Portland, OR -- (SBWIRE) -- 06/27/2017 -- Protein Supplement Market Report, published by Allied Market Research, forecasts that the global market is projected to reach at $3,946 million by 2023 from $2,662 million in 2016, growing at a CAGR of 5.7% from 2017 to 2023. The whey protein supplement segment accounted for nearly half of the global market volume in 2016.

Protein is an essential nutrient and second most abundant substance present in the body after water. Protein supplements are concentrated sources of protein from animal or plant source including dairy, eggs, wheat, soybean, pea, and more. They are present in three common forms, that is, powders, bars, and ready to drink (RTD) liquids. Protein powder is one of the most common protein supplements, available in the market as protein concentrates, protein isolates, and protein hydrolysates. The concentrates consist of 60%-80% protein and 20%30% fat & carbs; the isolates contain 90%-95% protein, and hydrolysates boost the absorption of protein subsequently enhancing the muscle growth response to exercise. These products are consumed by individuals who strive to build muscle, increase & maintain body mass, or lose weight. Also, people take protein supplements to fulfill the necessary energy and vitamins needed through strenuous workouts as well as to compensate the nutrients & vitamins loss during reducing food intake.

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Health benefits associated with consuming protein supplements and rise in fitness concerns among people in different regions drive the market. In addition, increase in number of fitness & training centers, rise in disposable income, and alarming obesity rates also fuel the market growth. However, presence of cheap replacements and false claims coupled with negative publicity are expected to hamper the growth of the market during the forecast period. Rise in protein supplement demand from the health-conscious young population of the developing nations and strengthening of distribution channels in untapped regions are expected to provide numerous opportunities for expansion in the global protein supplement market.

Obesity is the source of many diseases and health hazards, thus, more and more people are willing to lose weight and stay fit. Also, a large section of people are consuming protein supplements to develop muscles or gain weight. This is resulting in expansion of protein supplement market in all regions.

The online segment was the leading distribution channel with most of the protein supplement market share in 2016 with the highest CAGR of 6.8% during the forecast period. This is attributed to a large number of options or alternatives present in online shopping resulting in the convenience of people willing to buy protein supplement or related products.

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According to studies, protein supplements maintains blood pressure, improves immune system, aids in weight management, reduces risk of cardiovascular diseases, and more. In 2016, the whey protein segment occupied the major market, in terms of revenue, accounting for more than one-third of the share. This trend is expected to be continued during the forecast period as well, owing to its ease in digestibility, richness in branched-chain amino acids, and more. The soy protein segment accounted for second highest market share in 2016, and is expected to grow at the highest CAGR during the forecast period. North America and Europe accounted for nearly 80% share of the global protein supplement market in 2016, due to the large-scale demand of protein supplement in these regions.

Key Findings of the Protein Supplement Market:

- Soy protein segment is projected to witness the highest CAGR of 7.0% in terms of revenue during the forecast period.

- The Asia-Pacific protein supplement market is expected to grow at the highest CAGR of 7.3%, due to increase in awareness among people regarding health & fitness subsequently resulting in increase in demand for protein supplement products.

- Online segment of distribution channels occupied the largest market with maximum value share in 2016, and is expected to grow at the highest CAGR during the forecast period.

- The U.S. is the largest country in terms of demand and production of protein supplement in the market.

- Protein powder form is a prevalent segment and is anticipated to witness the second highest growth rate, registering a CAGR of 5.6% from 2017 to 2023, in terms of value.

In 2016, North America and Europe collectively accounted for around 80% of the protein supplement market share, registering a significant CAGR, and are anticipated to retain their position in the global protein supplement market in 2023. This is attributed to the significant rise in health-conscious population coupled with the presence of variety of protein supplements based on need of the people in both the regions.

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Major companies profiled in the report include Abbott Laboratories, ABH Pharma Inc., Amway Corporation, Glanbia Group, GlaxoSmithKline (GSK), GNC Holdings, Makers Nutrition, Herbalife International of America, Inc., Suppleform, and Vitaco Health.