SAN FRANCISCO, July 22, 2019 /PRNewswire/ -- The global plant based protein supplement market size is expected to reach USD 7.70 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 7.9% during the forecast period. Rising concerns regarding the consumption of animal protein supplements, has encourages the manufacturers to develop human nutrition products derived from soy, spirulina, pumpkin seed, hemp, pea, and rice among other plants-based sources.
Key suggestions from the report:
Among raw materials, soy is anticipated to reach market size of USD 5.11 billion by 2025, at a CAGR of 8.0% from 2017 to 2025
Protein powder product segment is expected to reach a market size of 5.33 billion by 2025, owing to rising health consciousness and demand from athletes and bodybuilders
North America is projected to exhibit a CAGR of 7.6% over the forecast years, mainly on account of increasing demand for sports nutritional supplements from Canada and U.S. In addition, presence of major players and easy availability of raw materials can further fuel the growth
Countries in Asia Pacific, especially India, Indonesia, and China, are expected to witness significant growth over the forecast years, mainly driven by changing consume lifestyles resulting in the increased need for health supplements
The plant-based protein supplements market is characterized by accreditation of raw materials, product, distribution channel, application, and regional decisions to improve the market share of manufacturers
Some of the prominent companies present in the market are Glanbia plc; AMCO Proteins; Quest Nutrition; NOW Foods; NBTY, Inc.; MusclePharm Corporation; Abbott Laboratories; CytoSport, Inc.; IOVATE Health Sciences International; and Transparent Labs.
The plant-based protein supplements market is projected to exhibit a high growth on account of rising global demand for vegan products. Herein, the rapid growth of e-commerce is augmenting the consumption of protein supplements. Walmart is considered to be the largest retailer and requesting its suppliers to offer more plant based items. Moreover, rising concern for food safety in food and beverages sector is propelling the consumption for high-quality food service board and liquid packaging board.
Demand for plant based protein supplement is likely to witness a high growth on account of rising popularity of Ready-to-Drink (RTD) product among millennials. These pre-formulated protein drinks are easily available and can be consumed without any further mixing or preparation. This factor is anticipated to bode well for the product demand in near future.
Asia Pacific is projected to remain one of the lucrative markets for plant-based protein supplements over the next eight years. The growth of working-class population in developing countries including China and India coupled with increased state government spending for promoting infrastructure development and easy taxation scenario for MNCs to open up offices, is expected to promote the demand. In addition, predominant utilization of internet by the working-class population during office hours and off-job time is expected to boost the consumer awareness regarding plant-based supplements as meal replacements in near future.
Grand View Research has segmented the global plant based protein supplement market on the basis of raw material, product, distribution channel, application, and region:
Plant based Protein Supplement Raw Material Outlook (Revenue, USD Million, 2014 - 2025)
Plant based Protein Supplement Product Outlook (Revenue, USD Million, 2014 - 2025)
Plant based Protein Supplement Distribution Channel Outlook (Revenue, USD Million, 2014 - 2025)
Plant based Protein Supplement Application Outlook (Revenue, USD Million, 2014 - 2025)
Plant based Protein Supplement Regional Outlook (Revenue, USD Million, 2014 - 2025)
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Liquorice Shellac Market– Global liquorice shellac market is expected to witness growth owing to the increasing demand for confectionery products and processed foods during the forecast period.
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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.