The Soy Free Protein Powder Market is expanding. During the projection period, it is expected to grow at a single-digit CAGR. The growing relevance of a balanced diet and supplements in vegan diets is driving the global market for soy free protein powder. The global market for soy free protein powder supplements is expanding rapidly due to a rise in health and fitness centers and consumer health consciousness.
Positive attitudes toward sports and nutrition, as a result of the increasing relevance of an active lifespan, as well as growing awareness of the health advantages of soy free protein powder, are predicted to play an important role in boosting the use of health supplements.
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Product and application insights insights into distribution channels
In terms of revenue, the protein powder category accounted for approximately 64.0% of the protein supplements market in 2019. Factors such as strong online sales, a large distribution channel, and a rising number of freestanding mass consumer brands of soy free protein powder from diverse firms. Rising demand from bodybuilders is expected to drive industry growth in the coming years.
In terms of revenue, the sports nutrition category accounted for approximately 66% of the entire market. The market’s increasing need for sports nutrition will drive up demand for soy protein powder in the near future. Over the projection period, the functional food sector is expected to have a large market share. In 2019, online shops accounted for approximately 59.5% of the total market share. The growing number of internet users, ease of access, 24/7 availability, and a plethora of alternatives to select from are the elements driving online sales of soy free protein powder.
Competitive Landscape:
Market leaders are pursuing an expansion strategy in order to get a foothold in the expanding protein powder category. Through technical improvements, the market is increasing its total market share and productivity. Key protein supplements are trending into the health dietary supplement sector, which is quite competitive, with organizations engaging in actions such as caption expansions.
Key protein supplement manufacturers are using various expansion strategies to meet the increased demand for sports supplements. The market is extremely competitive, with firms engaging in operations such as regular mergers, acquisitions, and capital expansions.
Key Players:
- Glanbia Plc.
- AMCO proteins
- Now foods
- NBTY
- Muscle Pharm corp
- Abbot laboratories
- Cyto sport
- IOVATE
- Transparent Labs
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Regional Analysis:
North America emerged as the leading regional market in 2019 with a revenue share of 50.3%, and it is likely to maintain this position throughout the forecast period. The regional market for sports and nutritional supplements has seen a boom in demand, led by nations such as the United States and Canada. Key manufacturers operating in the region have benefited from an ample availability of raw materials, allowing for large-scale manufacturing across the region of the soy free protein powder market.
Asia Pacific is predicted to develop at the fastest rate during the forecast period, with a CAGR of 8.6%. Consumer growth is dependent on the aspect of westernization of diet, which is helping to the expansion of the soy free protein powder industry. Furthermore, the rising urbanisation and penetration of the organized retail sector will drive up demand for soy free protein powder supplements in the future year. Demand and growth in the Asia Pacific area will be consistent, and the price segment of these products will influence more customers there for soy free protein powder.
Key Segments of Industry:
- by product type
- Protein powder
- Protein bars
- by distribution:
- Hypermarkets
- Supermarkets
- Convenience stores
- Online Retail stores
- Others
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