Pune, Oct. 23, 2023 (GLOBE NEWSWIRE) --
The SNS Insider report indicates that “The Plant-Based Protein Supplements Market was valued at USD 5.37 billion in 2022 and is projected to reach USD 10.81 billion by 2030, with an expected compound annual growth rate (CAGR) of 9.12% during the forecast period from 2023 to 2030.”
Market Overview
Plant-based protein supplements are dietary products designed to provide individuals with a convenient source of protein derived exclusively from plants. These supplements offer an alternative to animal-based protein sources, such as meat, dairy, and eggs, making them an appealing choice for vegetarians, vegans, and those looking to reduce their animal product consumption. They are available in various forms, including powders, shakes, bars, and capsules, catering to diverse consumer preferences and dietary needs.
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Market Analysis
One of the primary drivers fueling the growth of the plant-based protein supplements market is the heightened awareness of health and wellness. Consumers are increasingly seeking alternatives to traditional animal-derived protein sources, driven by the desire to improve their overall health and well-being. Plant-based protein supplements offer a plethora of health benefits, including lower saturated fat content, reduced cholesterol, and potential reductions in the risk of chronic diseases like heart disease and diabetes. The ever-increasing global focus on environmental sustainability has led to a surge in the demand for plant-based protein supplements. Traditional animal agriculture is associated with significant environmental concerns, such as greenhouse gas emissions, deforestation, and water pollution. In contrast, plant-based protein production is generally considered more environmentally friendly, as it requires fewer natural resources and has a lower carbon footprint. The availability of a diverse range of plant-based protein supplements makes it easier for vegans and vegetarians to maintain a balanced diet, further driving market growth.
Plant-Based Protein Supplements Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 5.37 billion |
| Market Size by 2030 | USD 10.81 billion |
| CAGR | CAGR of 9.12% over 2023-2030 |
| Key Segments | by Nature (Organic and Conventional) by Product type (Soy, Spirulina, Pumpkin Seed, Pea, and others) by Application (Sports Nutrition and Supplement Nutrition) by Distribution Channel (Hypermarket/Supermarket, Specialty Store and Online Store) |
| Key Market Players | Archon Vitamin LLC., Sequel Natural Ltd., Glanbia plc, MusclePharm Corporation, True Nutrition, General Nutrition Centers, Inc., Nutiva Inc., NOW Health Group, Inc., Vital Amine, Inc., Hormel Foods Corporation and other players |
| Pricing & Purchase Options | Avail customized purchase options to meet your exact research needs. Explore purchase options. |
Key Takeaway from Plant-Based Protein Supplements Market Study
- Hypermarkets and supermarkets have become key players in the distribution of plant-based protein supplements. Their widespread presence in urban and rural areas makes plant-based supplements accessible to a broad customer base. Many hypermarkets and supermarkets have recognized the importance of educating consumers about plant-based supplements. In-store displays, informative signage, and well-trained staff help guide customers in making informed choices.
- Soy-based plant protein supplements have emerged as a frontrunner in the plant-based protein supplements market. The soy segment benefits from a wealth of scientific research supporting its health benefits. These include heart health, weight management, and hormonal balance, making soy-based supplements a compelling choice for health-conscious consumers.
Recent Developments
- Herbalife, a global leader in the health and wellness industry, has ventured into the plant-based category. This strategic expansion aims to cater to the increasing consumer demand for plant-based options, reflecting a broader trend in health-conscious and environmentally aware consumers.
- Synthite, a renowned player in the food industry, has recently made a groundbreaking move by venturing into the world of plant-based dairy alternatives and plant-based protein products through a strategic joint venture with PMEDS and the prestigious Indian Institute of Science (IISc).
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Market Dynamics Analysis
The plant-based protein supplements market is currently experiencing dynamic shifts driven by a convergence of factors that shape its trajectory. Among the key drivers fueling the market's growth is the increasing global awareness of the health benefits associated with plant-based diets. Consumers are becoming more health-conscious, seeking sustainable and cruelty-free alternatives to traditional animal-derived protein sources, and this growing demand for clean, plant-based nutrition has propelled the market forward. Furthermore, environmental concerns, particularly related to climate change, have acted as catalysts, fostering a sense of responsibility towards choosing eco-friendly, plant-based products, thus boosting the industry. On the other hand, challenges and restraints persist in the form of taste and texture concerns in plant-based protein products, leading to a need for ongoing innovation and improvement in product formulations. The market also faces competition from animal-derived protein supplements and other non-plant-based options. Additionally, supply chain disruptions, fluctuations in raw material prices, and regulatory hurdles can pose threats to market growth. Navigating these dynamics requires a strategic approach that balances innovation, sustainability, and consumer preferences to capitalize on the immense potential within the market.
Key Regional Developments
North America, particularly the United States and Canada, has emerged as a stronghold for the plant-based protein supplements market. The region's strong emphasis on health and wellness, coupled with rising awareness of environmental sustainability, has propelled the demand for plant-based protein supplements. Europe is swiftly catching up with North America in terms of plant-based protein supplement consumption. The region's diverse consumer base and the increasing adoption of vegetarian and vegan diets have fueled market growth. Countries like the United Kingdom, Germany, and France are witnessing substantial demand for plant-based protein supplements. The Asia-Pacific region, led by countries like China and India, presents a vast and untapped opportunity for the market. As health awareness rises, consumers are embracing plant-based diets for both health and environmental reasons. The presence of a burgeoning population and a growing middle class provides a fertile ground for market expansion.
Impact of Recession
During a recession, consumers often reevaluate their spending priorities. This can impact the plant-based protein supplements market as consumers may prioritize essential purchases over dietary supplements. However, the shift towards health-conscious living might mitigate this effect. To weather the recession's impact, many companies in the market are diversifying their product portfolios. They are introducing cost-effective alternatives while maintaining quality. The recession has accelerated the shift to e-commerce. Plant-based protein supplement companies are capitalizing on this trend by enhancing their online presence and making their products more accessible to a wider audience.
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Table of Contents:
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value chain analysis
6. Porter’s 5 forces model
7. PEST analysis
8. Global Plant-Based Protein Supplements Market segmentation, By Nature:
8.1 Conventional
8.2 Organic
9. Global Plant-Based Protein Supplements Market segmentation, By Product Type:
9.1 Soy
9.2 Spirulina
9.3 Pumpkin Seeds
9.4 Pea
9.5 Others
10. Global Plant-Based Protein Supplements Market segmentation, By Application:
10.1 Sports Nutrition
10.2 Supplement Nutrition
11. Global Plant-Based Protein Supplements Market segmentation, By Distribution Channel
11.1 Hypermarket/Supermarket
11.2 Specialty Store
11.3 Online Store
12. Global Plant-Based Protein Supplements Market, by region/ country
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company profiles
13.1 Archon Vitamin LLC.
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 Swot Analysis
13.1.4 The SNS View
13.2 Sequel Natural Ltd.
13.3 Glanbia plc
13.4 MusclePharm Corporation
13.5 True Nutrition
13.6 General Nutrition Centers, Inc.
13.7 Nutiva Inc.
13.8 NOW Health Group, Inc.
13.9 Vital Amine, Inc.
13.10 Hormel Foods Corporation
14. Competitive Landscape
14.1 Competitive Bench marking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. Use Case and Best Practices
16. Conclusion
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