Meticulous Research® – a leading global market research company published a research report titled “Plant-based Protein Supplements Market by Type (Soy Protein, Rice Protein), Form (Powder, RTD), Application (Sport Nutrition, Additional Nutrition), and Distribution Channel (Hypermarket/Supermarket, E-Commerce, Pharmacies) – Global Forecast To 2027.”
According to this latest publication from Meticulous Research®, the plant-based protein supplements market is expected to grow at a CAGR of 7.8% from 2020 to 2027 to reach USD 9.57 billion by 2027. The growth of this market is mainly attributed to rising interest in plant-based nutrition, positive outlook towards sports & health nutrition, increasing inclination towards a vegan diet, and increasing demand for personalized nutrition. Moreover, growing demand from emerging economies, such as Asia-Pacific, Latin America, and the Middle East & Africa and the increasing availability of innovative 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 soy and gluten-free products are expected to hinder the growth of this market to some extent.
The plant-based protein supplements market is segmented on the basis of type, form, application, distribution channel, and geography. The study also evaluates industry competitors and analyses the market at a country level.
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 accounted for the largest share of the overall plant-based protein supplements market in 2020. The leading position of this segment 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, supported by the growing demand for pea protein supplements globally with its growing popularity among the vegetarian and vegan population; nutritional qualities; and allergen-free, gluten-free, and lactose-free properties.
Based on form, the plant-based protein supplements market is segmented into protein powder, ready-to-drink, protein bars, and others. 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 its growing popularity of convenience and ready-to-drink beverages.
Based on application, the plant-based protein supplements market is segmented into sports nutrition and additional nutrition. The sports nutrition segment accounted for the largest share of the overall plant-based protein supplements market in 2020. The large share of this segment is mainly attributed to increased new product development, an increasing number of youngsters choosing a career in sports, and an immense 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 muscle tone and stamina required in athletes.
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 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 and hypermarkets, their increased investments in capitalizing buyer's comfort to offer an easy shopping experience, 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. Online plant-based protein supplements sales are growing faster than other offline distribution channels as they allow to purchase anytime, convenience for doorstep delivery, higher food consumption outside of the home, lower price than in-store, greater product selection experience, and easier to compare prices.
Geographically, North America accounted for the largest share of the overall plant-based protein supplements market in 2020. The prominent position of North America in the plant-based protein supplements market is primarily attributed to high demand for nutritional supplements from consumers with higher health awareness, higher focus on healthy lifestyle due to hectic and busier lifestyles, well-established nutraceutical and functional food industry, highly established gyms and sports clubs, and growing health & wellness and clean label trends.
However, the Asia-Pacific plant-based protein supplements market is developing and expanding at a significant pace. Among other regional markets, Asia-Pacific is demonstrating signs of strong growth in the near future. The rapid growth of this region mainly attributed to increasing people indulgence in recreational activities; improvement in the standard of living in developing countries, such as China and India; rising number of fitness centers and sports clubs; huge base of the vegetarian population; rapidly growing population and urbanization with rising disposable income; and improving living standard.
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.), and True Nutrition (U.S.).
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