The plant-based protein category has been gaining heavy traction across numerous mediums. Consumers worldwide are now more aware of the importance of a healthy diet and a healthy lifestyle. They know the importance of appropriate nutrition, which can help them prevent diseases and deal with many health-related other problems. This understanding has increased demand for plant protein supplements, especially amongst sportspersons or millennials. As well, impelled by COVID-19 fear and heightened interest in preventative health, sales of plant protein supplements have spiked. Plant-based protein supplements were introduced as an easy and efficient way to improve overall protein intake mainly in powder, RTD, and bars without consuming actual food sources that may be difficult to accomplish without increasing total volume to hit a specific goal.
The plant-based protein supplements sector’s growth has largely been driven by the usual emergence of the flexitarian consumer and increased numbers of vegans. According to the Academy of Nutrition and Dietetics study, apart from the many health benefits, plant-based nutrients had reduced risks of chronic health issues and diseases, including Ischemic heart disease, type 2 diabetes, hypertension, cancer, and obesity. Plant protein supplementations have also been proven to be more appropriate for all individuals, including aged populations, children, athletes, and pregnant females.
According to the latest publication on the plant-based protein supplements market by Meticulous Research®, the plant-based protein supplements market is expected to grow at a CAGR of 7.8% from 2020 to 2027 to reach $9.57 billionby 2027.
The growth of this market is backed by rising interest in plant-based nutrition, a positive outlook towards the sports and health nutrition industry, increasing inclination towards a vegan diet, and increasing demand for personalized nutrition. Moreover, growing demand from emerging economies across Asia-Pacific, Latin America, and the Middle East and Africa and the increasing availability of innovative plant-based protein supplements are expected to create lucrative opportunities for players operating in this market. However, the preference for whey-based protein supplements and growing preference for soy and gluten-free products are expected to hinder this market’s growth.
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Scope of the report
Plant-based Protein Supplements Market, by Type
- Soy protein
- Rice protein
- Pea protein
- Spirulina protein
- Pumpkin seed protein
- Hemp Protein
- Wheat Protein
Plant-based Protein Supplements Market, by Form
- Protein Powder
- Ready to Drink
- Protein Bars
Plant-based Protein Supplements Market, by Application
- Sport Nutrition
- Additional Nutrition
Plant-based Protein Supplements Market, by Distribution Channel
- Modern Groceries
- Natural and Specialty Retail
- Online Retail
- Health Food Store
- Pharmacies and Drug Store
- Convenience Store
Plant-based Protein Supplements Market, by Geography
- North America
- Asia-Pacific (APAC)
- Latin America
- Middle East and Africa
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To provide efficient analysis, Meticulous Research® has segmented this market based on type (soy protein, rice protein, pea protein, spirulina protein, pumpkin seed protein, hemp protein, wheat protein, and others), form (protein powder, ready to drink, protein bars, and others), application (sports nutrition and additional nutrition), distribution channel (modern groceries, natural and specialty retail, online retail, health food store, pharmacies and drug store, convenience store, and others), and geography (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa).
Geographically, North America is estimated to hold the major share of the overall plant-based protein supplements market in 2020. The prominent position of the North American plant-based protein supplements market is supported by the huge demand for nutritional supplements from the consumers in the region with higher health awareness, a higher focus on healthy lifestyle due to hectic and busier lifestyles, well-established nutraceutical and functional food industry, highly established gyms and sports clubs, and growing health & wellness and clean label trends. Among other regional markets, Asia-Pacific is projected to demonstrate strong growth in the near future because of the growing trend of the population engaging in various sports and recreational activities, rising number of fitness centers and sport clubs, and a huge vegetarian base population country. In addition, the rising awareness on proper protein content in diets with enhancement in the standard of living in developing countries, such as China and India due to rapid growth in urbanization, rising income level, and increased education status is further projected to support the growth in plant-based protein supplements market in the Asia-Pacific region.
Based on type, the plant-based protein supplements market is segmented into soy protein, rice protein, pea protein, spirulina protein, pumpkin seed protein, hemp protein, wheat protein, and others. The soy protein segment is estimated to account for the largest share of the overall plant-based protein supplements market in 2020 attributed to the easy availability of oy protein raw material, cost-effectiveness compared to other sources of protein supplements, superior nutritional value than other sources, and higher consumer acceptance level. However, the pea protein segment is expected to grow at the fastest CAGR during the forecast period.
The plant-based protein supplements market is segmented into protein powder, ready-to-drink, protein bars, and others based on form. The powder protein segment is estimated to account for the largest share of the overall plant-based protein supplement market in 2020. The major share of this segment is mainly attributed to their higher demand with ease in handling & transport, cost-effectiveness, ability to avoid costly formulation mistakes, and competence to maintain the ingredient’s stability. However, the ready-to-drink segment is expected to grow at the fastest CAGR during the forecast period due to their growing convenience.
Based on application, the global plant-based protein supplements market is segmented into sports nutrition and additional nutrition. The sports nutrition segment is estimated to account for the largest share of the overall plant-based protein supplement market in 2020. This segment’s large share is mainly attributed to increased new product development, an increasing number of youngsters choosing a career in sports, and rise in national and international sports events. This segment is also expected to grow at the fastest CAGR during the forecast period due to increasing consciousness regarding the benefits of a balanced and nutrient-rich diet in miniating the muscle tone and stamina required in athletes.
Based on distribution channel, the plant-based protein supplements market is mainly segmented into modern groceries; natural and specialty retail; online retail; health food store; pharmacies and drug store; convenience store; and others. The modern grocery segment is estimated to hold the largest share of the overall plant-based protein supplements market in 2020. The large share of this market is mainly attributed to growing number of supermarkets and hypermarkets and increasing consumer preference for shopping from such outlets. However, the online retail segment is expected to grow at the fastest CAGR during the forecast period.
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The key players operating in the plant-based protein supplements market 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 Nature’s 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.).
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