Market overview:
Protein Supplements Market has been valued $ 18.91 billion in the year 2019 and it is estimated to reach $20.47 billion by the year 2026, with a CAGR of 8.4% from 2021 to 2026. Protein Supplements is most commonly known as a popular nutritional supplement. Protein is an essential macronutrient that helps to build the muscle, and repair tissue, and also make enzymes and hormones. Using protein powder may also aid weight loss and help people tone their muscles, Protein supplements are one of the most popular dietary supplements used by athletes, and these are the main factors that have considerably increased the demand for the Protein Supplements in the market, thereby driving the huge growth of the Protein Supplements market in the upcoming years.
Market Drivers and Restrains:
The main factors that have considerably increased the demand for the Protein Supplement is mainly due to the increase in the disposable income and improvement in financial stability, increase in living standards and rise in willingness to spend money, and also increase in the number of health-conscious customers around the globe are some of the factors contributing to the growth of the protein supplement industry. The demand for protein supplements among the athletes is increasing because as they provide different health benefits such as lowering cholesterol, building of muscles, increasing strength, fighting cancer, improving immunity, and lowering blood pressure, these are the main factors that have considerably increased the demand for the Protein Supplements in the market, thereby driving the huge growth of the Protein Supplements market in the upcoming years.
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Report is segmented as:
Protein Supplements Market is segmented on the basis of by product, on the basis of by source, on the basis of by raw materials, on the basis of by application:
* Protein Supplements Market is segmented on the basis of by product into Ready-to-Drink, Powder, Bars
* Protein Supplements Market is segmented on the basis of by source into Animal, Plant
* Protein Supplements Market is segmented on the basis of by application into Sports Nutrition, Functional Foods
* Protein Supplements Market is segmented on the basis of by raw material into Whey, Casein, Soy, Pea
Geographical Segmentation:
Protein Supplements Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Protein Supplements in the year 2019 due to the rise in number of the U.S. consumers adapting a healthy lifestyle or indulging in activities that promotes active and good health, followed by Europe, Latin America and Middle East & Africa will register a slower increase in the Protein Supplements Market
Impact of COVID-19 on Market
Covid -19 pandemic has affected the growth of business of every sector and it also affected the growth of the Protein Supplements market, and temporary lack of growth in export and import activities, which has impacted the raise of Protein Supplements market growth. Covid-19 pandemic has impacted huge on the sales revenue of Protein Supplements market. Due to the government restrictions like lockdown in many countries has shutdown the commercial and industrial establishments and also stopped in transportation these made huge loss for Protein Supplements market. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus.