In its FY26 half-year results shared on Aug. 14, Chinese sports science company Beijing Competitor Sports Science Technology (CPT) reported that revenue from its protein muscle-building product portfolio was down 11.78% to RMB304.4 million (US$45.3 million)—highlighting the continuous industry-wide increase in whey protein prices as a particular challenge.
CPT sources most of its whey protein from Europe, the United States, Australia and other major dairy-producing countries.
While expensive whey protein is an issue, factors like trade policies, geopolitical conflict and global inflation have exacerbated supply shortages, further spiking prices, which the company views as risks to its normal production and operation.
Commodity intelligence platform Vesper Tool reported that whey protein concentrate containing at least 80% protein by weight is now $32,000 per metric tonne, or $32 per kg, up nearly six times from $5,500 per tonne during the same period in 2023.
“When push comes to shove, it is also the responsibility of the brand to give quality alternatives to the consumers,” said Kaustuv Paliwal, senior vice president at MuscleBlaze, a leading Indian sports nutrition and bodybuilding supplement brand.
In fact, finding the “right protein” alternative for consumers is now the company’s “topmost important priority.”
“We will be very, very transparent [if we are selling alternative proteins],” he added. “We will not promise the skies to consumers because it is all about transparency in today’s world.”
The surge in whey protein prices is driven by several factors. One key driver is heightened demand for whey protein to help mitigate the side effect of muscle loss due to GLP-1 injection, particularly in major markets such as the United States.
A statement by the United States Department of Agriculture (USDA) on August 27 reported that whey protein supply remains limited and demand has continued to outpace availability.
Consumers feeling the pinch?
Whey protein remains the biggest sales contributor to MuscleBlaze value-wise, but creatine has overtaken it volume-wise—though by a narrow margin.
“Sales volume of our whey protein products is fortunately still holding on,” Kaustuv said, sharing in June that the company had raised the retail price of its whey protein products by 20% to 25% compared with the same period last year.
“We estimate that sales volumes will be holding as retail prices continue to go up by 30%, 35% and 40%,” he added. “Beyond that, it is going to be a dangerous territory.”
Based on current trends, he believes there is no sign of whey protein prices declining, at least over the next six to eight months. He expects retail prices could be nearly twice as high as they were last year in the coming months.
Another Indian protein brand, Only What’s Needed (OWN), noted that the cost of whey raw materials hit INR3,700 (US$ 38.60) per kg in June 2026, more than double the price of INR1,475 (US$15.40) per kg a year ago.
The company noted that the price surge has been particularly pronounced since March this year and said that it has responded by increasing prices for its whey protein products. As it transitions from the old to newer, more expensive whey protein stocks, it will adjust product prices based on a fully loaded cost of INR 4,500 (US$47) to INR 5,000 (US$52).
Currently, a pack of its 1 kg 26g Whey Protein Concentrate sells for INR 3,399 (US$35.50), while another SKU, its 1 kg 24g Whey Protein Concentrate, is priced at INR 3,699 (US$38).
Kaustuv foresees that the continuous increase in whey protein supplement prices could lead to four possible changes in consumer behavior.
First, consumers might reduce whey protein consumption. The implication is that whey protein powder sachets could become a format of choice.
“Consumers might be rationing whey protein consumption,” he said. “They might no longer consume 2 kg of whey protein; they might shift to sachet packaging products to reduce the number of servings per day.”
Some consumers might consider using alternative proteins that are wallet-friendly, while diehard users might continue with whey protein no matter how expensive it has become.
“This is a big segment,” Kaustuv said. “For some, health has become such a powerful, polarizing factor that they are willing to give up everything but health. Purest is what we call this group of consumers. Purest will not shift and will stay in the whey protein family.”
There are also the protein nomads who might stop consuming whey protein entirely.
“We hope that this number is small, because if it increases, that is a threat to the whey protein category,” he said. “This group of consumers might think they don’t need to take protein powder and can simply increase their chicken and egg consumption.”
From alternative proteins to smaller packaging
From alternative proteins to redesigning products and promoting other SKUs, sports nutrition companies are finding new ways to cope with rising whey protein prices and maintain their earnings.
CPT, for example, is segmenting its consumers into different categories and launching products designed for specific users.
Examples include smaller whey protein packs, a commemorative 25th-anniversary edition, a patented whey protein formulation and a composite protein product combining different types of protein for premium users and gym-goers.
The company is also tapping into brand marketing on e-commerce channels such as JD, Alibaba, Douyin and Pinduoduo to increase its consumer reach.
To raise its overall gross profit margin, it has also stepped up its promotional efforts on other products, such as creatine, fish oil and multivitamins. As a result, revenue from creatine increased 99.5% year-on-year to RMB36.6 million (US$5.4 million).
MuscleBlaze, on the other hand, launched a yeast protein product containing all nine essential amino acids and 26 g of protein per serving last month.
“The product features an Advanced Yeast Protein Isolate, which is superior to the standard yeast raw materials typically used. Each scoop delivers 26g of protein and is completely lactose-free,” said Kaustuv. “Crucially, it resolves the three main issues consumers face with yeast protein: a chalky or gritty aftertaste, excessive foaming when shaken, and a bland, flour-like flavor.”
Yeast-based protein is derived from fermentation.
He said that the launch of a yeast protein product was primarily to address the market gap for quality alternative proteins in India.
Consumers could use it as a high-quality alternative alongside whey, or as an affordable option given current whey prices.
“Our goal is to help Indian consumers meet their daily protein needs while making informed choices,” he said.
Compared to other alternatives, yeast protein is chosen as it is closer to whey protein in terms of texture and viscosity.
Physical properties aside, he noted that the criteria for evaluating alternative proteins also include amino acid absorption based on the Protein Digestibility-Corrected Amino Acid Score (PDCAAS) and amino acid digestion based on the Digestible Indispensable Amino Acid Score (DIAAS), as well as its function in muscle recovery.
“We are evaluating all parameters that a consumer looks for: the physical properties, the mixability, the viscosity, the thickness of the powder, how easy it is to mix[...],” he said. “And of course, whether the recovery is happening for the consumer or not, but we also do acknowledge that no other protein comes close to whey protein isolate as a complete protein in terms of recovery and DIAAS values.”
Alternative proteins: From yeast to leaf protein and more
In markets like China and India, which rely heavily on whey protein imports, interest in alternative proteins is growing as they seek ways to deal with higher whey protein prices and supply crunch. Whey protein supplies, for example, have been prioritized for major whey protein-consuming markets like the United States, whey protein-producing countries or regions with long-term working relationships.
For Chinese yeast protein supplier Angel Yeast, India has become its largest overseas market, where the demand for yeast protein hovers at 8,000 tonnes and is set to double next year. SuperYou is one of the main brands that it works with in India.
In the first half of this year, international sales of its yeast protein were up by 160%, while domestic sales skyrocketed by 299%.
“Since whey protein brands are not able to completely pass down the increase in whey protein raw materials prices to consumers, they have been looking for alternatives to replace it,” said Chris Chen, general manager of the Nutrition & Health Technology Center at Angel Yeast.
She noted that most brands seeking to use yeast protein in China are mainly sports nutrition companies.
The second-largest protein users would be seniors who take protein for muscle and immune support, followed by casual users who consume protein in the form of functional food.
Like Kaustuv, Chen said that brands mainly prioritize absorption, dissolvability, taste and nutritional value when comparing yeast protein powder with whey protein powder, as well as popular plant-based proteins such as soy and pea protein.
She revealed that the company is also planning to embark on a clinical trial that studies whether yeast protein could alleviate muscle loss and stomach discomfort caused by GLP-1 use, and compares its effects with whey protein.
On the other hand, yeast protein is about five times cheaper than whey protein, at least in China. Yeast protein is rich in branched‐chain amino acids, with leucine content approaching that of whey protein at 9.9g versus 11.1 g per 100 g, according to a study published in this March.
Down south in Oceania, companies in New Zealand and Australia are also actively developing alternative proteins.
One such example is New Zealand-based Leaft Blade, which has managed to produce protein—specifically rubisco (ribulose-1,5-bisphosphate carboxylase/oxygenase)— which occurs naturally in leaves from the Alfalfa plant. According to the company, all nine essential amino acids are present in the protein at 522 mg per gram.
With rubisco, the company has formulated a 100-ml ready-to-drink pouch containing 18 g of protein and 6 mg of iron.
Australia-based NiHTEK, on the other hand, has created a protein trademarked NiHPRO that contains pea protein, rice protein and essential amino acids.
Co-founder Drew Campbell previously noted that the vegan-friendly protein mimics dairy protein in terms of digestibility, taste, mouthfeel and amino acid profile. The protein also has a DIAAS of 116, said to be higher than whey protein isolate’s DIAAS of 109.
Whey protein suppliers: The powerhouses and new entrants
The United States, Europe, New Zealand and Australia are the main sources of whey protein raw material.
MuscleBlaze, for instance, sources 80% of its whey protein ingredients from Europe.
At the same time, some companies in its home market of India have started supplying whey protein in recent years, with domestic suppliers now accounting for about 5% to 10% of its sourcing.
The whey protein production sector in India, however, remains nascent, and the quality of products can vary among suppliers. Some challenges to overcome include the presence of heavy metals and aflatoxins.
“There are some companies and brands who are working very, very hard to solve these challenges,” Kaustuv said. “We also foresee that in the coming two to three years, this number [of domestic whey protein producers] will increase because capital has started to flow into whey manufacturing [in India].”
Another challenge for Indian whey protein producers is that of securing enough whey in the first place, since whey is a by-product of cheese making, and India is not a major cheese-consuming country.
“There are some structural issues within the Indian market,” he said. “One is that cheese consumption, which is required for the whey as a by-product, is not up to the mark till now. We are a butter-consuming nation and a ghee-consuming nation. We are not a cheese-consuming nation like Europeans and Americans and the rest of the world.”
