The global Plant Based Protein Supplements market size is expected to be worth around US$ 15.32 billion by 2030, according to a new report by Vision Research Reports.
The global Plant Based Protein Supplements market size was valued at US$ 6.38 billion in 2020 and is anticipated to grow at a CAGR of 9.6% during forecast period 2021 to 2030.
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.
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Report Coverage
| Report Scope | Details |
| Market Size | US$ 15.32 Billion by 2030 |
| Growth Rate | CAGR of 9.6% From 2021 to 2030 |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Raw Material, Product, Distribution Channel, Application |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | 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 |
Growth Factors
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.
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.
By Raw Material Analysis
Soy protein dominated the market with a share of over 61.0% 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.
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.
By Product Analysis
Protein powder emerged as the dominant product segment with a share of over 61.0% in 2020. Mass channels of distribution, strong online sales, and the growing number of brands by key players such as Glanbia PLC; The Nature’s Bounty Co.; and Iovate Health Sciences International Inc.
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.
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.
By Distribution Channel Analysis
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.
Easy access to products, easy online purchases, and the increased number of brands to choose from are boosting online sales of plant based protein supplements.
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.
By Application Analysis
Sports nutrition emerged as the dominant application segment and accounted for over 61.0% 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.
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.
The rising occurrence of cardiovascular diseases owing to the inactive and slow lifestyle, especially in the age group between 30 and 40 years, and fluctuating dietary patterns are projected to create awareness regarding the importance of functional protein-rich food among consumers, thereby benefitting the market growth.
By Regional Analysis
North America was the largest regional market in 2020 with a share of over 50.0% owing to the high demand for sports nutritional supplements in countries such as Canada and the U.S. In addition, a strong foothold of major market players, coupled with the easy availability of raw materials, is expected to fuel the market growth.
Europe emerged as the second-largest regional market in 2020 owing to various factors such as increasing emphasis on healthy living, growing trend of preventive health care, and rising demand for plant protein supplements from countries including the U.K. and Germany on account of the increasing vegan population.
Consumption of dietary supplements has increased with consumers becoming more health-conscious in developing countries of Asia Pacific. There has been an explosion in dietary supplement consumption in countries such as India, China, and Indonesia, benefitting the growth of the market during the forecast period.
Key Players
- 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
Market Segmentation
- Raw Material
- Soy
- Spirulina
- Pumpkin Seed
- Hemp
- Rice
- Pea
- Others
- By Product
- Protein Powder
- Protein Bars
- Ready-to-Drink
- Others
- By Distribution Channel
- Supermarkets/Hypermarkets
- Online Stores
- Chemist/Drugstores
- Specialty Stores
- Others
- By Application
- Sports Nutrition
- Functional Food
- Regional
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- Australia
- Central & South America
- Brazil
- Middle East & Africa
- UAE
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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