Redding, California, Jan. 20, 2022 (GLOBE NEWSWIRE) — Meticulous Research® – leading global market research company published a research report titled “Plant-Based Protein Supplements Market by Type (Soy Protein, Rice Protein), Form (Powder, RTD), Application (Sports Nutrition, Additional Nutrition), and Distribution Channel (Hypermarket/Supermarket, E-Commerce, Pharmacies) – Global Forecast To 2027”. According to this latest publication from Meticulous Research®, the plant-based protein supplements market is expected to grow at a CAGR of 7.8% from 2020 to 2027 to reach $9.57 billion by 2027.
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The high growth of plant-based protein supplements market is mainly attributed to rising interest in plant-based nutrition, positive outlook towards sports and health nutrition industry, increasing inclination towards a vegan diet, and increasing demand for personalized nutrition. Moreover, growing demand from emerging economies in Asia-Pacific, Latin America, and the Middle East and Africa and the increasing availability of innovative plant-based protein supplements are expected to create lucrative opportunities for players operating in this market. However, preference for whey-based protein supplements and growing preference for soy and gluten-free products are expected to hinder the growth of this market to some extent.
Positive Outlook Towards Sports and Health Nutrition Industry Drive the Growth for Plant-based Protein Supplements Market
According to the International Health Racquet and Sportsclub Association, it was estimated that in 2016, the U.S. is home to nearly 38,477 health clubs. Further, the total number of health clubs was increased from 201 in 2016 to 210 in 2018 across the globe. According to the same, in 2018 health club membership topped 183 million users around the globe and it is expected to reach 230 million by 2030. Whereas, in the U.S. the health club membership was increased from 58 million in 2010 to 73.6 million in 2019 (an increase of 27%), signifying a rise in awareness regarding physical fitness among the U.S. population. Thus, these growing health club numbers and users leads the active life which positively impacting the adoption of health and nutritional products.
Further, the participation rate of consumers in fitness sports or fitness activities is growing at a rapid pace. As per study conducted by the ‘Physical Activity Council’ in 2018, almost 64% of the U.S. population aged 6 and above is engaged in activities such as high-intensity training, running, and jogging. Consumers are also becoming increasingly aware of the importance of consuming sufficient nutrients, thereby driving the demand for supplementation products.
Protein supplements are an important element that supports fitness progress as well as ideal protein balance required for a healthy lifestyle. Therefore, consumers are choosing them mainly for weight management and to remain fit and healthy. Owing to their high nutrition levels, protein supplements are gaining prominence among the health-conscious consumers. These fitness trends are expected to augment the demand for plant-based protein supplements, as they play a major role in providing essential nutrients and proteins for vegetarian and vegan customers.
Thus, increase in awareness of the importance of active lifestyle along with proper nutrition among athletes and health conscious people drive the market growth for plant-based protein supplements.
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Key Findings in the Plant-based Protein Supplements Market Study
Based on type, the plant-based protein supplements market is segmented into soy protein, rice protein, pea protein, spirulina protein, pumpkin seed protein, hemp protein, wheat protein, and others. The soy protein segment accounted for the largest share of the overall plant-based protein supplements market in 2021. The leading position of this segment is mainly attributed to easy availability of raw material, cost effectiveness compared to other sources of protein supplements, superior nutritional value than other sources, and higher consumer acceptance level. However, the pea protein segment is expected to grow at the fastest CAGR during the forecast period.
Based on the form, the plant-based protein supplements market is segmented into protein powder, ready to drink, protein bars, and others. The powder protein segment held the largest share of the overall plant-based protein supplements market in 2021. The major share of this segment is mainly attributed their higher demand with ease in handling & transport, cost effectiveness, ability to avoid costly formulation mistakes, and competence to maintain the stability of the ingredient. However, ready to drink segment is expected to grow at the fastest CAGR during the forecast period owing to the growing popularity for convenient and ready to drink beverages.
Based on the application, the plant-based protein supplements market is segmented into sport nutrition and additional nutrition. The sport nutrition segment accounted for the largest share of the overall plant-based protein supplements market in 2021. The large share of this segment is mainly attributed to increased new product development, increasing number of youngsters choosing a career in sports; and immense rise in national and international sports events. This segment is also expected to grow at the fastest CAGR during the forecast period due to increasing consciousness regarding the benefits of balanced and nutrient-rich diet in miniating the muscle tone and stamina required in sports person.
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Based on the distribution channel, the plant-based protein supplements market is mainly segmented into modern groceries; natural and specialty retail; online retail; health food store; pharmacies and drug store; convenience store; and others. The modern groceries segment held the largest share of the overall plant-based protein supplements market in 2021. However, online retail segment is expected to grow at the fastest CAGR during the forecast period. Online plant-based protein supplements sales are growing faster than other offline distribution channels as it allow to purchase anytime, convenience for doorstep delivery, higher food consumption outside of the home, lower price than in-store, greater product selection experience, and easier to compare prices.
Geographically, North America was accounted for the largest share of the global plant-based protein supplements market in 2021. The prominent position of this region in the global plant-based protein supplements market is primarily attributed to high demand for nutritional supplements from the consumers with higher health awareness, higher focus on healthy lifestyle due to hectic and busier lifestyles, well established nutraceutical and functional food industry; highly established gyms and sport clubs, and growing health & wellness and clean label trends. However, Asia- Pacific plant-based protein supplements market is developing and expanding at a significant pace. The rapid growth of this region mainly attributed to increasing people indulgence in recreational activities; improvement in standard of living in developing countries, such as China and India; rising number of fitness centers and sport clubs; huge base of vegetarian population; rapidly growing population and urbanization with rising disposable income; and improving living standard.
The key players operating in the global plant-based protein supplements market are Glanbia plc. (Ireland), Now Health Group, Inc. (U.S.), Nutiva Inc (U.S.), The Simply Good Food Co (U.S.), Iovate Health Sciences International Inc. (Canada), MusclePharm Corporation (U.S.), Kerry Group Plc (Ireland), CytoSport, Inc. (U.S.), The Nature’s Bounty Co. (U.S.), Reliance Vitamin Company, Inc. (U.S.), Herbalife Nutrition, Inc. (U.S.), Danone SA (France), General Nutrition Centers (GNC) Holdings, Inc. (U.S.), Orgain Inc. (U.S.), and True Nutrition (U.S.) among others.
The major companies in the global plant-based protein supplements market have implemented various strategies over the years to expand their product offerings, global footprint, and augment their market share. New product launches were the most preferred growth strategy in the last 3-4 years. This strategic development enabled companies to broaden their product portfolios, advance the capabilities of existing products, cater to the changing demands of users, and ensure a competitive edge in the global plant-based protein supplements market. The leading players who adopted this strategy include MusclePharm Corporation (U.S.), CytoSport, Inc. (U.S.), The Nature’s Bounty Co. (U.S.), Reliance Vitamin Company, Inc. (U.S.), Herbalife Nutrition, Inc. (U.S.)., and Orgain Inc. (U.S.).
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Scope of the report
Plant-Based Protein Supplements Market, by Type
- Soy protein
- Rice protein
- Pea protein
- Spirulina protein
- Pumpkin seed protein
- Hemp Protein
- Wheat Protein
Plant-Based Protein Supplements Market, by Form
- Protein Powder
- Ready to Drink
- Protein Bars
Plant-Based Protein Supplements Market, by Application
- Sport Nutrition
- Additional Nutrition
Plant-Based Protein Supplements Market, by Distribution Channel
- Modern Groceries
- Natural and Specialty Retail
- Online Retail
- Health Food Store
- Pharmacies and Drug Store
- Convenience Store
Plant-Based Protein Supplements Market, by Geography
- North America
- Asia-Pacific (APAC)
- Latin America
- Middle East and Africa
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