According to the latest report by Meticulous Research®, 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. This growth is fueled by the rising demand for sports nutrition supplements, an increasing interest in plant-based nutrition, heightened consumer awareness regarding health and wellness, and innovative product developments in the protein supplements sector. The market's expansion is also supported by the growing demand for personalized nutrition and opportunities in emerging economies. Additionally, the increasing preference for online shopping and the rising popularity of vegan protein supplements are significant trends driving market growth.

However, the market faces challenges such as the threat of counterfeit products and misconceptions surrounding the consumption of protein supplements, which may hinder growth.

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Market Segmentation
The protein supplements market is segmented by product type, source, application, and geography:
• By Product: The market is divided into protein powder, ready-to-drink (RTD) products, protein bars, and others. In 2024, protein powder is expected to hold the largest market share at 63.8%, driven by its ease of use, cost efficiency, and consumer preference for plant-based protein powders.

• By Source: The market is categorized into animal-based, plant-based, spirulina protein, and other sources. The plant-based segment is anticipated to achieve the highest CAGR during the forecast period, bolstered by increasing consumer interest in plant-based nutrition, the rise of veganism and vegetarianism, and innovations in plant-based protein products.

• By Application: The market is segmented into sports nutrition and additional nutrition. The sports nutrition segment is expected to dominate the market in 2024, driven by the growing demand among athletes, bodybuilders, and fitness enthusiasts. This segment is also projected to grow at a higher CAGR due to increasing awareness of the benefits of protein supplements for athletic performance, muscle growth, and weight management.

• By Geography: The market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region is projected to experience the highest growth rate (CAGR of 9.4%) during the forecast period, driven by rising disposable incomes, urbanization, and the growing popularity of fitness and sports activities. The market in this region is further supported by increased health consciousness and the expanding accessibility of protein supplements through e-commerce platforms, particularly in countries like China and India.

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Key Players
Key players 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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