Press release
Plant-Based Protein Supplements Market Projected to Reach USD 8.95 Billion by 2030, Driven by Rising Health Consciousness and Veganism
Plant-Based Protein Supplements Market
The global plant-based protein supplements market, valued at USD 6.11 billion in 2023, is anticipated to reach USD 8.95 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.6% during the forecast period. This growth is primarily attributed to increasing health consciousness, the rising adoption of vegan lifestyles, and the demand for sustainable and nutritious dietary options.
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Competitive Landscape
The market is characterized by the presence of key players such as Archer Daniels Midland, Cargill, Incorporated, DuPont Nutrition & Health, Kerry Group, and Roquette Frères, among others. These companies are actively engaging in product innovation, strategic collaborations, and mergers and acquisitions to strengthen their market positions.
Regional Insights
United States: Growth and Consolidation
In the United States, the plant-based protein supplements market is experiencing significant growth, driven by heightened consumer awareness regarding the environmental impact of animal-based proteins and the health benefits associated with plant-based diets. The trend towards veganism and flexitarian diets is contributing to increased demand for plant-based protein supplements.
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Asia Pacific: Opportunities and Trends
The Asia Pacific region is expected to witness growth rates higher than the global average during the forecast period. Consumers in developing markets such as China, India, and Indonesia are gradually showing interest in dietary supplements in vegan proteins as the sports nutrition sector becomes mainstream. The increasing aging population and growing interest in dietary supplements to improve overall health are projected to propel plant-based protein supplements' sales growth in the region.
Europe: Trends and Updation
Europe contributes significantly to the global revenue in the plant-based protein supplements market, attributed to heightened consumer awareness regarding the ecological impact of animal-based proteins and the health benefits of plant-based proteins. The strong vegan trend and growing demand for healthy and nutritional products are expected to further fuel the demand for natural protein supplements in the region.
Middle East and Africa: Emerging Opportunities
The Middle East and Africa region is at a nascent stage in the plant-based protein supplements market. However, rising awareness regarding vegan and flexitarian diets has contributed to recognizing plant proteins among consumers. The growing interest in consuming protein supplements to maintain health is expected to propel market growth in the region in the forthcoming years.
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Plant-Based Protein Supplements Market Segmentation
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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Plant-Based Protein Supplements Market, Key Players
1. Archer Daniels Midland
2. Cargill, Incorporated
3. DuPont | Nutrition & Health
4. Kerry Group
5. The Scoular Company
6. Omega Protein Corporation
7. Roquette Frères
8. Axiom Foods, Inc.
9. Glanbia plc
10.Growing Naturals, LLC.
11.Manitoba Harvest Hemp Foods
12.Amway Corporation
13.AMCO Proteins
14.QuestNutrition
15.MusclePharm Corporation
16.NOW Foods
17.CytoSport, Inc
Recent Developments
In February 2024, Roquette Frères expanded its NUTRALYS® plant protein portfolio by launching four pea protein ingredients: NUTRALYS® Pea F853M (isolate), NUTRALYS® H85 (hydrolysate), NUTRALYS® T Pea 700FL (textured), and NUTRALYS® T Pea 700M (textured). This expansion aims to strengthen the company's position in the global market.
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