Plant Based Protein Supplements Market Expected To Expand At A CAGR Of 8.6% From 2020 To 2028

 Plant Based Protein Supplements Industry Overview

The global plant based protein supplements market size was valued at USD 5.35 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.6% from 2020 to 2028. 

The growth of the market can be attributed to the increasing awareness among consumers regarding the nutritional values of plant-based products such as low sodium and high amino acids. Customer preferences for plant-based protein supplements have been influenced due to factors such as minimizing the meat consumption following food safety, food allergies, moral reasons, and adoption of vegan culture to end animal cruelty. Additionally, the growing desire for environmentally friendly proteins is bolstering the market growth.

Mounting health diseases owing to hectic schedules and the nature of work, coupled with growing consumer awareness about the relationship between maintaining a healthy diet and exercising, are projected to result in increased demand for plant based protein supplements for sports nutrition, thereby benefitting the market growth.

Gather more insights about the market drivers, restrains and growth of the Global Plant Based Protein Supplements Market

The U.S. emerged as the largest market in the North American region in 2020. A strong foothold of key plant based protein supplement manufacturers, increasing concerns over weight management, and rising focus on maintaining a healthy, vegan, and nutritious diet contribute to the growth of the market in the country.

Various awareness campaigns run by government agencies, non-governmental organizations, and companies have boosted consumer understanding pertaining to the nutritional benefits of protein supplements, which, in turn, is projected to fuel market growth.

The product line of some companies engaged in manufacturing protein supplements also includes organic and natural products, which is further driving the market. The use of attractive packaging methods has led to increased consumer awareness, which, in turn, has triggered the spending on protein supplements.

The demand for healthy food products that help to strengthen immunity increased significantly in 2020 globally. Around 50% of the retailers claimed a surge in demand for healthy products amid the COVID-19 pandemic during the March-April period. The growing preference for nutrition products that cater to general health has resulted in a rise in demand for protein, thus driving the protein supplements market.

Browse through Grand View Research's Nutraceuticals & Functional Foods Industry Research Reports

  • Yeast Beta-glucan Market: The global yeast beta-glucan market size was valued at USD 174.2 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.2% from 2022 to 2030.
  • Dietary Supplements Market: The global dietary supplements market size was valued at USD 151.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.9% from 2022 to 2030.

 

Plant Based Protein Supplements Market Segmentation

Grand View Research has segmented the global plant based protein supplements market report on the basis of raw material, product, distribution channel, application, and region:

  • Plant Based Protein Supplements Raw Material Outlook (Revenue, USD Million, 2017 - 2028)
    • Soy
    • Spirulina
    • Pumpkin Seed
    • Hemp
    • Rice
    • Pea
    • Others
  • Plant Based Protein Supplements Product Outlook (Revenue, USD Million, 2017 - 2028)
    • Protein Powder
    • Protein Bars
    • Ready-to-Drink
    • Others
  • Plant Based Protein Supplements Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
    • Supermarkets/ Hypermarkets
    • Online Stores
    • Chemist/ Drugstores
    • Specialty Stores
    • Others
  • Plant Based Protein Supplements Application Outlook (Revenue, USD Million, 2017 - 2028)
    • Sports Nutrition
    • Functional Food
  • Plant Based Protein Supplements Regional Outlook (Revenue, USD Million, 2017 - 2028)
    • North America
    • Europe
    • Asia Pacific
    • Central & South America
    • Middle East & Africa (MEA)

Market Share Insights

  • June 2020: The federal government of Canada proposed to invest around USD 74 million in Merit Functional Foods, a Canadian company that produces plant-based proteins.

Key Companies profiled:

Some prominent players in the global plant based protein supplements market include:

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


Order a free sample PDF of the Plant Based Protein Supplements Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

 

 

Comments

Post a Comment

Popular posts from this blog

Global Potash Market: Trends, Growth & Forecast 2023-2032

T he global  potash market  size is expected to reach USD 93.50 billion by 2032, growing at a CAGR of 4.9% from 2023 to 2032, according to a new study by Grand View Research, Inc. This is attributed to the increasing demand for food and efficient usage of agricultural land. As consumers seek healthier options, there has been a surge in demand for high-value crops like fruits, vegetables, and specialty crops, boosting the demand for potash. Furthermore, the adoption of precision agriculture techniques has become increasingly prevalent in recent years. Precision agriculture involves using advanced technologies and data-driven approaches, such as soil testing and targeted nutrient management, to make informed decisions about fertilizer application.   Farmers are embracing precise and site-specific methods for applying fertilizers, based on field variability and crop requirements. This trend makes way for optimized resource utilization, improved crop performance, and enhanced...
Read more

Smart Ticketing Market Report: Emerging Technologies & Market Opportunities

  The global smart ticketing market size is expected to reach USD 31.65 billion by 2030, growing at a CAGR of 15.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. With the widespread adoption of smartphones, mobile ticketing channels have gained traction, allowing users to purchase, store, and validate tickets directly on their mobile devices, eliminating the need for physical cards or paper tickets. The convenience and ease of use offered by mobile ticketing have contributed to the growth of the market. Smart ticketing systems generate vast amounts of data on passenger journeys, travel patterns, and ticket usage.   Operators leverage this data to gain valuable insights, optimize operations, and improve the overall passenger experience. Data analytics techniques, such as predictive modeling and real-time monitoring, are being applied to enhance efficiency, manage capacity, and offer personalized services, which bode well for smart ticketing...
Read more

Boosting Crop Yields: India Foliar Fertilizer Market Trends & Forecasts

  The  India foliar fertilizer market  size is expected to reach USD 4.9 billion by 2030, expanding at a CAGR of 11.3% during the forecast period, as per a new report by Grand View Research, Inc. The industry growth is majorly driven by surged demand for food due to increasing population coupled with supportive government initiatives and decreasing arable land in the country.   There has been a significant increase in the global prices of fertilizers and foliar fertilizers. As such, farmers falling into small- and marginal-income categories cannot afford to buy fertilizers resulting in reduced agricultural yields. This has led the Government of India to take initiatives to provide fertilizer subsidies to farmers in the country to make them affordable at subsidized prices. For instance, the Government of India announced a subsidy scheme related to fertilizers worth USD 27 billion in 2022 to ensure that fertilizers are affordable for every farmer in the country. Thus, ...
Read more