DUBLIN–(BUSINESS WIRE)–The “Plant-Based Protein Supplements Market by Type (Soy Protein, Rice Protein), Form (Powder, RTD), Application (Sports Nutrition, Additional Nutrition), and Distribution Channel (Hypermarket/Supermarket, E-Commerce, Pharmacies) – Global Forecast To 2027” report has been added to ResearchAndMarkets.com’s offering.
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.
This market’s growth is mainly supported by the rising interest in plant-based nutrition, growing importance of sports & health nutrition, increasing inclination towards a vegan diet, and increasing demand for personalized nutrition.
Moreover, rising demand from emerging economies in Asia-Pacific, Latin America, and the Middle East and Africa and new product launches of plant-based protein supplements are expected to create lucrative opportunities for players operating in this market. However, the preference for whey-based protein supplements and growing preference for free-label (soy and gluten-free) products are expected to hinder this market’s growth.
Based on type, the soy protein segment accounted 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 for soy protein, 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.
Based on form, the powder protein segment accounted for the largest share of the overall plant-based protein supplements market in 2020. The major share of this segment is mainly attributed to their higher demand with ease in handling & transport, cost effectiveness, ability to avoid costly formulation mistakes, and competence to maintain the ingredient’s stability. However, the ready-to-drink segment is expected to grow at the fastest CAGR during the forecast period due to the growing popularity of convenient and ready to drink beverages.
Based on the application, the sports nutrition segment accounted for the largest share of the overall plant-based protein supplements market in 2020. This segment’s large share is mainly attributed to increased new product development, increasing number of youngsters choosing a career in sports, and rise in national and international sports events. This segment is also expected to grow at the fastest CAGR during the forecast period due to increasing consciousness regarding the benefits of a balanced and nutrient-rich diet in miniating the athletes’ muscle tone and stamina.
Based on the distribution channel, the modern grocery segment held the largest share of the overall plant-based protein supplements market in 2020. The large share of this market is mainly attributed to the huge base of supermarkets & hypermarkets and increasing consumer preference for shopping from such outlets. However, the online retail segment is expected to grow at the fastest CAGR during the forecast period.
Geographically, North America accounted for the largest share of the overall plant-based protein supplements market in 2020. North America’s prominent position in the plant-based protein supplements market is primarily attributed to high demand for nutritional supplements, focus on healthy lifestyle, well-established nutraceutical and functional food industry, and growing health & wellness and clean label trends.
However, Asia-Pacific is developing and expanding at a significant pace. Among other regional markets, Asia Pacific is demonstrating signs of strong growth in the near future.
- Rising Interest in the Plant-Based Nutrition
- Positive Outlook Towards the Sports and Health Nutrition Industries
- Increasing Inclination Towards the Vegan Diet
- Increasing Demand for Personalized Nutrition
- Preference for Whey-Based Protein Supplements
- Growing Preference for Soy- and Gluten-Free Products
- Emerging Economies in Asia-Pacific, Latin America, and the Middle East & Africa
- Increased New Product Launches of Plant-Based Protein Supplements
- Growing Preference for Online Purchases
The key players operating in the 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.)
- True Nutrition (U.S.).
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