Portland, OR -- (SBWire) -- 09/28/2017 --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.

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The global protein supplement market is majorly driven by the rise of health & fitness centers and growth in health-related awareness among people. Moreover, alarming obesity rates indicating increase in demand for weight management, growth in urbanization, and rise in disposable income are some other factors that fuel the market growth. However, availability of cheap substitutes of protein supplements along with negative publicity & false claims affect the reputation of these and are expected to limit the growth of the market. The introduction of protein supplements in the developing nations and expansion as well as strengthening of distribution channels in different regions are anticipated to provide lucrative opportunities for the market.

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 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.

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Key leading players operating in the protein supplement industry are Abbott Laboratories, ABH Pharma Inc., Amway Corporation, Glanbia Group, GlaxoSmithKline (GSK), GNC Holdings, Makers Nutrition, Herbalife International of America, Inc., Suppleform, and Vitaco Health.

The other players in the value chain include Forever Living Inc., Garden of Life, Melaleuca Inc., New Vitality, Nu Skin Enterprises, Inc., Shaklee Corporation, USANA Health Sciences, Vitacost.com, Inc., Isostar, Atlantic Multipower UK Limited, and Dalblads.

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.