Westford USA, April 12, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Plant Based Protein Supplements market will attain a value of USD 99.42 billion by 2030, with a CAGR of 9.4% over the forecast (2022-2030). The market's growth can be ascribed to consumers' growing understanding of the nutritional benefits of plant-based foods, such as their high levels of amino acids and low sodium content. Consumer preferences for plant-based protein supplements have shifted because of worries about food safety, ethical issues, food allergies, and the adoption of veganism to stop animal cruelty.
According to the SkyQuest's, the market is anticipated to develop because of several awareness efforts run by non-governmental organizations, governmental organizations and businesses. These initiatives have improved consumer understanding of the nutritional benefits of protein supplements. The market is being further stimulated by the addition of natural and organic items to the product lines of some protein supplement producers. The demand for Plant based Protein Supplements is anticipated to increase in the coming years due to increased consumer spending on protein supplements to improve overall health and endurance during strenuous physical activity. This increase in spending is due to the use of appealing packaging techniques that have increased consumer awareness.
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Consumers are becoming more and more aware of the importance of environmental sustainability and animal welfare, which is driving them to switch to plant-based diets. The market for Plant Based Protein Supplements is expanding because of customers' changing perceptions that products made from plants are safer and healthier than those made from animals. Manufacturers have been compelled to develop novel sources of plant proteins due to the rise in the number of vegans and the inclination for vegetarian meals. The prevalence of lactose intolerance and allergies is rising, which has helped plant proteins' sales rise. Finally, increasing consumer demand for natural, organic, and clean-label products is anticipated to increase the need for Plant Based Protein Supplements.
Prominent Players in Plant Based Protein Supplements Market
- 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
- Nutiva Inc
- The Simply Good Food Co
- Kerry Group Plc
- CytoSport Inc.
- The Nature's Bounty Co.
- Reliance Vitamin Company, Inc.
- Herbalife Nutrition, Inc.
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Soy Protein Segment Is Expanding Due to the Growing Acceptance of Soy Protein as a Vegetarian Source of Protein
In 2021, the soy protein segment led the market and accounted for about 27.5% of total sales. The segment is expanding because of the growing acceptance of soy protein as a vegetarian source of protein and the addition of compounds like glutamine and BCAAs, which promote quick absorption and muscle regeneration. Moreover, soy proteins enhance immunological performance, support bone health, and aid in the prevention of cardiovascular disease. Over the anticipated timeframe, there will likely be a growth in demand for soy-based protein supplements due to growing awareness of lactose intolerance and glutamic disorders in developed markets like the U.S. and Germany.
North America is predicted to grow at a 9.5% CAGR from 2022 to 2030 with a share of 40.0% in the regional market for Plant Based Protein Supplements in 2021. The industry's expansion is also projected to be fueled by the availability of raw materials and the strong positions of leading market competitors. In June 2020, the federal government of Canada proposed investing USD 74 million in Merit Functional Foods, a local producer of plant-based proteins. By addressing the increase in demand, this programme attempted to increase the penetration of these products across the nation.
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Pea Protein Segment Is Anticipated to Grow Due to Its Growing Popularity Among a Variety of Consumers
The pea protein in the raw materials segment is anticipated to grow at a CAGR of 10.1% during the forecast period due to its growing popularity among a variety of consumers, including vegans, people sensitive to dairy and egg proteins, and vegetarians. Also, because it is made from green peas, pea protein is hypoallergenic, gluten-, cholesterol-, and fat-free, drawing in a wider client base. Pea proteins are thought to be a high-quality protein that is also a rich source of iron. They are used to make a variety of protein supplements, including energy beverages, shakes, powders, and smoothies.
Asia Pacific is expected to develop at a CAGR of 9.7% over the forecast period. Product consumption has increased because of developing Asia-Pacific countries health-conscious consumers. Due to the sharp rise in the consumption of these goods in nations like Indonesia, India, and China, the market will grow throughout the forecast period. When consumers' purchasing power increases and various brands are made more freely accessible in these nations, it is projected that plant-based supplements will become much more well-liked.
A comprehensive analysis of the major players in the Plant Based Protein Supplements market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Plant Based Protein Supplements Market
- In April 2022, For the Middle East, Turkey, Africa, and Indian markets, Cargill (US) announced the extension of its Radipure pea protein product portfolio to address the growing demand for pea protein as an alternative source of protein in these areas.
- In July 2021, One of Southern Europe's leading producers of plant-based proteins, Sojaprotein (Serbia), was acquired by ADM (US) in order to expand their production capacity and meet the rapidly expanding global demand for plant-based proteins.
Key Questions Answered in Plant Based Protein Supplements Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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