SAN FRANCISCO, Dec. 1, 2021 /PRNewswire/ -- The global plant based protein supplements market size is expected to reach USD 10.32 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.6% from 2020 to 2028. Growing demand for personalized nutrition, inclination towards a vegan diet, and rising interest in plant-based nutrition are key factors fueling market growth.
The soy protein raw material segment accounted for the largest revenue share in 2020. Pea protein is expected to witness considerable growth over the forecast period. The growth is attributed to increasing customer inclination towards gluten-free ingredients in the supplements, coupled with the presence of necessary amino acids in pea.
Key Insights & Findings from the report:
By raw material, the soy segment dominated the market with a share of over 60.0% in 2020 owing to the easy availability that makes the material cost effective for protein supplement manufacturers, along with high awareness among customers regarding the availability of all essential amino acids in soy
Based on distribution channel, the online stores segment is anticipated to witness the fastest growth during the forecast period. Easy access to a wide variety of brands, the growing penetration of the internet in developing nations, and the convenience of shopping are the major factors propelling the segment growth
The protein powder product segment dominated the market with a share of over 60.0% in 2020. High adoption owing to ease in handling and transport, cost efficiency, and competence to maintain the stability of the ingredient through the formulation are factors boosting the segment growth
North America dominated the market with a revenue share of over 50.0% in 2020. The well-established presence of plant based supplement manufacturers, favorable economic policies for advancements in the dietary supplement industry, and consistent demand from consumers for health beneficial and vegan products contribute to the market growth
Rising awareness regarding plant based protein supplements owing to the increasing concerns over cardiovascular diseases associated with animal nutrition is triggering new investments by protein supplements manufacturers. Companies including Glanbia plc and MusclePharm Corporation are investing in R&D for the development of new plant-based protein supplements to attract health-conscious consumers.
The ongoing snackification trend combined with the preference for a high protein diet is anticipated to boost demand for protein bars during the forecast period. A large number of players including Quest Nutrition and Glanbia plc are offering protein bars in a variety of flavors through various mass retail channels, which, in turn, is propelling the market growth.
The sports nutrition application segment dominated the market in 2020 owing to the growing demand for these supplements to improve performance and stamina and promote weight management and lean muscle growth. An increasing number of gym and fitness enthusiasts across countries globally is further expected to fuel the market demand during the forecast period.
Asia Pacific is expected to exhibit the fastest CAGR from 2020 to 2028. Growing awareness regarding the benefits of dietary supplements, increased healthcare spending, rising number of households with high disposable income, and efforts by manufacturers in offering personalized nutrition are the primary factors augmenting the regional market growth.
Grand View Research has segmented the global plant based protein supplements market on the basis of raw material, product, distribution channel, application, and region:
Plant Based Protein Supplements Raw Material Outlook (Revenue, USD Million, 2017 - 2028)
Plant Based Protein Supplements Product Outlook (Revenue, USD Million, 2017 - 2028)
Plant Based Protein Supplements Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
Plant Based Protein Supplements Application Outlook (Revenue, USD Million, 2017 - 2028)
Plant Based Protein Supplements Regional Outlook (Revenue, USD Million, 2017 - 2028)
Central & South America
Middle East & Africa
List of Key Players of Plant Based Protein Supplements Market
Protein Supplements Market– The global protein supplements market size was valued at USD 18.91 billion in 2020 and is expected to grow at CAGR of 8.4% from 2021 to 2028. The market is gaining momentum owing to the increasing health consciousness and a rising number of fitness centers around the globe.
Wheat Protein Market– The global wheat protein market size was estimated at USD 1.52 billion in 2015. Globally, increasing applications in end-use industry and rising consumer preference for meat-free diets are expected to drive the growth.
Whey Protein Market– The global whey protein market size was estimated at USD 8.7 billion in 2019 and is expected to expand at a CAGR of 9.8% from 2020 to 2027. Rising incidences of chronic illnesses due to changing lifestyles, particularly among the millennial population, is one of the key driving factors.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.