Plant-Based Protein Supplements Market is segmented by Type (Soy Protein, Rice Protein), Form (Powder, RTD), Application (Sports Nutrition, Additional Nutrition), and Distribution Channel (Hypermarket/Supermarket, E-Commerce, Pharmacies) and Geography.
The Plant-Based Protein Supplements Market is projected to have a market size value of USD 9.127 billion by 2028, at a CAGR of 7.8% during the forecast period of 2021 to 2028.
Plant-based Protein Supplements are products containing a dietary ingredient that includes vitamins, minerals, amino acids, herbs, and any other medicinal plants that can be used to aid dietary insufficiency.
Growth and Trend of Plant-Based Protein Supplements Market
The growth drivers of this market are attributed to the increasing interest of consumers in plant-based nutrition diet, interest towards activities in sports, rise in the number of consumers turning to a vegan diet, a high demand for personalized nutritional diet, and improvement in the health nutrition industry. Additionally, there is a growing demand in the emerging economies found in the regional segments of Asia-Pacific, Latin America, and the Middle East, and Africa as well as innovative plant-based protein products created by market players.
Impact of COVID-19
Containing the widespread of the virus is a great challenge to all countries because many sectors will have to compromise and be affected negatively. Many industries will have to adapt and adopt the changes that will be imposed upon them by their governments. A massive pull back on the growth of the Plant-Based Protein Supplements market is the disruption of the supply chain since manufacturing and distribution by key players or companies are being limited, if not, controlled by governments by imposing lock downs and halting travels across borders.
The Plant-Based Protein Supplements market is facing a challenge wherein the disruption in raw material supply is negatively affecting manufacturers because travel, transport of raw materials, and non-essential trade have been put off in many countries. This in turn affected production, causing a fewer volume of product sales. Exportation and importation of suppliers and raw materials have been affected since there are border restrictions and heightened protocols.
On a positive note, the pandemic has caused a surge in the demand for immunity boosting diet and production of functional food. Awareness of getting a nutritious diet and getting health benefits from several diets amidst the challenges imposed by COVID-19 are also drivers of growth. Government promotions and initiatives regarding healthier food options and lifestyles boosted the demand for plant-based protein supplements.
Plant-based proteins are preferred mostly by consumers who opt to go for a low-calorie diet without the presence of animal fat. The plant-based protein products according to the Good Food Institute had an increase in their sales in 2020 because 50% of the consumers raised their consumption.
Society has welcomed plant-based diets and supplements since plant-based ingredient products are more ethical and sustainable compared to animal-based products. There is an influx in the number of consumers who have shifted their diet from animal to plant-based because of social awareness and sensitivity on how animal-based products are produced. And over the past years, there is protein diversification making it possible for consumers to have better alternatives on their sources of proteins. Health benefits associated with consuming plant-based protein-rich diets are, low cholesterol levels and blood pressure, weight and fat loss, reduces inflammation, and rising demand across the globe.
Overall, the pandemic may have caused challenges to this market, but because consumers nowadays are into building their immune systems to help fight off infection, intake of dietary immune-boosting supplements is considered another option to avoid being infected by the virus.
Key Findings in the Plant-based protein supplements market
In terms of type, it is segmented further into soy protein, rice protein, pea protein, spirulina protein, pumpkin seed protein, hemp protein, wheat protein, and others. The soy protein segment is projected to have the largest share accounted for in the market in 2020 because it is widely accepted globally having high nutritional value, has a wide array of applications and uses, and is cost-effective. During the forecast period, the pea protein segment is expected to grow at the fastest CAGR due to its attained support globally with superior nutritional qualities, allergen-, gluten-, and lactose-free attributes.
Ready to drink segment is seen to grow at the fastest CAGR in 2021-2028 due to its convenience and inexpensive formulation. The Sports nutrition segment, on the other hand, is accounted for the largest share overall in the market because of the increasing number of young consumers actively participating and choosing sports as their career.
Regional Market Analysis
In terms of region segment, the Plant-Based Protein Supplements market is further classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America however is projected to have the largest share in the market in 2021.
Key Players: Share and Competition
The major key players in this market who have a strong product portfolio and an extensive assessment of the market landscape are, Glanbia plc. (Ireland), Now Health Group, Inc. (U.S.), Nutiva Inc (U.S.), The Simply Good Food Co (U.S.), Iovate Health Sciences International Inc. (Canada), MusclePharm Corporation (U.S.), Kerry Group Plc (Ireland), CytoSport, Inc. (U.S.), The Natures Bounty Co. (U.S.), Reliance Vitamin Company, Inc. (U.S.), Herbalife Nutrition, Inc. (U.S.), Danone SA (France), General Nutrition Centers (GNC) Holdings, Inc. (U.S.), Orgain Inc. (U.S.), and True Nutrition (U.S.).
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2021 - 2028)
• Soy protein
• Rice protein
• Pea protein
• Spirulina protein
• Pumpkin seed protein
• Hemp Protein
• Wheat Protein
Form Analysis (Revenue, USD Million, 2021 - 2028)
• Protein Powder
• Ready to Drink
• Protein Bars
Application Analysis (Revenue, USD Million, 2021 - 2028)
• Sport Nutrition
• Additional Nutrition
Distribution Channel Analysis (Revenue, USD Million, 2021 - 2028)
• Modern Groceries
• Natural and Specialty Retail
• Online Retail
• Health Food Store
• Pharmacies and Drug Store
• Convenience Store
Region Analysis (Revenue, USD Million, 2020 – 2028)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Plant-Based Protein Supplements Industry Research Report
• Europe Plant-Based Protein Supplements Industry Research Report
• Asia Pacific Plant-Based Protein Supplements Industry Research Report
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