Plant Based Protein Supplements Market is Projected to Reach USD 8.94 Billion By 2028, Growing at A CAGR Of 6.7% - Brandessence Market Research

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18 Aug, 2022, 13:00 GMT

LONDON, Aug. 18, 2022 /PRNewswire/ -- Plant Based Protein Supplements Market is valued at USD 5.68 Billion in 2021 and expected to reach USD 8.94 Billion by 2028 with the CAGR of 6.7% over the forecast period. The rising awareness and demand for plant-based proteins, the increasing number of product offerings, and the increasing investment by key players are all factors that contribute to the growth of the Global Plant Based Protein Supplements Market.

Plant Based Protein Supplements Market Size, Share, Companies & Trends Analysis By Application (Sports Nutrition, Supplement Nutrition), By Product Type (Soy, Spirulina, Pumpkin Seeds, Pea), By Form (Protein Powder, Protein Bar, RTD Liquids), By Distribution Channel (Hypermarket/Supermarket, Specialty Store, Online Store), By Nature (Conventional, Organic), Based On Region And Segment Forecasts, 2022 – 2028.

Plant-Based Protein Supplement Market: Market Scope 

The global plant-based protein supplement market is expected to see a growth in the world as there is an increase in the awareness of the plant-based nutrition among the consumers. The growth of this market can be attributed to the awareness that is being generated about the benefits of the plant-based food for the environment and also for the human body as it offers lower sodium and higher amino acids. The customer preferences for the plant-based protein supplements are influenced because of the factors like the minimizing the meat consumption following the food allergies, moral reasons, food safety and the vegan culture being adopted to end the cruelty towards the animals. Furthermore, the growth in desire for the environmentally friendly proteins is boosting the growth of the global plant-based protein supplement market. 

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Plant-Based Protein Supplement Market: Competitive Analysis  

Some of the major plant-based protein supplement companies 2021 Glanbia plc, AMCO Proteins, Quest Nutrition, NOW Foods, The Bountiful Company, MusclePharm Corporation, Abbott Laboratories, IOVATE Health Sciences International, Inc., Transparent Labs and WoodBolt Distribution LLC. The global plant-based protein supplement key players engage in mergers and acquisitions which lead to a growth in the market share for these companies. 

  • Archon Vitamin LLC.
  • Sequel Natural Ltd.
  • Glanbia plc
  • MusclePharm Corporation
  • True Nutrition
  • General Nutrition Centers, Inc.
  • Nutiva Inc.
  • NOW Health Group, Inc.
  • Vital Amine, Inc.
  • Hormel Foods Corporation
  • Others

Plant-Based Protein Supplement Market: Segmentation Analysis 

In terms of the distribution channel, the online stores segment is going to see a growth in the overall market. The manufacturers are focusing now on the shorter paths for reaching the consumers as a result of the ever-increasing demand for the consumers and a focus on the core competencies. The easy access to the products, easier purchases online and an increase in the number of brands to choose from will boost the online sales of the plant-based protein. With a higher fragmentation in the industry and a lower customer loyalty, the online sales of the plant-based supplements will be expected to increase a lot more in the coming years. The retail stores including the supermarkets, hypermarkets and pharmacies also offer a variety of the dietary supplements. Improving the retail sector will be among the factors which drive the sales of the health and wellness products.  

Among the dominant segments of the global plant-based protein supplement market, is the protein powder segment which has a massive share in the market. the mass channels of the distribution, strong sales online and the growth in the number of brands have all contributed to the growth of this segment in the market. The protein bars segment is going to be the most dominant segment going forward due to the fast-paced lifestyle and the instant energy and nutrition that it offers. The increase in number of the gyms and fitness centers has also propelled the consumers to switch to the healthy and quick beverages. This is a scenario which has resulted in the growth and penetration of the plant-based protein. Further, the different flavors and product development is going to see a growth in the global plant-based protein supplement market for the protein bars.   

By Application

  • Sports Nutrition 
  • Supplement Nutrition 

By Product Type 

  • Soy 
  • Spirulina
  • Pumpkin Seeds 
  • Pea 
  • Others  

By Form

  • Protein Powder
  • Protein Bar 
  • RTD Liquids  

By Distribution Channel

  • Hypermarket/Supermarket 
  • Specialty Store
  • Online Store  

By Nature 

  • Conventional 
  • Organic 

Increasing Demand for Organic Foods, Rising Awareness Regarding the Health Benefits of Consuming Plant-Based Food and Growing Social Media Marketing of vegan products are some of the major factors for driving the market growth.

One of the major factors driving the growth of global plant-based food market is the increasing demand for organic foods. High-constancy plant-based meat offers a moderately straightforward way for replacement for those hoping to reduce intake of conventional meat. Plant-based meat items should be created with the needed target of giving personal benefits to the consumer like further developed taste and other sensory perspectives, lower cost, increased convenience, and more prominent nutritional benefit. The items should be healthy and energetic enough to give keen sense of familiarity. Concerns about safety issues and growing levels of food residues are increasing rapidly among consumers thus the consumers are opting for chemical-free food products. For example, according to Good Food Institute, in the U.S., 98 per cent of people buy plant-based meat. For instance, according to a study done by Vegetarian Times, 9.7 million Americans follow a vegetarian diet, with almost one million of those being vegan. 59% of plant-based food eaters in the United States are female, with 41% being male. 

Plant-Based Protein Supplement Market: Key Drivers 

The global plant-based protein supplement market growth can be attributed to the growth in the health disorders which are happening owing to the hectic schedules and the nature of work in addition to the growth in the consumer awareness about the relationship between exercising and maintaining a healthy diet. This is going to result in the increasing demand for the plant-based supplements growing for the sports nutrition therefore benefiting the growth of the market. 

The developed countries are the main foothold of the plant-based protein supplement manufacturers. The increase in the concerns related to the management of weight and the rise in focus of maintaining a healthy, nutritious, and vegan diet is going to contribute to the growth in the market in this country. 

Many awareness campaigns are being run by the government agencies and the non-government agencies alike. Many private companies too are making this as a part of their CSR initiatives and this is working in favor of the awareness towards nutritional benefits of the protein supplements that are plant based. This is going to fuel the global plant-based protein supplement market growth considerably. 

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Plant-Based Protein Supplement Market: Key Trends  

The product lines of a few companies that are engaged in the manufacture of protein supplements also include the natural and organic products which is going to grow the market. Using attractive packaging methods has also led to an increase in the awareness of consumers which is in-turn triggering the protein supplement spending.

The global plant-based protein supplement trends suggests that the growing demand for the healthy food products is going to help in the strengthening of immunity has increased significantly post the coronavirus pandemic as it created a more health-conscious infrastructure. The growth in the prevalence of such products augers well for the plant-based protein supplement 2022 as people try to improve their health in general. 

Plant Based Protein Supplement Market: Regional Analysis 

The plant-based protein supplement statistics suggest that the North American market is the largest regional market in the market. the higher demand for the sports nutritional supplements in countries such as the United States and Canada along with the strong foothold of the major players in the market as well as the availability of the raw materials is going to fuel the growth of the global plant-based protein supplement market in this region. 

There are different schemes which have been taken up by the governments in these countries which have helped this market grow continuously in their countries in the North American region. These initiatives have been aimed at increasing the demand for the plant-based protein so it can be useful for the environment and human health too. Europe has also emerged as a leading market with the growth in the trend of healthy living and growth in the trend of preventive health care as well as the rise in demand for the supplements of plant protein from the countries that include Germany and the UK on account of increase in the vegan population.

On Special Requirement Plant Based Protein Supplement Market Report is also available for below region:

North America

  • U.S., Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA

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