Plant Based Protein Supplements Market by Product, Distribution Channel, Raw Material (Soy, Spirulina, Pumpkin Seed, Wheat, Hemp, Rice, Pea, Others), Application – Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits - Forecast 2024-2032

Industry : FMCG | Pages : 180 Pages | Upcoming : Jun 2024


The global market for plant-based protein supplements had a valuation of USD 2.52 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 8.8% from 2023 to 2030. The market's expansion is driven by increasing consumer awareness regarding the nutritional benefits of plant-based products, such as their high amino acid content and low sodium levels. Factors such as food safety concerns, ethical considerations, food allergies, and the adoption of veganism to combat animal cruelty have led to a shift in consumer preferences towards plant-based protein supplements. The growing demand for environmentally friendly protein sources further contributes to the market's growth. The COVID-19 pandemic had a moderate impact on the plant-based protein supplements market. During the pandemic, there was a significant increase in demand for plant-based foods, with retail sales of such products experiencing a 35% surge during the panic buying period in March and April 2020, as reported by the Plant-Based Foods Association.

The pandemic has influenced consumer buying preferences, with a heightened focus on food safety and a preference for plant-based supplements to enhance overall health compared to animal-based products. However, the supply chain was disrupted due to trade restrictions and lockdown measures, leading to production challenges caused by shortages in raw materials.

In terms of revenue, the United States dominated the North American market for plant-based protein supplements in 2021. This can be attributed to the strong presence of leading manufacturers in the country, increasing interest in weight control, and a growing preference for vegan and nutritious diets. The demand for plant-based protein supplements for sports nutrition has also increased due to health issues associated with busy lifestyles and the nature of work, coupled with heightened consumer awareness of the link between healthy eating and exercise.

Awareness campaigns launched by non-governmental organizations, government agencies, and companies have played a significant role in increasing consumer understanding of the nutritional benefits of protein supplements, thereby driving market growth. Moreover, the inclusion of natural and organic products in the product lines of protein supplement manufacturers has further fueled market expansion. Effective packaging methods have enhanced consumer awareness, resulting in increased spending on protein supplements to improve overall health and stamina during physically demanding activities. These factors are expected to drive the demand for plant-based protein supplements in the coming years.

Consumers' increasing awareness of animal welfare and environmental sustainability has led to a growing adoption of plant-based diets. The demand for plant-based protein supplements has been driven by factors such as the rise in lactose allergies and intolerance. Additionally, fitness enthusiasts are drawn to protein supplements due to their higher amino acid content and muscle-building properties. During the forecast period, aggressive marketing efforts in fitness centers and gyms, as well as the introduction of convenient products like ready-to-drink supplements, are expected to further drive the demand for plant-based protein supplements.

Insights on Raw Materials

In 2021, the soy protein segment dominated the market, accounting for the largest revenue share of over 26.5%. The increasing popularity of soy protein as a vegetarian protein source, along with its inclusion of beneficial ingredients like glutamine and BCAAs for muscle recovery and absorption, contributes to the growth of this segment. Soy proteins also offer benefits for bone health, immune function, and cardiovascular disease prevention. With the growing awareness of lactose intolerance and gluten disorders in developed markets, such as the U.S. and Germany, the demand for soy-based protein supplements is expected to rise.

The pea protein segment in the raw materials category is projected to expand at a CAGR of 9.1% during the forecast period. It has gained popularity among vegans, individuals with dairy and egg allergies, and vegetarians. Pea protein is hypoallergenic, gluten-free, cholesterol-free, and fat-free, making it appealing to a wide range of consumers. It is used in the manufacturing of various protein supplements such as energy drinks, shakes, powders, and smoothies. Pea protein is considered a high-quality protein and a good source of iron.

The pumpkin seed segment, valued at USD 157.3 million in 2021, is expected to grow at the highest CAGR of 9.4% from 2023 to 2030. The segment's expansion is driven by increasing consumer demand for pumpkin seed protein, thanks to product innovations by major protein ingredient manufacturers. Moreover, pumpkin seed protein has received approvals from significant food authorities, including Kosher, as a protein supplement.

The hemp protein supplement segment is anticipated to grow at a CAGR of 9.2% during the forecast period. This growth is attributed to rising consumer awareness of the health benefits of hemp, as well as its comparable protein content and essential amino acids, which are similar to animal-based sources like beef and lamb. Hemp stands out in the plant-based foods industry due to its unique properties. Its DNA structure closely aligns with human DNA, making it a well-balanced source of nutrition for the body. Hemp is naturally non-GMO, gluten-free, free of trypsin inhibitors, and virtually free of any residual chemicals, making it highly appealing for consumers and promoting the growth of this segment.

Product Insights

The market was dominated by the protein powder segment, which accounted for the largest revenue share of 43.9%. This can be attributed to protein powder's wide range of applications, particularly in the food and beverages sector. Factors such as mass distribution, increasing online sales, and the presence of established brands like The Nature's Bounty Co., Iovate Health Sciences International Inc., and Glanbia PLC contribute to the growth of the protein powder segment.

The protein bars segment is projected to grow at a CAGR of 9.2% during the forecast period. This growth is driven by the widespread consumer adoption of protein bars due to their convenient grab-and-go nature. Protein bars are known for their ability to support muscle mass and increase protein synthesis. The demand for convenient and nutritious on-the-go snacking options has risen due to hectic lifestyles and lack of time for cooking balanced meals. The instant energy and nutritional benefits provided by protein bars are expected to drive the growth of this segment.

The ready-to-drink (RTD) segment was valued at USD 508.6 million in 2021 and is predicted to expand at a CAGR of 9.6% from 2023 to 2030. The fast-paced and busy lifestyles, coupled with the increasing number of gyms and fitness centers, have led consumers to seek quick and nutritious beverage options. This trend has resulted in the penetration of RTD plant-based protein products in various taste-enhancing flavors such as coffee, vanilla, and chocolate, with organic ingredients, maple syrups, vegetables, and others, which provide nutrients and promote active lifestyles.

In terms of distribution channels, the online stores segment dominates the market, accounting for the largest revenue share of over 60.0%. It is expected to continue expanding at a CAGR of 9.2% from 2023 to 2030. Manufacturers are focusing on shorter paths to consumers due to increasing customer demands and a focus on core competencies. The availability of products, easy online purchasing, and a wide range of brands to choose from are driving the growth of online sales in the plant-based protein supplements market.

Offline retail stores, including supermarkets, hypermarkets, and pharmacies, play a significant role in the sale of dietary supplements, including plant-based protein supplements. The retail sector's improvement has contributed to the sales of wellness and health products. Established brands prefer supermarkets as prominent platforms for selling plant-based protein supplements due to the increasing presence of retail giants such as Walmart, Tesco, Target Brands Inc., Sainsbury's, Asda, and others worldwide. These supplements are available in major grocery stores like Kroger and Lidl. Annual memberships and bulk purchase discounts are expected to attract customers to supermarkets and hypermarkets, thereby boosting market sales.

Application Insights

The sports nutrition segment, which accounted for an 18.8% revenue share in 2021, is expected to experience a higher CAGR of 9.6% during the forecast period from 2023 to 2030. This growth is primarily driven by new product launches, an increasing number of young consumers pursuing sports as a career, and the growing presence of domestic and international sporting events. The demand for sports nutritional supplements from strength, core, and endurance athletes, as well as professional athletes, is expected to fuel the growth of this segment. Additionally, the rising demand for sports nutritional products to support lean muscle growth, enhance performance, aid in weight loss, and improve stamina, along with the growing number of people using fitness facilities, is projected to drive segment expansion in the coming years.

The functional foods segment accounted for a larger revenue share of 21.4% in 2021 and is expected to continue dominating over the forecast period. There is an increasing demand for protein-rich functional foods as consumers become more conscious of leading a healthy and active life and better understand the connection between maintaining an active life and consuming a nutritious, well-balanced diet. Furthermore, the rising prevalence of cardiovascular diseases resulting from sedentary lifestyles, particularly among individuals aged 30 to 40, and changing dietary habits are expected to raise consumer awareness about the importance of consuming functional protein-rich foods, thereby driving segment growth.

In terms of regional insights, North America dominated the regional plant-based protein supplements market with a share of 40.0% in 2021 and is projected to witness a CAGR of 8.5% from 2023 to 2030. This growth is attributed to the significant market for sports nutrition products in countries like the U.S. and Canada, as well as the strong presence of key market players and the availability of raw materials. In June 2020, the Canadian federal government proposed a USD 74 million investment in Merit Functional Foods, a local plant-based protein company, aiming to increase the penetration of these products in the country and address the rising demand.

Europe held a market share of over 21.0% in 2021 and is anticipated to expand at a CAGR of 8.1% from 2023 to 2030. The demand for plant-based protein supplements in the region is expected to rise due to factors such as the trend toward preventive healthcare, the growing emphasis on healthy living, and increasing demand from countries like Germany and the UK, driven by the region's growing vegan population.

Asia Pacific is predicted to grow at a CAGR of 9.6% over the forecast period. The increasing consumption of plant-based protein supplements in Asia Pacific developing countries can be attributed to health-conscious consumers. Countries like Indonesia, India, and China have witnessed a significant rise in the consumption of these products, contributing to the market's expansion. As consumers' purchasing power grows and a wider range of brands becomes available in these countries, plant-based supplements are expected to become increasingly popular.

In terms of key companies and market share, there has been a notable shift in consumer preference towards plant-based products over animal-based alternatives. Some companies have made investments in alternative businesses to hedge against or prepare for the declining demand for animal products. Several well-known companies and financial investors have invested in or funded producers of plant protein ingredients in the value chain to meet evolving consumer needs. Key players in the market include AMCO Proteins, NOW Foods, Quest Nutrition, Abbott Laboratories, and others.

To keep up with current market trends, key players are focusing on research and development (R&D) and launching new innovative products. Additionally, companies are engaging in partnerships, acquisitions, strategic mergers, and geographic and capacity expansions to gain a competitive advantage. For example, in May 202 0, Danone commercially launched its Vega One range of plant-based protein products, including Vega One Sport designed for athletes, in China. This product incorporates various proteins from sources such as peas, alfalfa, pumpkin seeds, and sunflower.

  • Glanbia plc
  • AMCO Proteins
  • Quest Nutrition
  • NOW Foods
  • The Bountiful Company
  • MusclePharm Corporation
  • Abbott Laboratories
  • IOVATE Health Sciences International, Inc.
  • Transparent Labs

Global Plant Based Protein Supplements Market Segmentations

This report presents revenue growth projections for the global plant-based protein supplements market at the global, regional, and country levels. It provides an in-depth analysis of the current industry trends and opportunities within each sub-segment from 2020 to 2030. MarketDigits has segmented the global plant-based protein supplements market report based on raw material, product, distribution channel, application, and region, to offer comprehensive insights.

Raw Material Outlook (Revenue, USD Million, 2020 - 2030)

  • Soy
  • Spirulina
  • Pumpkin Seed
  • Wheat
  • Hemp
  • Rice
  • Pea
  • Others

Product Outlook (Revenue, USD Million, 2020 - 2030)

  • Protein Powder
  • Protein Bars
  • Ready-to-Drink
  • Others

Distribution Channel Outlook (Revenue, USD Million, 2020 - 2030)

  • Supermarkets/Hypermarkets
  • Online Stores
  • DTC
  • Others

Application Outlook (Revenue, USD Million, 2020 - 2030)

  • Sports Nutrition
  • Functional Food

Regional Outlook (Revenue, USD Million, 2020 - 2030)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
  • Central & South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • UAE
    • Saudi Arabia


Table and Figures


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