Plant Based Protein Supplements Industry Overview
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.
Plant Based Protein Supplements Market Segmentation
Grand View Research has segmented the global plant based protein supplements market on the basis of raw material, product, distribution channel, application, and region:
Based on the Raw Material Insights, the market is segmented into Soy, Spirulina, Pumpkin Seed, Hemp, Rice, Pea, Others.
- Soy protein dominated the market with a share of over 60.0% in 2020. The growing prominence of soy protein supplements as a vegetarian protein source, coupled with its composition of ingredients including glutamine and BCAAs, which aid in muscle recovery and fast absorption, contribute to the segment growth.
- The pea protein segment is expected to witness significant growth over the forecast period owing to its fast-gaining popularity among various end-users including vegetarians, vegans, and those allergic to egg and dairy proteins. Additionally, pea protein is extracted from green peas that are cholesterol-, fat-, and gluten-free and is hypoallergenic, thus attracting a large customer base.
- Rising demand for organic pumpkin seed protein as a result of product innovation by leading protein ingredients manufacturers is expected to remain a favorable factor for the growth of the segment.
- The hemp protein supplement segment is expected to expand at the highest CAGR during the forecast period on account of the rising awareness among consumers regarding the health benefits of hemp, coupled with its comparable protein content and vital amino acids as animal-based sources such as beef and lamb.
Based on the Product Insights, the market is segmented into Protein Powder, Protein Bars, Ready-to-Drink, Others.
- Protein powder emerged as the dominant product segment with a share of over 60.0% in 2020.
- Protein bars are expected to witness growth during the forecast period owing to the wide-scale adoption of protein bars by consumers on account of their convenient grab-and-go option. In addition, factors such as instant energy and nutrition offered by protein bars are expected to boost the segment growth.
- A fast-paced and busy lifestyle, coupled with an increase in the number of gym and fitness centers, has propelled consumers to switch to quick and healthy beverages.
- The others segment includes various products such as protein gels, capsules, cakes, cookies, and bites. These products are likely to grow at a slower rate in comparison with the other major protein supplements owing to the strong competition from protein supplements including protein powders, bars, and RTDs.
Based on the Distribution Channel Insights, the market is segmented into Supermarkets/Hypermarkets, Online Stores, Chemist/Drugstores, Specialty Stores, Others.
- The online stores segment accounted for a share of over 30.0% in 2020. Manufacturers are focusing on shorter paths to reach consumers as a result of ever-increasing consumer demand and a focus on core competencies.
- Retail stores including hypermarkets, supermarkets, and pharmacies offer a variety of dietary supplements including plant based protein supplements. Improvement in the retail sector is one of the factors driving the sales of health and wellness products.
- The supplements are available at the majority of big grocery stores such as Kroger, Lidl, Target, and Walmart. Annual memberships and discounts offered on bulk purchasing are expected to attract consumers to buy products from hypermarkets and supermarkets, thus bolstering sales in the market.
Based on the Application Insights, the market is segmented into Sports Nutrition, Functional Food.
- Sports nutrition emerged as the dominant application segment and accounted for over 60.0% share in 2020. Increasing demand for sports nutritional supplements from core, strength, and endurance athletes, fitness enthusiasts, and professional athletes is expected to drive the segment.
- In addition, ascending demand for sports nutritional supplements to promote lean muscle growth, improve performance, assist in weight reduction, and boost stamina, coupled with an increase in the number of gym-goers, is expected to boost the growth of the sports nutrition segment over the upcoming years.
- The demand for protein-rich functional foods is increasing owing to the increasing awareness among consumers regarding leading a healthy and active lifestyle, coupled with a growing understanding of the relationship between exercising and maintaining a balanced and nutrient-rich diet. This is expected to bolster the growth of the market.
Plant Based Protein Supplements Regional Outlook
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The global market is highly fragmented with the presence of a number of global companies. The companies are working on their branding strategies in order to appeal to the target audience, along with investing in advanced automated continuous production lines to increase production efficiency.
Some prominent players in the global plant based protein supplements market include
- 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
Order a free sample PDF of the Plant Based Protein Supplements Market Intelligence Study, published by Grand View Research.
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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