The global plant based protein supplements market size is predicted to reach USD 7.38 billion by 2028, exhibiting a CAGR of 7.46% in the forecast period. The growing improvements in vegan dietary patterns can be an essential factor augmenting the growth of the market during the forecast period, states Fortune Business Insights in a report, titled “Plant Based Protein Supplements Market Size, Share and Industry Analysis By Type (Soy Protein, Pea Protein & Wheat Protein), By Distribution Channel (Mass Merchandisers, Pharmacies/Drugstores, Specialty Stores, Online Retail & Others), and Regional Forecast 2021-2028” the market size stood at USD 4.16 billion in 2020.
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The report on the plant-based protein supplements market highlights:
- Authoritative insights on all recent market trends
- Procured data with superior analysis
- Market Drivers
- Detailed information about the key players in the market
Market Driver:
Rising Sustainable Innovation to Favor Growth
The growing demand for dairy alternatives, meat alternatives, sports nutrition, and dietary snacks will have a tremendous effect on the market during the forecast period. The and easy availability of raw materials with superior nutritional value will subsequently increase the production of plant-based protein supplements. The growing consumer demand for dietary supplements will further aid the expansion of the market during the forecast period. The growing sustainable innovation and improvements in plant protein such as spirulina, pumpkin seeds, and hemp will boost the market during the forecast period.
Mass Merchandisers to the Hold Lion’s Share
The soy protein segment is expected to dominate the market during the forecast period owing to its increased utilization in a variety of dietary supplements. Mass merchandisers including supermarkets and hypermarkets are likely to account for the maximum share in the global market owing to its large distribution channels for plant-based protein supplements. The rapidly growing online retail platforms and specialty stores that customized solutions to enhance customer experience will further create opportunities for the market in the forthcoming years.
Regional Analysis:
Increasing Consumer Awareness to Aid Development in North America
The market in North America and Europe are expected to witness a high growth rate during the forecast period owing to the rising consumer awareness regarding the ecological impact of animal-based proteins. The increasing awareness regarding health benefits from plant-based proteins will further spur the demand of the market. The growing shift towards vegan and vegetarian supplements will further boost the market in North America. The growing demand for healthy and nutritional products is expected to further fuel the demand for plant-based protein supplements. The market in Asia Pacific is expected to rise tremendously during the forecast period owing to the rising demand for supplements based on vegan sources in China, India, and Indonesia.
Key Development:
May 2019: Burcon NutraScience Corporation introduced new pea and canola protein blends. The firm also announced to enter into a joint venture to build a C$65 million pea-protein and a canola-protein commercial production facility.
January 2019: Amazing Grass announced the launch of a new “Amazing Protein Glow”, an alternative to animal-derived collagen supplement.
List of the Key Companies Operating in the Plant Based Protein Supplements Market are:
- Danone S.A.
- Roquette
- Kerry Group
- BENEO GmbH
- Glanbia plc
- Iovate Health Sciences International Inc.
- Amway
- Blue Diamond Global Ingredients Division
- Transparent Labs
- Nuzest
- Other players
Browse Summary of This Research Report with Detailed Table of Content:
