Global Plant-Based Protein Supplements Market - 2021-2028

Global Plant-Based Protein Supplements Market - 2021-2028

Market Overview:

Protein supplements are one of the most popular dietary supplements used by people striving to increase muscle mass, and improve exercise recovery. Protein supplements are often made from eggs, or milk. On the other hand, peas, soy, chickpea, brown rice, and other plant-based sources are among the most common ingredients in plant protein supplements. The rise in vegan population and increased awareness of the benefits of healthy food products are two significant factors driving demand for plant-based protein supplement products. Furthermore, rising disposable income, increased health consciousness, and increased awareness of chemical-free products are all factors driving market expansion. Furthermore, rising demand from emerging economies, as well as the increased availability of new plant-based protein supplements, are likely to provide profitable prospects for market players. The global plant-based protein supplements market valued USD XX million in 2020 and is forecast to reach USD XX million by 2028, growing at a CAGR of XX% during the forecast period (2021-2028)

Market Dynamics:

Increasing preference for plant-based diets to drive the market growth

Growing awareness about animal welfare as well as environmental sustainability has been pushing consumers towards adopting plant-based diets. The evolving perception of consumers that plant-based products are safer & healthier than animal-originated products fuel the plant-based protein supplements market growth. The growing vegan population and preference for vegetarian diets have forced manufacturers to innovate novel sources of plant proteins. According to Google Adwords data, the number of vegan-related searches increased by 47 percent in 2020, compared to the previous year. Google search data analyzed for the top 15 most popular countries for veganism showed that the number increased from 13,278,000 in January 2017 to 25,583,000 in January 2020. According to the Vegan Society, the number of vegans in the UK increased by about fourfold between 2014 and 2019. Vegans account for 3-4 percent of the US population, depending on their age group. With so many well-known sportsmen embracing vegan dietary trends, the role of vegan supplements in enhancing endurance is anticipated to play a role in market expansion. The Academy of Nutrition and Dietetics reported an increase of over 8% in the use of plant-based supplements in prescription diets aimed at lowering deficiency problems in the United States between 2018 and 2019. Furthermore, increasing concerns regarding glutamic disorders and lactose intolerance among the millennials in developed markets including Germany and U.S. are projected to propel the utilization of soy as well as pea protein supplements.

While the vegan diet and nutraceutical products have gotten a lot of attention in recent years, the vegan supplement industry is facing a number of challenges that are restricting its growth potential. Plant-based protein supplements are more expensive to manufacture than animal-based protein supplements, which is a significant obstacle to acceptance.

Market Segmentation:

Soy protein segment held largest market revenue share in the year 2020

Soy protein dominated the global plant-based protein supplements market, owing to its high consumer acceptance as well as its cost-effectiveness and nutritional value when compared to other plant protein supplements. Soy protein supplements are made from soybeans, a plant that contains all nine essential amino acids. The pea protein segment, on the other hand, is expected to grow at the fastest CAGR during the forecast period, owing to rising demand for pea protein supplements around the world, along with its growing popularity among vegetarians and vegans, higher nutritional qualities, and allergen-free, gluten-free, and lactose-free properties.

During the projection period, the protein powder segment is predicted to increase at the fastest rate. This segment's growth is fueled by factors such as ease of handling and distribution, cost-effectiveness, the ability to avoid costly formulation errors, and component stability. The ready-to-drink segment, on the other hand, is predicted to have a market revenue share of XX% in 2020. RTDs provide a high nutrient dose and can be ingested before, after, or even during the workout. These drinks contain nutrients that are easily absorbed by the body and aid in muscle rehabilitation and lean muscle building.

Geographical Penetration:

North America is expected to dominate the global plant-based protein supplements market in the year 2020

Due to high demand from the United States, owing to increased consumption of sports nutrition supplements, North America held the highest market share of about XX% in the global plant-based protein supplements market in 2020. Furthermore, rising concerns about weight management, combined with rising consumer knowledge about the need of eating a nutritious diet and leading a healthy lifestyle, are likely to drive regional market expansion throughout the forecast period. Moreover, rise in vegan population has been resulting in a significant adoption of plant-based protein supplements. New studies revealed that the number of Americans following plant-based diets is up nearly 9.6 million over the last 15 years. This is a 300% increase and nearly 3 percent of the population in the United States. According to the Council for Responsible Nutrition, the vegan supplement industry in the United States reached USD 120 million in 2016 and is likely to grow in the future years.

Asia Pacific plant-based protein supplements market is expected to grow with a highest CAGR during the forecast period. Rising spending in Japan and China for the development of natural ingredients, such as soy, for the production of nutraceuticals is likely to offer up new investment opportunities. Furthermore, positive factors such as rising disposable income and urbanization are expected to play a vital role in increasing product consumption, particularly among vegans.

Competitive Landscape:

Plant-based protein supplements market is fragmented. Some of the key market players include Danone SA, Glanbia plc., MusclePharm Corporation, and Now Health Group, Inc among others. Product launches, acquisitions and mergers, and geographical expansions are some of the strategies adopted by key players in the market. PlantFuel, a plant-based nutritional supplement startup, signed a retail distribution agreement with GNC in April 2021 to provide its products to over 2,300 GNC locations and the company's website. This includes vegan-fermented BCAAs like PeakO2 performance mushrooms and InstAminos, as well as a number of additional plant-based performance supplements including Performance Protein, which provides 20 grammes of protein. Danone has announced that its Vega One plant-based protein products will be commercially available in China in May 2020, with the Vega One Sport specifically designed for athletes. Pumpkin seeds, alfalfa, sunflower seeds, and peas are among the proteins found in this dish.

COVID-19 Impact: Positive impact on the plant-based protein supplements market

The rising health consciousness among people is bolstered by the pandemic. The healthcare bodies have advised the citizens to follow a healthy diet and additional nutrition regime to fight the disease. This is expected to boost the demand for plant-based protein supplements that promote the body's good health and optimum functioning by providing the necessary nutrients. According to The Good Food Institute, the plant-based protein products market witnessed a spike in sales during Q1 2020. More than 50% of consumers have increased their consumption levels, and over 30% have planned to increase in the latter half of 2020. Furthermore, according to an article published by Nutrition Outlook, dietary supplement sales are increasing during the coronavirus pandemic since the nutrients aid strengthen or enhance the immune system against COVID-19. Overall dietary supplement sales increased by more than 35.0 percent in the United States during the last week of March 2020. In addition, according to Glanbia Plc., the purchase of nutritional supplements in retail outlets increased in April 2020.

Why Purchase the Report?
• Understand the current market scenario and viability of global plant-based protein supplements over the forecast period
• Visualize the composition of the global plant-based protein supplements market in terms of source, type and distribution channel to identify major players, growth potential, and market strategies
• Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
• Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
• Excel data sheet with valuable data points of the global plant-based protein supplements market – Regional and Country level segmentation
• Product mapping in excel for the key products of all major market players
• Market share analysis covering business revenues ($) and revenue share (%) of key market players

The global plant-based protein supplements market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages

Target Audience:
• Dietary Supplements Manufacturers
• Plant-Based Food Manufacturers
• Pharmaceutical Companies
• Education & Research Institutes
• Research Professionals