USD 2.5 billion
Global Plant Based Protein Supplements market Size, Share, Growth Analysis, By Product(Supermarkets/Hypermarkets, Online Stores), By Form( Sports Nutrition, Functional Food) - Industry Forecast 2023-2030
Report ID:
SQMIG30I2088 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
64 |
Figures:
75
Global Plant Based Protein Supplements market Insights
Plant Based Protein Supplements market size was valued at USD 2.5 billion in 2021 and is poised to grow from USD 2.72 billion in 2022 to USD 5.34 billion by 2030, growing at a CAGR of 8.8% in the forecast period (2023-2030).
The market's expansion can be attributed to consumers' growing awareness of the nutritional benefits of plant-based products, such as their low sodium and high amino acid content. Due to concerns about food safety, food allergies, moral considerations, and the growth of a vegan culture to eliminate animal cruelty, consumers' choices for plant-based protein supplements have changed.
The market is expanding as a result of the rising demand for ecologically sustainable proteins. Plant-based protein supplements for sports nutrition are expected to see an increase in demand as consumers become more aware of the connection between eating a healthy diet and exercising, as well as the rise in health problems brought on by busy schedules and the nature of work.
The U.S. emerged as the largest market in the North American region in 2020.The country's market is expanding because of the strong foothold of major manufacturers of plant-based protein supplements, growing concerns about weight management, and a growing emphasis on eating a healthy, vegan, and nutritious diet. Consumer awareness of the nutritional benefits of protein supplements has increased as a result of various awareness campaigns carried out by businesses, non-governmental organizations, and government agencies. This is expected to fuel market expansion.
US Plant Based Protein Supplements market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2023-2030
Global Market Size
Largest Segment
Sports nutrition
Fastest Growth
Sports nutrition
Growth Rate
8.8% CAGR
Global Plant Based Protein Supplements Market($Bn)
Country Share for North America Region (%)
Global Plant Based Protein Supplements market size by Application($Bn)
Global Plant Based Protein Supplements market size by Application($Bn)
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Global Plant Based Protein Supplements market Segmental Analysis
The Plant Based Protein Supplements Market is segmented By Product type, By Form, By Distribution channel, By Application and By region. Whereas, By Product type Plant Based Protein Supplements Market is segmented into the Soy, Spirulina, Pumpkin Seed, Hemp, Rice, Pea, Others. By Form Plant Based Protein Supplements Market is segmented into the Protein Powder, Protein Bars, Ready-to-Drink, Others. By Distribution channel Plant Based Protein Supplements Market is segmented into the Supermarkets/Hypermarkets, Online Stores, Chemist/Drugstores, Specialty Stores, Others. By application Plant Based Protein Supplements Market is segmented into the Sports Nutrition, Functional Food. By region, Plant Based Protein Supplements Market is segmented on the basis of North America, Europe, Asia Pacific, South America, The Middle East and Africa.
Plant Based Protein Supplements Market Analysis by Product
Based on Product Type, Soy protein dominated the market with largest share because soy protein supplements are becoming more popular as a vegetarian protein source and because they contain ingredients like glutamine and BCAAs, which help muscles recover quickly and are absorbed quickly.
Additionally, soy proteins aid in cardiovascular disease prevention, bone health improvement, and immune system enhancement. In developed markets like the United States and Germany, where lactose intolerance and glutamic disorders are becoming more widely known, demand for soy-based product forms is also anticipated to rise.
Due to its rapid rise in popularity among a variety of end users, including vegetarians, vegans, and individuals who are allergic to egg and dairy proteins, the pea protein market is anticipated to expand significantly over the forecast period.
Additionally, the hypoallergenic and cholesterol, fat, and gluten-free green pea protein that is extracted from them draws a large customer base. It is anticipated that product innovation by leading protein ingredient manufacturers, which has led to rising demand for organic pumpkin seed protein, will continue to be a favorable factor for the expansion of the market.
Additionally, major food authorities, including Kosher, have approved pumpkin seed protein for use as a protein supplement. Due to consumers' growing awareness of hemp's health benefits and its comparable protein and essential amino acid content to those of animal-based sources like beef and lamb, the hemp protein supplement market is anticipated to grow at the highest CAGR over the forecast period.
Plant Based Protein Supplements Market Analysis by Form
On the basis of Form, Protein powder emerged as the dominant product segment with a share of over 60.0% in 2021. Strong online sales, extensive distribution channels, and the expanding number of brands owned by major players like Glanbia PLC, Nature's Bounty Company, and Iovate Health Sciences International Inc. have helped the protein powder industry expand.
Due to consumers' widespread adoption of protein bars and their convenient grab-and-go option, protein bars are anticipated to grow during the forecast period.
Additionally, the segment's growth is anticipated to be boosted by factors like protein bars' instant energy and nutrition. Customers are turning to quick and healthy beverages as a result of their busy and fast-paced lives and the rise in the number of gyms and fitness centers. RTD plant-based protein, which comes in flavorful flavors like chocolate, coffee, vanilla-infused with organic ingredients, vegetables, maple syrups, and others, provides nutrients and encourages active lifestyles. Products like protein gels, capsules, cakes, cookies, and bites make up the others segment. Due to the fierce competition from protein powders, bars, and RTDs, these products are likely to expand at a slower rate than the other major brands of protein supplements.
Global Plant Based Protein Supplements market size by Application, 2021 (%)
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Global Plant Based Protein Supplements market Regional Insights
North America held the largest share of the global plant based protein supplements market in 2021 with a share of over 50%. Due to the high demand for sports nutritional supplements in countries like the United States and Canada, Additionally, the market growth is anticipated to be fueled by the strong foothold of major market players and the straightforward availability of raw materials. Merit Functional Foods, a Canadian company that produces plant-based proteins, received a proposal from the Canadian federal government to receive approximately USD 74 million in funding. During the COVID-19 pandemic, the goal of this initiative was to meet the increased demand for plant-based protein supplements and expand their use in the country.
Europe emerged as the second-largest regional market as a result of a number of factors, including the growing emphasis on healthy living, the growing trend toward preventive health care, and the rising demand for plant protein supplements from countries like the United Kingdom and Germany due to the growing vegan population.
As consumers in developing countries of the Asia-Pacific region become more health-conscious, supplement consumption has increased. The consumption of dietary supplements has skyrocketed in nations like India, China, and Indonesia, which will help the market expand over the forecast period. Plant-based supplements are anticipated to see significant growth in popularity as a result of the expanding purchasing power of consumers and the increased availability of various brands in these nations. Supplement sales on the internet are also increasing, which contributes to the Asia-Pacific market's expansion.
Global Plant Based Protein Supplements market Size By Geography, 2023-2030
- Largest
- Fastest
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Global Plant Based Protein Supplements market Dynamics
Plant Based Protein Supplements Market Drivers
Holistic Lifestyle Approach to Transform Plant Based Protein Supplement Market
- Consumers are turning to plant-based diets as environmental sustainability and animal welfare become more widely known.The expanding market for plant-based protein supplements is fueled by consumers' shifting perceptions that plant-based products are safer and healthier than animal-derived products. Manufacturers have been forced to develop novel plant protein sources as a result of the rising number of vegans and vegetarians. Plant protein sales have also increased as the prevalence of lactose intolerance and lactose intolerance has increased. Rising interest in natural , organic and clean label products is projected to boost plant based protein supplements demand.
Plant Based Protein Supplements Market Restraints
Undesired Taste might Hinder Market Growth
- To make the finished product more palatable and palatable, significant improvements are needed in the sensory parameter, or flavor profiles of plant-based proteins. When added to a product, products derived from plants typically impart undesirable flavors and tastes. Despite the fact that formulating with functional ingredients meets consumer demand for individualized health and wellness, consumers frequently purchase these products based on flavor and taste. The challenges faced in improving the palatability of plant based proteins are acting as a key restraint for the market growth.
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Global Plant Based Protein Supplements market Competitive Landscape
Due to the presence of numerous businesses, the market is highly fragmented. In order to appeal to the intended audience, the businesses are developing branding strategies and investing in cutting-edge automated continuous production lines. There are a number of factors that have contributed to the rise in customer preference for health-supporting dietary supplements, including an aging population, an increase in a variety of lifestyle diseases, and an increase in consumer awareness of preventative health measures.
Plant Based Protein Supplements Market Top Players Company Profile
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Archer Daniels Midland Company
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DuPont de Nemours, Inc.
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Kerry Group plc
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Cargill, Incorporated
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Burcon NutraScience Corporation
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Roquette Frères S.A.
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Tate & Lyle PLC
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Omega Protein Corporation
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Batory Foods
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Farbest Brands
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AIDP Inc.
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NOW Health Group, Inc.
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The Scoular Company
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The Green Labs LLC
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Nutri-Pea Limited
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Hilmar Ingredients
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Waggeryd Cell AB
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Emsland Group
Plant Based Protein Supplements Market Recent Developments
- In Sep 2022, Tata Consumer Products on Monday said it has entered the health supplements segment with the launch of a plant-based protein powder.
- In 2022, The Good Pulse Co. (UK) developed natural, functional proteins and ingredients from pulses for use in plant-based foods and supplements. Their mission is to power the transition to plant-based foods by providing sustainable and minimally processed ingredients that make it easier and cheaper for food companies to create more nutritious dairy and meat alternatives. Their unique processes focus on maximizing functionality, nutrition, and re-valorisation of all components extracted from pulse seeds.
Global Plant Based Protein Supplements market Trends
- The demand for dietary supplements has significantly increased as a result of an increasing awareness of the advantages of consuming concentrated nutrients on a daily basis. The prevalence of lifestyle-related health conditions has increased as a result of urbanization and hectic lifestyles. In 2018, 415 million people worldwide were estimated to have diabetes, and that number is expected to rise to 642 million by 2040, according to the diabetes community in the United Kingdom.
Global Plant Based Protein Supplements market SkyQuest Analysis
Sky Quest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our global plant based protein supplements market analysis, North America was the largest regional market in 2021 with a share of over 50%. Based on the Product Type, Soy protein dominated the market with a share, because soy protein supplements are becoming more popular as a vegetarian protein source and because they contain ingredients like glutamine and BCAAs, which help muscles recover quickly and are absorbed quickly.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 2.5 billion |
| Market size value in 2030 | USD 5.34 billion |
| Growth Rate | 8.8% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Plant Based Protein Supplements market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Plant Based Protein Supplements market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Plant Based Protein Supplements market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Plant Based Protein Supplements market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Plant Based Protein Supplements market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Plant Based Protein Supplements market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Plant Based Protein Supplements market Report Snapshots
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