Plant Based Protein Supplements Market
Plant Based Protein Supplements Market Forecasts to 2030 - Global Analysis By Product (Protein Powder, Protein Bars, Ready-to-Drink and Other Products), By Raw Material (Soy, Spirulina, Pumpkin Seed, Wheat, Rice, Pea and Other Raw Materials), By Nature, Distribution Channel, Application and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $13.3 BN |
|
Projected Year Value (2030) |
US $25.2 BN |
|
CAGR (2023 - 2030) |
9.5% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Plant Based Protein Supplements Market is accounted for $13.3 billion in 2023 and is expected to reach $25.2 billion by 2030 growing at a CAGR of 9.5% during the forecast period. Plant-based protein supplements are dietary supplements derived from plant sources, such as peas, soy, or hemp, offering a vegan or vegetarian alternative to animal-based proteins. They are used to supplement protein intake, aid muscle recovery, and support overall health.
According to a Plant-Based Foods Association survey, the U.S. retail plant-based foods sale was 35% higher than total retail food amid the panic buying period around March & April 2020.
Market Dynamics:
Driver:
Rising demand for vegan and vegetarian products
Consumers increasingly embrace plant-centric diets for ethical, environmental, and health reasons, the market witnesses a surge in demand for protein supplements derived from plants like peas, soy, and hemp. This trend reflects a broader shift toward sustainable and cruelty-free lifestyles. Plant-based protein supplements cater to individuals seeking alternative protein sources without animal products, aligning with the growing popularity of vegan and vegetarian lifestyles. The market's response to this demand involves continuous innovation in product formulations, expanding the variety and accessibility of plant-based protein supplements to meet diverse consumer preferences.
Restraint:
Limited amino acid profiles
While plant sources offer various health benefits, certain plant proteins may lack specific essential amino acids, particularly complete proteins like those found in animal sources. This limitation poses challenges in meeting the comprehensive nutritional needs of consumers, especially individuals with specific dietary requirements, such as athletes or those engaging in intensive physical activities. The absence of complete amino acid profiles may impact the effectiveness of plant-based supplements in supporting muscle growth, repair, and overall protein synthesis.
Opportunity:
Fitness and sports nutrition
More athletes and fitness enthusiasts recognize the benefits of plant-based diets for performance, muscle recovery, there is a growing demand for plant-based protein supplements. These supplements offer an effective and sustainable alternative to traditional animal-based protein sources, aligning with the nutritional needs of those engaged in rigorous physical activities. Manufacturers catering to this opportunity can capitalize on the trend by developing innovative plant-based formulations tailored for the fitness community, emphasizing factors such as improved digestibility, amino acid profiles, and enhanced nutritional benefits for optimal athletic performance.
Threat:
Supply chain disruptions
The reliance on specific crops, such as soy, pea, or hemp, for plant-based protein production makes the supply chain vulnerable to various factors. Weather conditions, agricultural challenges, and geopolitical issues can disrupt the cultivation and harvesting of these crops, leading to fluctuations in supply and potential price volatility. Additionally, global events, such as the COVID-19 pandemic, underscore the susceptibility of supply chains to unforeseen disruptions. These challenges can affect production timelines, product availability, and overall market stability.
Covid-19 Impact:
The COVID-19 pandemic has had a mixed impact on the market. While consumer interest in health and wellness has increased, supply chain disruptions and economic uncertainties have posed challenges. Some consumers turned to plant-based alternatives for immune system support, contributing to market growth. However, the economic downturn affected purchasing power, influencing buying decisions. The market's resilience lies in adapting to evolving consumer needs, emphasizing product affordability, and leveraging e-commerce channels to maintain accessibility.
The protein powder is expected to be the largest during the forecast period
The protein powder segment is expected to have a lucrative growth. Typically derived from sources like pea, hemp, soy, or brown rice, plant-based protein powders cater to various dietary preferences, including vegan and vegetarian lifestyles. Widely used in fitness and sports nutrition, these powders support muscle recovery and overall health. The market's appeal lies in the diversity of flavors, formulations, and applications, making plant-based protein powders a popular choice for individuals seeking nutritional supplements aligned with their ethical, health, and fitness goals.
The supermarkets/hypermarkets segment is expected to have the highest CAGR during the forecast period
The supermarkets/hypermarkets segment is anticipated to witness the fastest CAGR growth during the forecast period. These retail outlets provide a convenient shopping experience, allowing consumers to explore a broad range of plant-based protein supplements in one location. The visibility within these stores enhances product exposure and encourages consumer experimentation. Additionally, supermarkets and hypermarkets often incorporate health and wellness sections, promoting plant-based supplements as part of a holistic lifestyle. This widespread availability, coupled with the convenience of one-stop shopping, contributes significantly to the increasing adoption of plant-based protein supplements by a diverse consumer base.
Region with largest share:
During the forecast period, it is expected that the North American market will continue to hold a majority of the market. The region witnesses a growing preference for plant-based diets, bolstered by an increasing number of individuals adopting vegan and vegetarian lifestyles. Robust distribution channels, a plethora of product options, and a proactive approach to health and fitness contribute to the market's expansion. Innovative formulations, coupled with strategic marketing, position North America as a significant influence in the dynamic and evolving landscape of plant-based protein supplements.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, driven by a growing health-conscious population. Increasing awareness of sustainable and plant-centric diets, coupled with rising concerns about animal welfare, fuels the demand. The region's diverse consumer preferences are met with a variety of plant protein sources, supporting the market's expansion. Additionally, innovative product formulations, strategic marketing, and the availability of these supplements through various retail channels contribute to the robust growth of the Plant-Based Protein Supplements Market in Asia Pacific.
Key players in the market
Some of the key players in Plant Based Protein Supplements market include NOW Foods, Nutraferma, Inc., Abbott Laboratories, AGT Food and Ingredients, AMCO Proteins, Australian Plant Proteins Pty Ltd, Axiom Foods, Inc, Burcon NutraScience Corporation, Emsland Group, Quest Nutrition, Glanbia plc, Ingredion, Kerry Group PLC and Wilmar International Ltd.
Key Developments:
In September 2022, ADM (US) made an investment of USD 300 million to boost the production of alternative proteins at its plant in Decatur, Illinois, which will double the facility’s soy extrusion capacity. ADM, as part of the investment, is also building a Protein Innovation Center, including labs, test kitchens, and pilot-scale production capabilities, which will boost the company’s R&D capabilities.
In April 2022, Danone announced the commercial availability of its Vega One plant-based protein products in China, with the Vega One Sport designed for sports enthusiasts. This product contains a mix of proteins derived from different sources, including pumpkin seeds, alfalfa, sunflower, and peas.
Products Covered:
• Protein Powder
• Protein Bars
• Ready-to-Drink
• Other Products
Raw Materials Covered:
• Soy
• Spirulina
• Pumpkin Seed
• Wheat
• Rice
• Pea
• Other Raw Materials
Natures Covered:
• Conventional
• Organic
Distribution Channels Covered:
• Supermarkets/Hypermarkets
• Online Stores
• Pharmacies/Drugstores
• Other Distribution Channels
Applications Covered:
• Food & beverages
• Meat Alternatives
• Dairy Alternatives
• Bakery Products
• Convenience Foods
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Plant Based Protein Supplements Market, By Product
5.1 Introduction
5.2 Protein Powder
5.3 Protein Bars
5.4 Ready-to-Drink
5.5 Other Products
6 Global Plant Based Protein Supplements Market, By Raw Material
6.1 Introduction
6.2 Soy
6.3 Spirulina
6.4 Pumpkin Seed
6.5 Wheat
6.6 Rice
6.7 Pea
6.8 Other Raw Materials
7 Global Plant Based Protein Supplements Market, By Nature
7.1 Introduction
7.2 Conventional
7.3 Organic
8 Global Plant Based Protein Supplements Market, By Distribution Channel
8.1 Introduction
8.2 Supermarkets/Hypermarkets
8.3 Online Stores
8.4 Pharmacies/Drugstores
8.5 Other Distribution Channels
9 Global Plant Based Protein Supplements Market, By Application
9.1 Introduction
9.2 Food & beverages
9.3 Meat Alternatives
9.4 Dairy Alternatives
9.5 Bakery Products
9.6 Convenience Foods
9.7 Other Applications
10 Global Plant Based Protein Supplements Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 NOW Foods
12.2 Nutraferma, Inc.
12.3 Abbott Laboratories
12.4 AGT Food and Ingredients
12.5 AMCO Proteins
12.6 Australian Plant Proteins Pty Ltd
12.7 Axiom Foods, Inc
12.8 Burcon NutraScience Corporation
12.9 Emsland Group
12.10 Quest Nutrition
12.11 Glanbia plc
12.12 Ingredion
12.13 Kerry Group PLC
12.14 Wilmar International Ltd.
List of Tables
1 Global Plant Based Protein Supplements Market Outlook, By Region (2021-2030) ($MN)
2 Global Plant Based Protein Supplements Market Outlook, By Product (2021-2030) ($MN)
3 Global Plant Based Protein Supplements Market Outlook, By Protein Powder (2021-2030) ($MN)
4 Global Plant Based Protein Supplements Market Outlook, By Protein Bars (2021-2030) ($MN)
5 Global Plant Based Protein Supplements Market Outlook, By Ready-to-Drink (2021-2030) ($MN)
6 Global Plant Based Protein Supplements Market Outlook, By Other Products (2021-2030) ($MN)
7 Global Plant Based Protein Supplements Market Outlook, By Raw Material (2021-2030) ($MN)
8 Global Plant Based Protein Supplements Market Outlook, By Soy (2021-2030) ($MN)
9 Global Plant Based Protein Supplements Market Outlook, By Spirulina (2021-2030) ($MN)
10 Global Plant Based Protein Supplements Market Outlook, By Pumpkin Seed (2021-2030) ($MN)
11 Global Plant Based Protein Supplements Market Outlook, By Wheat (2021-2030) ($MN)
12 Global Plant Based Protein Supplements Market Outlook, By Rice (2021-2030) ($MN)
13 Global Plant Based Protein Supplements Market Outlook, By Pea (2021-2030) ($MN)
14 Global Plant Based Protein Supplements Market Outlook, By Other Raw Materials (2021-2030) ($MN)
15 Global Plant Based Protein Supplements Market Outlook, By Nature (2021-2030) ($MN)
16 Global Plant Based Protein Supplements Market Outlook, By Conventional (2021-2030) ($MN)
17 Global Plant Based Protein Supplements Market Outlook, By Organic (2021-2030) ($MN)
18 Global Plant Based Protein Supplements Market Outlook, By Distribution Channel (2021-2030) ($MN)
19 Global Plant Based Protein Supplements Market Outlook, By Supermarkets/Hypermarkets (2021-2030) ($MN)
20 Global Plant Based Protein Supplements Market Outlook, By Online Stores (2021-2030) ($MN)
21 Global Plant Based Protein Supplements Market Outlook, By Pharmacies/Drugstores (2021-2030) ($MN)
22 Global Plant Based Protein Supplements Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
23 Global Plant Based Protein Supplements Market Outlook, By Application (2021-2030) ($MN)
24 Global Plant Based Protein Supplements Market Outlook, By Food & beverages (2021-2030) ($MN)
25 Global Plant Based Protein Supplements Market Outlook, By Meat Alternatives (2021-2030) ($MN)
26 Global Plant Based Protein Supplements Market Outlook, By Dairy Alternatives (2021-2030) ($MN)
27 Global Plant Based Protein Supplements Market Outlook, By Bakery Products (2021-2030) ($MN)
28 Global Plant Based Protein Supplements Market Outlook, By Convenience Foods (2021-2030) ($MN)
29 Global Plant Based Protein Supplements Market Outlook, By Other Applications (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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