BENGALURU: Soaring whey prices are reshaping India’s fast-growing protein supplement market, squeezing margins and forcing companies to redraw their growth strategies as demand continues to rise.
Global supply tightness, surging demand from sports nutrition and packaged food manufacturers and logistics constraints have pushed whey protein isolate and concentrate prices to multi-year highs. India, which imports a large share of its whey from the US, Europe and New Zealand, is additionally exposed to currency volatility.
Over the past year, raw whey costs have climbed almost 70% to as much as ₹3,000 per kg, intensifying pressure across the value chain, according to suppliers who spoke to Mint. As a result, retail whey protein in India (largely in powder format), today typically ranges from about ₹2,000 per kg for budget products to ₹4,000-5,000 or more for premium offerings, with 2 kg packs costing ₹4,000 to ₹7,000.
According to Nitin Jain, managing director of consultancy Protiviti Member Firm for India, the mass category accounted for about 73% of India’s whey protein market in 2025, significantly outweighing premium in revenue share. To protect margins, retailers are doubling down on premium products while selectively promoting smaller packs and entry price points to drive traffic and trials, he said.
“Premium brands still retain moderate-to-high pricing power because of brand equity and trust,” said Jain. “But domestic mass players face tighter elasticity, especially in tier-2 and tier-3 markets. Since India imports a large share of whey, pricing is also sensitive to forex movements.”
India’s dependence on imported whey means companies cannot easily pass rising costs to consumers without risking demand, particularly in a price-sensitive market, Jain noted.
As input volatility clashes with mainstream adoption, protein companies are being pushed into strategic reset mode, expanding beyond dairy-based formulations and diversifying channels to protect margins in a market where raw material costs are expected to remain elevated in the near term.
Protein goes mainstream
The changes are unfolding as protein demand becomes mainstream.
Once largely confined to bodybuilders and gym enthusiasts, protein has become central to India’s health narrative. Rising awareness around muscle health, weight management, metabolic disorders and aging has expanded the consumer base well beyond athletes. The post-pandemic shift toward preventive healthcare further accelerated adoption.
According to market research firm IMARC group, the protein supplement market in India was valued at ₹7,461 crore in 2024 and is anticipated to reach ₹13,186 crore by 2033. Globally, protein-fortified foods and beverages have proliferated across snacking, dairy, cereals and ready-to-drink formats, and India has already begun mirroring that trend.
Large FMCG companies have introduced protein-enriched variants across staples, dairy, beverage and snack categories in recent months, signalling that protein is no longer a niche supplement.
Marico Ltd acquired a 60% stake in direct-to-consumer plant-based protein supplement maker Cosmix Wellness at an equity valuation of ₹375 crore earlier this month. In September, ITC Ltd rolled out a high-protein atta variant in its Aashirvaad range, offering 15g of protein per 100g.
Food delivery company Swiggy expanded its ‘high-protein’ feature to more than 160 cities in October, offering high-protein dishes from its restaurant partners to health-conscious consumers. Amul is working on expanding manufacturing capacity to increase the rollout of protein-rich products.
Despite the surge in awareness, price sensitivity remains pronounced, according to Protiviti’s Jain.
“For established premium brands, loyalty remains relatively stronger because safety, authenticity and results matter,” Jain said. “Lower-priced blends and private-label options below ₹2,000 per kg are attracting first-time and value-driven consumers.”
Rethinking growth
As margins tighten and demand fragments, companies are making deliberate bets on where the next phase of growth will come from.
Vijayaraghavan Venugopal, co-founder of Morgan Stanley-backed supplement maker Fast&Up, said the company will expand its plant-based protein range as a key growth segment, which already accounts for half of its protein-powder revenue.
“Given the volatility in whey, it makes strategic sense for us to build depth in plant protein as a core range,” Venugopal said. “Consumer acceptance has evolved significantly in plant-based protein as well. Many users now choose it for better digestion and flavour.”
As much as 70% of India’s protein market is currently dominated by whey, Venugopal estimated. While whey is derived from milk during cheese production, plant-based proteins are typically sourced from peas, rice, or soy.
Expanding the plant-based lineup allows the company to reduce exposure to dairy-linked price swings while widening its consumer base.
“We are investing in taste, texture and amino acid profiling so that plant protein is also seen as performance-led,” Venugopal added.
Avnish Chhabria, founder of Wellbeing Nutrition, which was recently acquired by pharmaceutical major USV, said the focus is shifting toward institutional partnerships to build steadier revenue streams.
“Institutional channels offer predictability in an otherwise volatile retail environment,” Chhabria said. “When products are integrated into doctor and hospital recommendations, that trust compounds.”
He believes the B2B push strengthens consumer channels instead of competing with them.
“When a healthcare professional recommends a product, it creates powerful word-of-mouth. That credibility directly improves quick commerce and online sales,” Chhabria said.
Quick commerce already accounts for half of Wellbeing’s online sales.
Overall, protein brands are modifying portfolios and channels to operate in a more expensive and competitive market.