Plant Based Protein Supplements Market to Hit US$ 15.32 Bn by 2030
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.
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
The Plant Based Protein Supplements market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Plant Based Protein Supplements market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Plant Based Protein Supplements market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Plant Based Protein Supplements market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Plant Based Protein Supplements market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Plant Based Protein Supplements capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Plant Based Protein Supplements by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Plant Based Protein Supplements market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Plant Based Protein Supplements market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Plant Based Protein Supplements market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Plant Based Protein Supplements industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Plant Based Protein Supplements market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Plant Based Protein Supplements market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Plant Based Protein Supplements market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Plant Based Protein Supplements market. These factors have benefited the growth of the global market for Plant Based Protein Supplements. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Plant Based Protein Supplements. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Plant Based Protein Supplements are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers