June 4, 2024

Personal Mobility Devices Market Size, Share, Report by 2033

The global plant-based protein supplements market size was estimated at USD 2.69 billion in 2023 and is projected to rise around USD 6.04 billion by 2033, growing at a CAGR of 8.42% from 2024 to 2033.

Key Points

  • The North America plant-based protein supplements market size accounted for USD 1.24 billion in 2023 and is expected to attain around USD 2.81 billion by 2033, poised to grow at a CAGR of 8.52% between 2024 and 2033.
  • North America dominated the market with the largest revenue share of 46% in 2023.
  • Asia Pacific is projected to grow at the highest CAGR of 9.63% during the forecast period of 2024-2033.
  • By raw material, the soy protein segment has held a major revenue share of 28% in 2023.
  • By raw material, the pea protein segment is expected to grow at the fastest CAGR of 9.12% during the forecast period.
  • By product, the protein powder segment dominated the market in 2023.
  • By product, the protein bars segment is expected to expand at a solid CAGR of 9.21% during the forecast period.
  • By distribution channel, the online stores segment dominated the market in 2023.
  • By distribution channel, the supermarkets/hypermarkets segment is expected to grow rapidly in the forecast period.
  • By application, the functional foods segment has held the largest revenue share of 53% in 2023.
  • By application, the sports nutrition segment is expected to grow rapidly in the market during the forecast period.

Plant-Based Protein Supplements Market Size 2024 to 2033

The plant-based protein supplements market has witnessed significant growth in recent years, driven by increasing consumer awareness about health, wellness, and environmental sustainability. These supplements, derived from sources such as soy, pea, rice, and hemp, are gaining popularity among a broad spectrum of consumers, including athletes, fitness enthusiasts, and individuals with dietary restrictions or preferences for vegan and vegetarian diets. The market encompasses a variety of product forms, including powders, bars, and ready-to-drink beverages, each catering to different consumer needs and lifestyles.

Get a Sample: https://www.precedenceresearch.com/sample/4357

Growth Factors

Several factors are propelling the growth of the plant-based protein supplements market. Firstly, the rising prevalence of chronic diseases and a growing focus on preventive healthcare have led consumers to seek out healthier, more natural food options. Additionally, the increasing global shift towards veganism and vegetarianism, driven by ethical, environmental, and health considerations, has significantly boosted demand. Technological advancements in food processing and production have also enhanced the taste, texture, and nutritional profile of plant-based protein products, making them more appealing to a wider audience.

Region Insights

Geographically, North America holds a dominant position in the plant-based protein supplements market, primarily due to the high awareness levels and adoption of health and wellness trends. The United States, in particular, is a major contributor, with a robust market presence of key players and innovative product launches. Europe follows closely, driven by a strong inclination towards veganism and stringent regulations promoting plant-based diets. In the Asia-Pacific region, the market is rapidly expanding, fueled by growing health consciousness and rising disposable incomes, especially in countries like China and India. Latin America and the Middle East & Africa are also witnessing gradual growth, although they currently hold a smaller market share.

Plant-based Protein Supplements Market Scope

Report Coverage Details
Plant-based Protein Supplements Market Size in 2023 USD 2.69 Billion
Plant-based Protein Supplements Market Size in 2024 USD 2.92 Billion
Plant-based Protein Supplements Market Size by 2033 USD 6.04 Billion
Plant-based Protein Supplements Market Growth Rate CAGR of 8.42% from 2024 to 2033
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered Raw Material, Product, Distribution Channel, Application, and Regions
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Plant-based Protein Supplements Market Dynamics

Drivers

Key drivers of the plant-based protein supplements market include a growing consumer preference for natural and clean-label products, increasing awareness about the benefits of plant-based diets, and the rising incidence of lactose intolerance and dairy allergies. Additionally, the environmental benefits associated with plant-based proteins, such as lower greenhouse gas emissions and reduced water usage compared to animal-based proteins, are resonating with environmentally conscious consumers. Marketing and promotional activities by leading brands, highlighting the nutritional and health benefits of plant-based proteins, further drive market growth.

Opportunities

The plant-based protein supplements market offers numerous opportunities for growth and innovation. Emerging markets present significant potential, with increasing urbanization and lifestyle changes leading to greater acceptance of plant-based products. There is also scope for developing new and improved product formulations that cater to specific dietary needs, such as high-protein, low-carb, or allergen-free options. Additionally, partnerships and collaborations between manufacturers and health and wellness influencers or organizations can help expand market reach and consumer trust. The growing trend of personalized nutrition, where products are tailored to individual health goals and preferences, also presents a promising avenue for market players.

Challenges

Despite the positive outlook, the plant-based protein supplements market faces several challenges. One of the primary issues is the perception of taste and texture, which can be a barrier for some consumers accustomed to animal-based protein products. Ensuring consistent product quality and supply chain stability, especially for raw materials, is another significant challenge. Furthermore, the market is highly competitive, with numerous players vying for market share, necessitating continuous innovation and effective marketing strategies. Regulatory hurdles and the need to meet stringent food safety and labeling standards can also pose challenges for manufacturers operating in different regions.

Read Also: Portable Ultrasound Devices Market Size, Growth, Report by 2033

Plant-based Protein Supplements Market Recent Developments

  • In June 2023, Synthite launched Protein, a plant-protein drink powder, and Just Plants, a plant-based dairy alternative, in JV, a food tech joint venture with the IISc (Indian Institute of Science) and a U.S.-based nutraceutical company, PMEDS.
  • In September 2023, Natural India Pvt Ltd, the parent company behind Max Protein to reshape the landscape of nutrition and fitness in India, launched 2-revolutionary products: Max Protein Plant Protein and Max Protein Whey Protein.

Plant-based Protein Supplements Market Companies

  • Abbott Laboratories
  • AMCO Proteins
  • Amway
  • BENEO GmbH
  • Danone S.A.
  • Glanbia plc
  • IOVATE Health Sciences International, Inc.
  • Muscle Pharm Corporation
  • NOW Foods
  • Quest Nutrition
  • Roquette Freres
  • Sakara Life, In
  • The Bountiful Company
  • Transparent Labs
  • Tiba Starch and Glucose Manufacturing Company
  • WOODBOLT DISTRIBUTION LLC

Segments Covered in the Report

By Raw Material

  • Soy
  • Spirulina
  • Pumpkin Seed
  • Wheat
  • Hemp
  • Rice
  • Pea
  • Others

By Product 

  • Protein Powder
  • Protein Bars
  • Ready-to-drink
  • Others

By Distribution Channel

  • Supermarkets or Hypermarkets
  • Online Stores
  • DTC
  • Others

By Application

  • Sports Nutrition
  • Functional Food

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

Contact Us:

Mr. Alex

Sales Manager

Call: +1 9197 992 333

Email: sales@precedenceresearch.com

Web: https://www.precedenceresearch.com

Blog: https://www.expresswebwire.com/

Blog: https://www.uswebwire.com/

Blog: https://www.autoindustrybulletin.com/

Prathamesh

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

View all posts by Prathamesh →

Leave a Reply

Your email address will not be published. Required fields are marked *