Meticulous Research®, a leading global market research company, has released a comprehensive report titled "Protein Supplements Market Size, Share, Forecast, & Trends Analysis by Product (Powder, RTD, Bar), Source (Animal-based {Whey}, Plant-based {Soy}), Application (Sports Nutrition), Distribution Channel (Online, Specialty Stores) - Global Forecast to 2031."

According to this report, the global protein supplements market is projected to reach $43.17 billion by 2031, growing at a CAGR of 8.8% from 2024 to 2031. The market's growth is driven by several factors, including the increasing demand for sports nutrition supplements, a rising interest in plant-based nutrition, greater consumer awareness of health and wellness, and ongoing product innovations in protein supplements. Additionally, the growing demand for personalized nutrition and expansion into emerging markets are expected to provide significant growth opportunities for companies in this sector. Trends such as the growing preference for online shopping and the increasing popularity of vegan protein supplements are also contributing to the market's expansion.

However, the market faces challenges such as the threat of counterfeit products, which may hinder growth, and misconceptions about the consumption of protein supplements, which pose obstacles to market expansion.

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Market Segmentation
The protein supplements market is segmented based on product type, source, application, and geography:
• By Product: The market is segmented into protein powder, ready-to-drink (RTD) products, protein bars, and others. In 2024, protein powder is expected to dominate the market with a 63.8% share, attributed to its ease of handling, cost efficiency, and lower content of additional ingredients such as sugar and preservatives. The increasing consumer demand for plant-based protein powders is expected to further boost this segment.

• By Source: The market is divided into animal-based, plant-based, spirulina protein, and others. The plant-based segment is anticipated to register the highest CAGR during the forecast period, driven by the growing consumer interest in plant-based nutrition, the rise in vegan and vegetarian populations, the increasing prevalence of lactose intolerance, and ongoing product innovations.

• By Application: The market is segmented into sports nutrition and additional nutrition. The sports nutrition segment is expected to hold the largest market share in 2024, driven by the increasing demand from athletes, bodybuilders, and fitness enthusiasts. This segment is also projected to grow at a higher CAGR due to rising awareness of the benefits of a balanced diet and the role of protein supplements in weight management and muscle growth.

• By Geography: The market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region is expected to register the highest growth rate, with a CAGR of 9.4% during the forecast period. This growth is primarily due to rising disposable incomes, population growth, urbanization, and the increasing popularity of fitness and sports activities. The region's market is further supported by changing dietary patterns, increased health awareness, and the growing accessibility of protein supplements through e-commerce platforms, particularly in countries like China and India.

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Key Players
Prominent companies in the protein supplements market include Glanbia plc (Ireland), The Simply Good Foods Company (U.S.), Iovate Health Sciences International Inc. (Canada), Amway Corporation (U.S.), PepsiCo, Inc. (U.S.), THG PLC (U.K.), Mondelēz International, Inc. (U.S.), Herbalife Ltd. (U.S.), NOW Health Group, Inc. (U.S.), Meiji Holdings Co., Ltd. (Japan), Woodbolt Distribution, LLC (U.S.), FitLife Brands, Inc. (U.S.), Orgain, Inc. (U.S.), and Post Holdings, Inc. (U.S.).

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