OTC Protein Dietary Supplements Market - Forecast(2023 - 2028)

OTC Protein Dietary Supplements Market Report

OTC Protein Dietary Supplements Market Overview

The global OTC protein dietary supplements market is estimated to grow at a CAGR of 8% during the forecast period 2019–2024 and reach $8.2 billion by 2024. The OTC protein dietary supplements market growth can be attributed to the fact that demand for protein supplement products has increased in line with an increase in health issues along with changing lifestyle choices and diet plans. However, the paradigm shifts to preventive health management practices in the aspect of rising healthcare expenses and increased disease burden is also driving the OTC protein dietary supplements market.

Report Coverage

The report: “OTC Protein Dietary Supplements Market – Forecast (2019-2024)”, by IndustryARC covers an in-depth analysis of the following segments of the OTC Protein Dietary Supplements Market.

Key Takeaways

· The whey protein segment was estimated at $1.9 billion in 2018, and is expected to grow at a CAGR of 6.3%.

· Key sustainability strategies such as mergers or acquisitions are being adopted by market players to ensure the growth of the OTC protein dietary supplements market.

· Asia Pacific is estimated to record the fastest CAGR in the OTC protein dietary supplements market over the forecast period

Type - Segment Analysis

The OTC protein dietary supplements market is classified by products into Whey Protein, Egg Protein, Casein Protein, Soy Proteins, Pea Proteins, and Other Proteins. In 2018, the whey protein segment dominated the OTC protein dietary supplements market in terms of revenue. Its popularity can be attributed to the fact that it is a rich source of branched amino acids which are used by bodybuilders and athletes for the general development of the body and muscles. The increase in demand for nutritional sports products and their value-added tag as clean label ingredients are the two primary variables that are leading to the current market growth.

Form - Segment Analysis

The OTC protein dietary supplements market is segmented into Protein Bars, Protein Powder, Ready to Drink, and Others, in terms of form. The OTC protein dietary supplements market is dominated by protein powder, which registered a share of 65% in 2018. Protein powder is among the most popular protein supplements in the market as concentrate proteins, protein hydrogenates, and protein isolates. Individuals who strive to build muscle, boost, and retain body mass or lose weight consume these products. People also take protein supplements through aerobic workouts to meet the necessary energy and vitamins as well as compensate for the loss of nutrients & vitamins during decreased food consumption. The above-mentioned factors are likely to drive the OTC protein dietary supplements forms market globally during the forecast period.

Geography - Segment Analysis

In 2018, North America represented the largest share of the worldwide OTC protein dietary supplements market in terms of revenue. During the forecast period, the U.S. health and fitness sector is expected to develop faster and more efficiently. This is owing to an increase in the number of U.S. consumers who adapt to a healthy lifestyle or engage in operations that promote active and good health. Demand for healthy food is increasing as a result of the increase in the number of health-conscious consumers, and this is expected to boost the North American OTC protein dietary supplements market.

Drivers – OTC Protein Dietary Supplements Market

·         Growing awareness and Rising Economies

The main drivers of the market for protein dietary supplements are growing awareness and rising economies in which customers have high disposable incomes, increased awareness of health and nutrition, stressful lifestyles, growing population and an increasing number of individuals with chronic diseases.

·         Rising Application of Protein Dietary Supplements

Application of protein dietary supplements are increasing day by day in various fields such as sports and bodybuilding. The sports nutrition industry is anticipated to play a vital role in encouraging the use of protein dietary supplement items, owing to the growing significance of active lifestyle and an increased understanding of protein effects which will further boost the OTC protein dietary supplements market during the forecast period.

Challenges – OTC Protein Dietary Supplements Market

·         Lack of Awareness and High Prices

The current significant challenge to the market is the lack of awareness among the general public. In addition, customers are price-conscious, and purchasing power in developing nations is low. The dietary protein supplement products often have premium rates and are therefore accessible only to certain sections of the population which are economically better off. In developing countries like India, consumer awareness is limited, and a significant section of the population is unaware of the advantages of consuming protein dietary supplement products.

Market Landscape

Partnerships and acquisitions, along with product development, are the key strategies adopted by players in the OTC protein dietary supplements market. Major players in the OTC protein dietary supplements market include GlaxoSmithKline Plc, General Nutrition Corporation, Abbott Laboratories, Glambia Plc., Maker Nutrition LLC, Vitaco Health Limited, and others.

OTC Protein Dietary Supplements Market Research Scope:

The base year of the study is 2018, with forecast done up to 2024. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the OTC protein dietary supplements market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types, sources, and their specific forms.

However, the paradigm shifts to preventive health management practices with respect to rising healthcare expenses and increasing disease burden the use of OTC protein dietary supplement will rise in coming years their value-added properties are the two primary variables that are leading to the current market growth.

People also take protein supplements through aerobic workouts to meet the necessary energy and vitamins requirement while doing exercise, as well as compensate for the loss of nutrients & vitamins during decreased food consumption.