The international protein supplements market is characterized with the existence of numerous market participants and as such the said market stands fragmented and competitive, discovers a new market research study by Transparency Market Research (TMR). As such, the prominent market players, like ABH Pharma, Herbalife, GlaxoSmithKline, Abbott Laboratories, and Amway have been cashing in on product diversification and development so as to expand their business and market share across the globe. These companies are, however, forecasted to shift their emphasis towards the expansion of their business in the emerging economies in near future in a bid to exploit their untapped limitless potential, as reported by the market research report.
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In accordance with a market research report, the world market for protein supplement was anticipated to attain a market valuation of around US$ 2.2 bn by the end of the year 2017. The opportunity in this said market is foreseen to further increase by rising at a growth rate of around 5.30% CAGR over the timeframe of forecast that extends from the year 2017 to 2022 and reaches a market valuation of around US$ 2.8 bn by the end of the forecast period. The demand for the egg protein supplements is relatively higher as compared to other supplements and trends are forecasted to remain so over the said period of the forecast.
North America to Dominate Due to Increased Inclination towards Healthy Living and Healthy Eating
The international market for protein supplements is categorized into the geographies of North America, South America, Europe, Middle East and Africa, and Asia Pacific. The said market is being dominated by the region of North America. Furthermore, the international market for protein supplements also finds its popularity in various other geographies, namely the Middle East and Africa (MEA), Japan, and Asia Pacific excluding Japan (APEJ). People from the region of North America are increasingly being attracted towards healthy eating and living alike. Presence of high level of disposable incomes also makes it possible for them to afford pricey healthcare products and services. As such, the Americans have begun to make an inclusion of protein supplements in their everyday diet. As a consequence, this is having extremely good effect on the region of North America for protein supplements and the same is anticipated to continue doing so over the forthcoming years. The existence of a large base of vendors of protein supplement in the U.S. is also prognosticated to encourage this regional market over the years to come, as mentioned in the market intelligence report by TMR.
Increasing Disposable Income to Stimulate Market Growth
In accordance to an analysis by TMR researcher, there has been a substantial increase in the number of gym, fitness centers, and health club which has resulted in the considerable growth of the said market. The bolstering demand for weight management amongst various consumers owing to alarming rise in the incidences of obesity and numerous other health-related concerns is also further encouraging the growth of this market significantly.
Furthermore, rapid urbanization coupled with increasing ability of the purchasing power of the consumers are further estimated to drive this market in the years to come.