What is the global market size of the Plant Based Protein Supplements Market?

Global 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).

Global Plant Based Protein Supplements market Size, Share, Growth Analysis, By Product(Supermarkets/Hypermarkets, Online Stores), By Form( Sports Nutrition, Functional Food) - Industry Forecast 2024-2031

Report ID: SQMIG30I2088 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 64 | Figures: 75

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.

Global Plant Based Protein Supplements market Report Snapshots

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Plant Based Protein Supplements market size was valued at USD 2.5 billion in 2019 and is poised to grow from USD 2.72 billion in 2023 to USD 5.34 billion by 2031, growing at a CAGR of 8.8% in the forecast period (2024-2031).

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. 'Glanbia plc', ' Archer Daniels Midland Company ', ' DuPont de Nemours, Inc. ', ' Kerry Group plc ', ' Cargill, Incorporated ', ' Axiom Foods Inc. ', ' Burcon NutraScience Corporation ', ' Roquette Frères S.A. ', ' Tate & Lyle PLC ', ' Omega Protein Corporation ', ' Batory Foods ', ' Farbest Brands ', ' AIDP Inc. ', ' NOW Health Group, Inc. ', ' The Scoular Company ', ' The Green Labs LLC ', ' Nutri-Pea Limited ', ' Hilmar Ingredients ', ' Waggeryd Cell AB ', ' Emsland Group '

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.

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.

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.

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Global Plant Based Protein Supplements market Size, Share, Growth Analysis, By Product(Supermarkets/Hypermarkets, Online Stores), By Form( Sports Nutrition, Functional Food) - Industry Forecast 2024-2031

Global Plant Based Protein Supplements market Dynamics

Global Plant Based Protein Supplements market Report Snapshots

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What is the global market size of Plant Based Protein Supplements market?

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