Global Plant-based Protein Supplement Market is estimated at US$ 1.12 billion in 2024

The plant-based protein supplement market has witnessed exponential growth, fueled by changing consumer preferences, increasing health consciousness, and environmental concerns.

Apr 3, 2024 - 18:49
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Global Plant-based Protein Supplement Market is estimated at US$ 1.12 billion in 2024

The global plant-based protein supplement market size is estimated at US$ 1.12 billion in 2024 and is forecasted to rise at a CAGR of 5.7% to reach US$ 1.96 billion by the end of 2034.

Plant-based protein supplements have gained significant traction in recent years, driven by the growing demand for sustainable and cruelty-free nutrition alternatives. These supplements offer a viable source of protein for individuals following vegan, vegetarian, or flexitarian diets, as well as those seeking cleaner and more environmentally friendly protein options.

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These supplements, derived from sources such as soy, pea, rice, hemp, and others, offer a complete and bioavailable protein source without the use of animal products. They are available in various forms, including powders, bars, shakes, and capsules, catering to diverse consumer needs and preferences.

Market Segmentation

The plant-based protein supplement market can be segmented based on product type, distribution channel, end-user, and geography. Product types include protein powders, protein bars, protein shakes, and protein capsules. Distribution channels encompass supermarkets/hypermarkets, specialty stores, online retail, and others. End-users range from athletes and fitness enthusiasts to health-conscious consumers and individuals with dietary restrictions.

Growth Drivers

  1. Rising Health Consciousness: Increasing awareness of the health benefits associated with plant-based diets, such as reduced risk of chronic diseases and weight management, is driving demand for plant-based protein supplements.
  2. Environmental Sustainability: Concerns regarding the environmental impact of animal agriculture, including greenhouse gas emissions and deforestation, are prompting consumers to seek sustainable protein alternatives derived from plants.
  3. Expanding Vegan and Vegetarian Population: The growing number of individuals adopting vegan, vegetarian, or flexitarian diets is creating a robust market demand for plant-based protein supplements.
  4. Innovation and Product Development: Continuous innovation in product formulations, flavors, and packaging, as well as the introduction of novel plant protein sources, are fueling market growth and attracting new consumer segments.

Top Key Players are

Quest Nutrition, Woodbolt Distribution LLC, MusclePharm Corporation, Glanbia PLC, NOW Foods, AMCO Proteins, The Bountiful Company, VEGA, General Nutrition Centers, Inc.

Challenges

  1. Price Sensitivity: Plant-based protein supplements often come with a higher price point compared to their animal-based counterparts, limiting accessibility for some consumer segments.
  2. Taste and Texture: Achieving desirable taste and texture profiles in plant-based protein products can be challenging, leading to consumer dissatisfaction and brand loyalty issues.
  3. Supply Chain Constraints: Sourcing high-quality plant protein ingredients and ensuring a consistent supply chain can pose challenges, particularly for smaller manufacturers and startups.

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Future Prospects

The future outlook for the plant-based protein supplement market is promising, driven by ongoing innovation, increasing consumer acceptance, and expanding distribution channels. As plant-based diets continue to gain mainstream popularity and awareness of sustainability issues grows, the market is expected to witness sustained growth and market penetration.

Competitive Analysis

In the dynamic arena of global plant-based protein supplements, numerous renowned companies vie for market dominance, rendering it fiercely competitive. To meet evolving consumer demands, industry players are actively engaged in pioneering product innovations. The growing preference for plant-derived foods presents a wealth of opportunities for businesses operating in this space.

Recent News

In July 2022, GELITA AG unveiled its state-of-the-art facility in Frankfurt, Germany, dedicated to the production of nutraceuticals, cosmetics, and medications using advanced biotechnological methods.

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