Market Structure Protein products developed by Ultimate Nutrition are a part of the monopolistic competition because there are several companies that produce the same type of product utilizing similar recipes to develop their products. Ultimate Nutrition protein products are considered the cutting edge products in their industry because they offer consumers protein products that contain several forms of protein whey protein concentrate, premium whey protein isolate, calcium caseinate fructose, and their products contain loads of branch chain amino acids (BCAA). Athletes are always looking for ways to increase their performance utilizing protein products packed with carbs and BCAAs provides them with the necessary nutrition for their body to recover from intense workouts. The global market volume indicates there was a consumption of 2.3 metric tons of animal based protein products following not far behind 1.7 metric tons of plant protein products in 2012 ("Market Overview of the Global Protein Ingredients Market," 2012). The chart illustrates the different types of protein products that were consumed in 2012. Elasticity of Protein Products The elasticity of protein products are determined by the consumption of the product. Protein products have become inelastic part of people’s lives because they are trying to live healthier lives and supplementing a meal with protein shakes helps control the amount of nutritional elements consumed. The price elasticity of protein products have increased due to several factors within the economy. Some of the major effects on the price elasticity of protein products is the increase price of petroleum products, feed, sugars, and other raw material that are needed to produce protein products. When the cost of production increases it will affect the price elasticity of the product. The consumption of protein products are on a rise over the last decade the consumption of protein products have increased. The price range of protein products varies from $1.50 to $250 depending on the type of product and the manufacture producing the product. Manufactures that sponsors major athletes performing in major events like Mister Olympian or the Olympics charge more for their products because of the endorsements received from the athletes stating their products helped them be successful in their carriers.
The chart indicates the consumption rates of protein products and how the increase of protein increases by one percent each year. The stable growth of protein products is due to the new trends of trying to live a healthier life style. There are several different types of protein products available on the market to help consumers meet their goals whether they are trying to lose weight of gain muscle mass. The price elasticity of protein if projected to continue to grow by one percent for the years to come. With products like Slim Fast meal replacement shakes that help people loss unwanted weight or Ultimate Nutrition’s Muscle Juice that is designed to help those that are challenged gaining muscle mass. The market is well rounded and has something to meet everyone’s goals. Protein products industry is a multibillion dollar industry that is continuing to grow every year and becoming an elastic product for most