According to the latest market research report by Meticulous Research, the plant-based protein supplements market is expected to grow at a CAGR of 7.8% from 2020 to 2027 to reach $9.57 billion by 2027. The global plant-based protein supplements study is segmented based on type, form, application, distribution channel and geography.
In recent years, retail sales of plant-based food and beverages significantly outpaced overall grocery sales worldwide. There is a growing surge in demand for plant-based protein supplements because people are increasingly drifting towards a cleaner lifestyle. Plant-based proteins are essential macronutrients that help maintain muscle and bone health, and also support the immune system.
The plant-based protein trend is expanding worldwide because of increasing awareness on ethical aspects of animal-derived protein and a growing vegan population. The heightened positive outlook towards the sports and health nutrition industries, along with arising demand for personalised nutrition, are some of the factors responsible to fuel up the sales of plant-based food and beverage products.
Impact of COVID-19 on the Plant-based Protein Supplements Market
The Coronavirus outbreak has caused havoc on the global financial markets and led to massive disruptions in every sector. The COVID-19 crisis has compelled people to re-evaluate their diets and eating habits because of the underlined link between food and health. This has also led to a consistent growth in the plant-based protein supplements market following the outbreak of COVID-19.
Key Findings in the Plant-Based Protein Supplements Market Study:
Based on form, the plant-based protein supplements market is categorised into protein bars, protein powder, ready to drink and others. The powder protein segment is projected to dominate as it accounts for the largest share of the overall plant-based protein supplements market in 2020 and it continues its dominance during the analysis period.
Based on Geography, North America is estimated to account for the largest share of the global plant-based protein supplements market in 2020. However, the Asia-Pacific plant-based protein supplements market is developing and expanding at a significant pace with the increasing number of population indulging in recreational activities, rising living standard in developing countries, such as China and India, rising number of fitness centres and sports clubs, a huge base of vegetarian population, and rising awareness on protein need of body with growing urbanisation and rising disposable income.
Based on distribution channel, the plant-based protein supplements market is mainly segmented into modern groceries, natural and specialty retail, online retail, health food store, pharmacies and drug store, convenience store, and others. The modern grocery segment is estimated to hold the major share of the overall plant-based protein supplements market in 2020. This segment’s large share is mainly attributed to the huge base of supermarkets and hypermarkets and increasing consumer preference for shopping from such outlets.
Based on type, the plant-based protein supplements market is segmented into soy protein, rice protein, pea protein, spirulina protein, pumpkin seed protein, hemp protein, wheat protein, and others. The soy protein segment is estimated to account for the largest share of the overall plant-based protein supplements market in 2020. This segment’s leading position is mainly attributed to the easy availability of raw material, cost-effectiveness compared to other sources of protein supplements, superior nutritional value than other sources, and higher consumer acceptance level. However, the pea protein segment is expected to grow at the fastest CAGR during the forecast period.
Key Players in the Global Plant Protein Supplements Market
The major key players operating in the global plant-based protein supplements market are Glanbia plc. (Ireland), Now Health Group, Inc. (U.S.), Nutiva Inc (U.S.), The Simply Good Food Co (U.S.), Iovate Health Sciences International Inc. (Canada), MusclePharm Corporation (U.S.), Kerry Group Plc (Ireland), CytoSport, Inc. (U.S.), The Nature’s Bounty Co. (U.S.), Reliance Vitamin Company, Inc. (U.S.), Herbalife Nutrition, Inc. (U.S.), Danone SA (France), General Nutrition Centers (GNC) Holdings, Inc. (U.S.), Orgain Inc. (U.S.), and True Nutrition (U.S.) among others.