Plant Based Protein Supplements Market Worth $4.62 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Nov. 22, 2022 /PRNewswire/ -- The global plant based protein supplements market size is expected to reach USD 4.62 billion by 2030, registering a CAGR of 8.8% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to grow significantly over the forecast period on account of the increasing popularity of adopting veganism and consumers' perception regarding plant-based supplemental products being safer than animal-based products.

Key Industry Insights & Findings from the report:

• Soy dominated the market in terms of raw materials in 2021. This was due to the material's low cost for manufacturers of protein supplements and high consumer awareness of the fact that soy contains all nine essential amino acids.
• Protein powder dominated the market in 2021 in product segment. High adoption due to ease in handling and shipping, cost-effectiveness, and ability to maintain ingredient stability through formulation are some of factors boosting the segment's expansion.
• The online stores dominated the market in 2021 owing to the easy access to a diverse range of brands, rising internet penetration in developing countries, and the ease of shopping online.
• Asia Pacific is expected to register the fastest CAGR of 9.6% from 2022-2030 owing to increasing spending capacity among consumers, rising sports and fitness activities in the region, and growing awareness regarding consumption of a healthy diet among consumers.
• Major companies in the market are like MusclePharm Corporation and Glanbia plc are investing in the research & development for making innovative products to attract health-conscious consumers.

Read 135-page full market research report, "Plant Based Protein Supplements Market Size, Share & Trends Analysis Report By Raw Material (Soy, Spirulina, Pumpkin Seed, Wheat, Hemp, Rice, Pea, Others), By Product, By Distribution Channel, By Application, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Plant Based Protein Supplements Market Growth & Trends

The increase in consumer awareness of the advantages of plant-based foods for humans as well as the environment, their higher levels of amino acids, and lower levels of sodium are key factors contributing to the market growth. Customers' preferences for consuming plant-based protein supplements are impacted by things like limiting meat consumption due to food allergies, moral considerations, food safety, and the adoption of the vegan culture to stop animal cruelty.

Soy protein in raw material segment dominated the market in 2021 owing to its properties such as cost effectiveness as well as higher nutritional value as compared to other sources. Over the forecast period, pea protein is anticipated to grow significantly. The growth is attributed to rising customer preference for gluten-free, allergen-free, and lactose-free ingredients in supplements as well as the availability of essential amino acids in peas. Owing to the growing demand for convenient protein supplements, the consumption of plant based protein in RTD form is expected to grow with a CAGR of 9.6% during the forecast period.

Sports nutrition in the application segment dominated the market in 2021 as a result of the rising demand for plant based protein supplements to increase performance and stamina, as well as to aid in weight management and the development of lean muscle. Additionally, an increase in the number of gym and fitness enthusiasts in many countries around the globe is anticipated to drive market demand during the forecast period.

Asia Pacific is expected to witness the fastest compound annual growth rate from 2022 to 2030. The primary drivers of the regional market growth are rising healthcare spending, growing consumer awareness of the advantages of dietary supplements, efforts by producers to provide personalized nutrition, rising prevalence of fitness and sports activities, a growing number of fitness centers & gyms in the region, and an increase in the number of households with high disposable income.

Plant Based Protein Supplements Market Segmentation

Grand View Research has segmented the global plant based protein supplements market based on raw material, product, distribution channel, application, and region:

Plant Based Protein Supplements Market - Raw Material Outlook (Revenue, USD Million, 2017 - 2030)

• Soy
• Spirulina
• Pumkin Seed
• Wheat
• Hemp
• Rice
• Pea
• Others

Plant Based Protein Supplements Market - Product Outlook (Revenue, USD Million, 2017 - 2030)

• Protein Powder
• Protein Bars
• Ready-to-Drink
• Others

Plant Based Protein Supplements Market - Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

• Supermarkets
• Online Stores
• DTC
• Others

Plant Based Protein Supplements Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

• Sports Nutrition
• Functional Foods

Plant Based Protein Supplements Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia Pacific
• China
• Japan
• India
• Australia
• Central & South America
• Brazil
• Argentina
• Middle East & Africa
• UAE
• Saudi Arabia

List of Key Players of Plant Based Protein Supplements Market

• Glanbia plc
• AMCO Proteins
• Quest Nutrition
• NOW Foods
• The Bountiful Company
• MusclePharm Corporation
• Abbott Laboratories
• IOVATE Health Sciences International, Inc.
• Transparent Labs
• WOODBOLT DISTRIBUTION LLC

Check out more related studies published by Grand View Research:

• Botanical Supplements Market - The global botanical supplements market size is expected to reach USD 55.18 billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 9.1% from 2020 to 2028. Growing awareness among consumers concerning the health benefits related to the consumption of botanical supplements is predicted to boost the growth of the market.
• Algae Protein Market - The global algae protein market size is predicted to reach USD 6.46 billion by 2030, registering a CAGR of 8.4% during the forecast period, according to a new report by Grand View Research, Inc. Some of the key drivers for the growth of the algae protein market include the growing popularity of plant-based and naturally derived food products and nutritional supplements, an increase in the number of health-conscious consumers, and constant population growth.
• Protein Supplements Market - The global protein supplements market size is expected to reach USD 10.80 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.0% from 2022 to 2030. The growing number of fitness centers on account of rising millennials' interest in health and wellness is expected to drive market growth.

Browse through Grand View Research's Nutraceuticals & Functional Foods Industry Research Reports.

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.

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SOURCE Grand View Research, Inc