DUBLIN–(BUSINESS WIRE)–The “Global Plant Based Protein Supplements Market By Product, By Raw Material, By Distribution Channel, By Application, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 – 2027” report has been added to ResearchAndMarkets.com’s offering.
The Global Plant-based Protein Supplements Market size is expected to reach $9.2 billion by 2027, rising at a market growth of 8.4% CAGR during the forecast period. Protein-based protein supplement products refer to the Protein supplements that are processed and extracted from various kinds of nutritional plant sources. Some of the main plant-based sources used as key ingredients for plant protein supplements include chickpea, soy, brown rice, pea, and others.
The growth of the plant-based protein supplement market is expected to be fueled by the increasing popularity and adoption of the vegan diet due to the risk of cardiovascular diseases and type-2 diabetes because of consuming meat products. In addition to it, the growing population of flexitarians, owing to the wide-scale awareness programs that promote vegan diet media platforms is expected to create new growth avenues for the market player in the plant-based protein supplements market over the upcoming years.
The constantly changing consumer preferences have displayed a rising shift among consumers toward choosing a nutritional diet centered towards a highly nutritious diet centered towards a sustainable lifestyle and less dependency on animal proteins. A substantial portion of the millennial population in Western countries has been witnessed about their changing food trends as consumers move from traditional animal-based products to organic and plant-based food products as a perfect food solution. In the last couple of years, the acceptance of plant-based food & beverages among consumers have been significant because of the wider scope of product accessibility, higher product advancements, and innovation into plant-based proteins, and a wider scope of available alternatives and substitutes.
COVID-19 Impact
The plant proteins sector has been booming at increasing the challenge. The absence of conventional meat alternatives on grocery store shelves displays an innovative opportunity to speed up the deployment of plant-based protein supplements in the next few years. For the past few years, the meat processing sector is expected to decrease as some big meat processing organizations like Tyson and Smithfield plant closures because of the outbreaks of the COVID-19 pandemic. There is a significant potential meat shortage looming. Consumers are willing to opt for plant-based protein supplements as the key meat manufacturers have witnessed a hard hit during these times.
The demand for plant proteins has fueled majorly owing to the disturbances of the conventional protein supply chain; though, which will not majorly decrease animal-based protein. Once the situation starts to regularize, out-of-home consumption will rise again. The meat processing sector will also revive like a pre-pandemic state. These things will again cut down the abrupt increment in sales to some extent. In such a scenario, there is a high need that plant protein manufacturers should re-design their sourcing strategies, promote their product offerings, and harness the supply chains’ capability and their route-to-market channels. E-commerce and distribution networks should be optimized and streamlined. In addition to it, taking into account the impact of changing commodity costs and other costs-to-serve and rising demand, organizations will be compelled to redesign their costing and promotion strategies.
Companies Profiled
- Glanbia PLC
- AMCO Proteins
- Quest Nutrition LLC (Atkins Nutritionals Holdings, Inc.)
- NOW Foods, Inc.
- Danone S.A.
- MusclePharm Corporation
- Abbott Laboratories
- PepsiCo, Inc.
- Alticor Inc. (Amway Corporation)
- Kerry Group PLC
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Global Plant Based Protein Supplements Market by Application
Chapter 4. Global Plant Based Protein Supplements Market by Raw Material
Chapter 5. Global Plant Based Protein Supplements Market by Distribution Channel
Chapter 6. Global Plant Based Protein Supplements Market by Product
Chapter 7. Global Plant Based Protein Supplements Market by Region
Chapter 8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/eu7smu
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