The protein supplements market is estimated to grow at a CAGR of 8.18% between 2022 and 2027, increasing by over $10B, according to a report by Technavio.
The growing interest in sports and fitness activities is a key factor driving the protein supplements market growth. There is an increase in the number of fitness facilities around the world due to the growing awareness of fitness and a healthier lifestyle. The increase in the popularity of sporting events is another factor driving the growth. Some of the popular sporting events include soccer, rugby, basketball, football, baseball, and cricket leagues around the world. Hence, the growing interest in sports and fitness activities has led to an increase in the consumption of protein supplements which is expected to drive market growth during the forecast period.
However, the presence of counterfeit products is a significant challenge restricting the protein supplements market growth. These products use inferior ingredients and pose potential health risks to consumers. Furthermore, they are cheaper than the original branded products which attract customers. Counterfeit protein powders are often sold through underground distribution channels and are posing a challenge to the reputed brand's profits. Major brands have started using their websites and other online sales channels to offer detailed comparisons of genuine and counterfeit products. Therefore, these counterfeit products are expected to restrict market growth during the forecast period.