Plant-Based Protein Supplements Market Flourishes with 5.6% CAGR

Global Plant-Based Protein Supplements Market Surges Amidst Rising Health Consciousness

The global plant-based protein supplements market is experiencing significant growth, propelled by increasing consumer awareness regarding health and sustainability. Valued at approximately USD 6.11 billion in 2023, the market is projected to reach USD 8.95 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period.

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Competitive Landscape and Regional Demand

The market is characterized by the presence of key players such as Archer Daniels Midland, Cargill, Incorporated, DuPont Nutrition & Health, Kerry Group, The Scoular Company, Omega Protein Corporation, Roquette Frères, Axiom Foods, Inc., Glanbia plc, and Growing Naturals, LLC. These companies are actively engaging in product innovation, strategic mergers, and partnerships to strengthen their market positions.

Regionally, North America holds the largest market share, driven by a strong emphasis on health and wellness. Europe follows closely, with a market share of over 21.0% in 2021, and is anticipated to expand at a CAGR of 8.1% from 2023 to 2030. The demand in Europe is fueled by preventive healthcare trends and a growing vegan population, particularly in countries like Germany and the UK.

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United States: Growth Opportunities in Plant-Based Protein Supplements

In the United States, the plant-based protein supplements market is witnessing robust growth. Consumers are increasingly shifting towards plant-based diets, driven by health benefits and environmental concerns. Major companies such as Glanbia plc and MusclePharm Corporation are capitalizing on this trend by introducing innovative plant-based protein products. Additionally, the market has seen strategic mergers and acquisitions aimed at expanding product portfolios and market reach.

Asia Pacific: Emerging Trends and Market Expansion

The Asia Pacific region is expected to grow at a CAGR of 9.6% over the forecast period. The increasing consumption of plant-based protein supplements in developing countries like Indonesia, India, and China is attributed to a rising health-conscious consumer base. As consumers' purchasing power grows and a wider range of brands becomes available, plant-based supplements are expected to become increasingly popular.

Europe: Consolidation and Market Updation

Europe held a market share of over 21.0% in 2021 and is anticipated to expand at a CAGR of 8.1% from 2023 to 2030. The demand for plant-based protein supplements in the region is expected to rise due to factors such as the trend toward preventive healthcare, the growing emphasis on healthy living, and increasing demand from countries like Germany and the UK, driven by the region's growing vegan population.

Middle East and Africa: Emerging Opportunities in Plant-Based Protein Supplements

The Middle East and Africa (MEA) region is experiencing a burgeoning interest in plant-based protein supplements. While traditionally dominated by animal-based proteins, a shift towards plant-based options is evident, driven by increasing health awareness and dietary shifts. The MEA market is projected to reach USD 324.8 million by 2030, indicating substantial growth potential.

Recent Developments and Strategic Initiatives

Several key developments have shaped the plant-based protein supplements industry:

Product Launches: In February 2024, Roquette Frères expanded its NUTRALYS® plant protein portfolio by launching four pea protein ingredients, catering to the growing demand for diverse plant-based protein sources.

Market Expansion: Applied Nutrition, a leading supplements brand, is preparing for a stock market flotation that could value the company at £500 million, aiming to scale its business and expand its presence in the US market.

Industry Trends: Emerging products like Wilde's Protein Chips, made from chicken breast, egg white, and bone broth, indicate a potential shift from plant-based foods towards animal-based products in the health food industry.

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Global PlantBased Protein Supplements Market Classifications

by Product

Protein Powder
Protein Bars
Ready-to-Drink (RTD)
Others

by Raw Material

Soy
Spirulina
Pumpkin Seed
Hemp
Rice
Pea
Others

by Distribution Channel

Supermarket
Online Stores
DTC
Others

by Form

Protein Isolate
Protein Concentrate
Textured Protein

by Application

Sports Nutrition
Additional Nutrition
Others

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Conclusion

The global plant-based protein supplements market is on an upward trajectory, driven by health-conscious consumers and a shift towards sustainable dietary choices. With significant growth across various regions and active participation from key industry players, the market is poised for continued expansion in the coming years.

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