating ProteinProduct Prices to Hinder Protein Supplements Market Growth Trajectory
In thecoming years, the global protein supplements market is expected to witness ahigh-paced growth. However, the trajectory does not look smooth. The constantfluctuation in the prices of protein products may hamper the growth of thismarket to some extent. Moreover, due to the high product cost, the sales ofprotein supplements will also experience a slowdown, especially in developingeconomies, in the near future.
Nonetheless,the continuous efforts by leading players to introduce reasonable prices fortheir products may bear fruits and reflect positively on the global proteinsupplements market. In addition to this, the increasing popularity of sportsevents and various other fitness activities among youths is likely to supportthe growth in the global protein supplements market, states the researchreport.
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