Plant Based Protein Supplements Market to Grow with a CAGR of 8.15% through 2028
The rise of vegan and vegetarian populations and
increased adoption by athletes are expected to drive the Global Plant Based
Protein Supplements Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Plant Based
Protein Supplements Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Plant
Based Protein Supplements Market stood at USD 2.61 billion in 2022 and is
anticipated to grow with a CAGR of 7.33% in the forecast period, 2024-2028.
This can be attributed to product innovation. Continuous innovation in the
plant-based protein supplement sector is a significant driver of market growth.
Manufacturers are constantly improving the taste, texture, and nutritional
profile of their products, making them more appealing to consumers. Innovative
ingredients like pea protein, soy protein, and hemp protein have gained
prominence in the industry, offering a broader range of choices to consumers.
Moreover, plant-based protein supplements will
increasingly integrate functional ingredients that offer health benefits beyond
protein content. Products enriched with probiotics, antioxidants, and vitamins
will gain popularity for their holistic approach to nutrition.
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The pandemic has had a notable impact on consumer
purchasing preferences, with a heightened focus on food safety. People are
increasingly opting for plant-based supplements to enhance their overall
health, as opposed to animal-based products. However, the supply chain faced
disruptions due to trade restrictions and lockdown measures, leading to
production challenges caused by shortages in raw materials.
In 2021, the United States emerged as the dominant
player in the North American plant-based protein supplements market in terms of
revenue. This was driven by the strong presence of leading manufacturers in the
plant-based protein supplements industry, a growing interest in weight
management, and a trend towards maintaining a vegan, healthy, and nutritious
diet. The demand for plant-based protein supplements for sports nutrition has
also risen due to health concerns associated with busy lifestyles and sedentary
work, coupled with increased consumer awareness of the connection between diet
and exercise.
Various awareness campaigns initiated by
non-governmental organizations, government agencies, and companies have
contributed to enhancing consumer knowledge about the nutritional advantages of
protein supplements, thereby stimulating market growth. Additionally, the
inclusion of natural and organic products in the product lines of some protein
supplement manufacturers has further driven market expansion. Innovative
packaging methods have also heightened consumer awareness, resulting in
increased spending on protein supplements to enhance overall health and
endurance during strenuous physical activities, thus boosting the demand for
plant-based protein supplements in the foreseeable future.
As consumers become more conscious of animal welfare
and environmental sustainability, there is a growing shift towards plant-based
diets. The rise in lactose allergies and intolerance has further increased the
demand for plant-based protein supplements. Additionally, protein supplements
are gaining popularity among fitness enthusiasts due to their high amino acid
content, which aids in muscle development. During the forecast period,
aggressive promotion and marketing efforts in fitness centers and gyms, as well
as the introduction of innovative protein supplement products like
ready-to-drink options, are expected to drive product demand even further.
The Global Plant Based Protein Supplements Market is
segmented into raw material, product, distribution channel, regional
distribution, and company.
Based on its distribution channel, The online stores
segment has taken a commanding lead in the market, securing the largest share
of revenue, and is projected to exhibit substantial growth at a noteworthy CAGR
from 2023 to 2030. Manufacturers are increasingly focusing on more direct
routes to consumers due to growing customer demands and a sharpened focus on
their core strengths. This has resulted in enhanced accessibility of products,
simplified online purchasing processes, and a diverse array of products from
various brands, all contributing to the surge in online sales of plant-based
protein supplements. Given the industry's significant fragmentation and
relatively low customer loyalty, it is anticipated that online sales of
plant-based protein supplements will continue to increase significantly in the
forecast period.
On the other hand, traditional brick-and-mortar retail
outlets like supermarkets, hypermarkets, and pharmacies offer a wide range of
dietary supplements, including plant-based protein supplements. The growth of
the retail sector has played a role in boosting sales of wellness and health
products. Increasingly, well-established brands are choosing supermarkets as
prominent platforms for the sale of plant-based protein supplements, owing to
the expanding presence of retail giants such as Walmart, Tesco, Target Brands
Inc., Sainsbury’s, Asda, and others worldwide. These supplements are readily
available in major grocery store chains like Kroger and Lidl. The allure of
annual memberships and bulk purchase discounts is expected to attract customers
to make purchases from supermarkets and hypermarkets, thereby bolstering market
sales.
Based on application, the sports nutrition sector
claimed the largest share of revenue in 2022, and it is projected to experience
a higher CAGR from 2023 to 2030. This advancement can be primarily attributed
to several factors, including the introduction of new products, a growing
number of young individuals pursuing careers in sports, and the rise of
domestic and international sporting events. The segment's expansion is expected
to be driven by strength, core, and endurance athletes, as well as professional
athletes, who are contributing to the increasing demand for sports nutritional
supplements. Moreover, the segment is set to grow further due to the heightened
need for sports nutritional products that aid in lean muscle development,
enhance performance, support weight management, and boost endurance. The
increasing popularity of gym usage is also expected to fuel the segment's
growth in the coming years.
Functional foods held the largest share of revenue in
2022 and are predicted to maintain their dominance throughout the forecast
period. The demand for protein-rich functional foods is on the rise as
consumers increasingly prioritize leading healthy, active lifestyles and better
comprehend the connection between maintaining physical activity and consuming a
balanced, nutritious diet. Additionally, the increasing prevalence of
cardiovascular diseases resulting from sedentary lifestyles, particularly among
individuals aged 30 to 40, along with shifting dietary habits, is expected to
raise awareness among consumers about the importance of incorporating
protein-rich functional foods into their diets. This awareness is anticipated
to drive the expansion of the functional food segment.
Major companies operating in
Global Plant Based Protein Supplements Market are:
- Glanbia PLC
- AMCO Proteins
- Quest Nutrition LLC
- NOW Foods
- Bountiful Co/The
- Muscle Pharm Corporation
- Abbott Laboratories
- Iovate Health Sciences International
Inc
- Transparent Labs
- Woodbolt Distribution LLC
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“The global plant-based protein supplements market is
on the cusp of a significant transformation, driven by evolving consumer
preferences and the industry's commitment to innovation and sustainability. As
personalized nutrition, innovative ingredients, clean labels, and eco-friendly
packaging take center stage, manufacturers are poised to meet the diverse and
evolving demands of health-conscious and environmentally aware consumers. As
the trends continue to shape the market, the future of plant-based protein
supplements promises a wide array of exciting, nutritious, and sustainable
options for consumers worldwide,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Plant Based Protein Supplements Market By
Raw Material (Soy, Spirulina, Pumpkin Seed, Wheat,
Hemp, Rice, Pea, Others), By Product (Protein Powder, Protein Bars, Ready to
Drink, Others), By Application (Sports Nutrition, Functional Food), By
Distribution Channel (Supermarkets & Hypermarkets, Online Stores, Direct to
Customers (DTC), Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Plant Based Protein Supplements Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Plant Based Protein Supplements Market.
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