Plant-Based Protein Supplements Market Poised for Expansion to US$ 1.80 Bn by 2033 - Persistence Market Research

The global plant-based protein supplements market has been witnessing a steady uptick in growth, driven primarily by a shift in consumer preferences toward healthier, more sustainable dietary options. In 2023, the market was valued at approximately US$1.08 billion, and it is projected to reach US$1.8 billion by the end of 2033. This represents a compound annual growth rate (CAGR) of 5.6% during the forecast period.

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Several key factors contribute to this growth. Among them, rising awareness about the health risks associated with meat consumption, increasing cases of lactose intolerance, and the ongoing popularity of vegan and vegetarian diets stand out. Furthermore, soy protein continues to dominate the product segment due to its affordability and comprehensive nutritional profile. North America leads in geographical terms, accounting for nearly 40% of total revenue, fueled by strong consumer demand and robust retail infrastructure.

Key Highlights from the Report

➔ The plant-based protein supplements market is anticipated to grow at a CAGR of 5.6% between 2023 and 2033.
➔ Soy protein continues to hold the largest share at 53.2% due to its affordability and nutritional completeness.
➔ North America leads the market with a 40% share, supported by a strong fitness culture and retail network.
➔ India is set to dominate the South Asia & Pacific region with a projected CAGR of 6.8% through 2033.
➔ Increasing demand from lactose-intolerant and allergy-prone populations is boosting product uptake.
➔ Pea protein is emerging as a fast-growing alternative with a forecasted CAGR exceeding 6% by 2033.

Market Segmentation

The plant-based protein supplements market can be segmented based on type, sales channel, and region.

By type, soy protein holds the largest share at over 53%, followed by wheat, pea, and other plant-based sources. Soy protein remains popular due to its cost efficiency and complete amino acid profile. Pea protein is quickly gaining ground, particularly among consumers with soy allergies.

In terms of sales channels, hypermarkets and supermarkets remain dominant due to easy availability. However, online retail is rapidly expanding, especially among younger, tech-savvy consumers seeking product variety and convenience.

Regional Insights

North America, with a 40% market share, remains the dominant region for plant-based protein supplements. Its leadership is driven by a robust gym and wellness culture, greater awareness about vegan diets, and widespread product availability.

South Asia & Pacific is showing promising growth, with India accounting for more than 38% of the regional share. The country benefits from its large vegetarian population and increasing awareness around health and wellness. This is further supported by cultural preferences and a growing inclination toward sustainable food sources.

Latin America, particularly Chile, is another key region poised for growth. The region has a significant population battling obesity and lifestyle-related conditions. Consumers are increasingly inclined toward preventive health measures, including low-calorie and allergen-free protein supplements. Chile is projected to exhibit a CAGR of 7.1% during 2023-2033.

Market Drivers in Paragraph Format

The growing awareness surrounding the negative health impacts of animal-based diets and the ethical concerns about meat production are major drivers for the plant-based protein supplements market. Consumers are increasingly opting for protein sources that are allergen-free, sustainable, and compatible with vegan or vegetarian diets. Additionally, the rising interest in fitness and wellness has increased demand for supplements that aid in muscle repair and support an active lifestyle. Furthermore, educational campaigns around obesity and its related health risks are pushing consumers to seek healthier dietary alternatives, including plant-based protein supplements.

Market Restraints in Paragraph Format

Despite robust growth, the market faces a few hurdles. One of the main challenges is the relatively higher price of plant-based protein supplements, which may deter price-sensitive consumers, especially in developing countries. Moreover, unfamiliar taste, texture, and the perception that plant proteins are less effective than animal-based counterparts hinder widespread adoption. Lastly, the limited availability of certain high-quality protein sources also affects market expansion.

Market Opportunities in Paragraph Format

The future looks promising for plant-based protein supplements, particularly in developed economies where veganism is on the rise. The growing demand for organic food blends that incorporate plant proteins presents a significant opportunity for manufacturers. Furthermore, technological advancements in food processing are enabling better taste and texture profiles for plant-based products. The expanding base of online consumers and increasing inclination towards personalized nutrition are also expected to unlock new avenues for market growth.

Frequently Asked Questions (FAQs)

◆ How big is the plant-based protein supplements market currently?
◆ What is the projected growth rate of the plant-based protein supplements market?
◆ Who are the key players in the global plant-based protein supplements market?
◆ What is the market forecast for plant-based protein supplements for 2033?
◆ Which region is estimated to dominate the plant-based protein supplements industry through the forecast period?

Company Insights

• Axiom Foods
• Glanbia plc
• NOW Health Group Inc.
• MusclePharm Corporation
• Ingredion Inc.
• Roquette Frères
• DuPont
• Archer-Daniels-Midland Co.
• Batory Foods
• The Scoular Company

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