Global Plant-Based Protein Supplements Market Size to Grow at a CAGR of 5.70% in the Forecast Period of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Plant-Based Protein Supplements Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 5.70%
Plant-based protein supplements provide a variety of nutrients for consumers apart from protein, including fibre, vitamins, healthy fats, iron, and minerals. In addition, these supplements contain essential amino acids which boost the overall health of the consumers. Hence, the increasing inclination towards health and fitness is driving the plant-based protein supplements market.
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Furthermore, plant-based protein supplements are filling, easy to digest, and keep the gut healthy and regulated. Moreover, it can boost metabolism significantly while reducing cholesterol levels. Hence, the increasing prevalence of heart-related diseases among the young working population is further propelling the sale of plant-based protein supplements. The greater bioavailability and lower toxicity of these supplements are expected to increase the product awareness in the forecast period.
Plant-based protein supplements are environment-friendly which is a major driving factor of the plant-based protein supplements market. The growing awareness pertaining to animal cruelty and growing adoption of veganism is leading to a transition towards healthy plant-based supplements. Meanwhile, the stringent regulations by various governments against greenhouse emissions are further providing impetus to the market. The heightened adoption of protein supplements among athletes and sportsmen are further fuelling the market by boosting the sales and escalating brand endorsements of premium plant-based protein supplement products.
Plant-Based Protein Supplements Industry Definition and Major Segments
Plant-based protein supplements are defined as a vegan-friendly supplements high in protein which are sourced from various plant varieties such as soy, brown rice, tofu, pulse, nut, seed, and pea, among others. These supplements are nutritional and are known to repair human body, cells, and tissues.
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Based on origin, the market is bifurcated into:
On the basis of raw material, the market is divided into:
• Pumpkin Seed
By product type, the market is segmented into:
• Protein Powder
• Protein Bars
On the basis of application, the market is categorised into:
• Sports Nutrition
• Functional Food
Based on distribution channels, the market is segmented into:
• Hypermarkets and Supermarkets
• Specialty Stores
On the basis of region, the market is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Plant-Based Protein Supplements Market Trends
The key trends in the global plant-based protein supplements market include emerging producers of plant-based protein supplements owing to the expanding business opportunities and favourable regulations by various governments. Growing research and development activities aimed towards improving the quality, enriching the flavour, and enhancing the nutritional value are further leading to progressive product innovations.
The growing expansion of the e-commerce sector is another crucial trend in the market which is accelerating the sale of clean labelled plant-based protein supplements at reasonable rates and with attractive discounts. Increasing promotion of plant-based protein supplements on social media platforms are spreading awareness among social media users. Increasing inclination of youth towards fitness and bodybuilding is another crucial trend in the plant-based protein supplements market. Rapid innovations and development of plant-based protein supplements with versatile blends and high nutrition are further providing impetus to the market.
In geographical terms, North America is expected to be one of the largest consumers of plant-based protein supplements owing to the increasing cases of obesity, diabetes, and cardiovascular conditions. The strong competition across countries like the United States and Canada are boosting the expansion of plant-based protein supplements.
Key Market Players
The major players in the global plant-based protein supplements market report are
• Glanbia plc
• Hormel Foods Corporation
• The Bountiful Company
• Abbott Laboratories
• NOW Health Group, Inc.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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