The global plant-based protein supplements market size is expected to be worth 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.
The plant-based protein supplements market has witnessed remarkable growth in recent years, driven by increasing consumer awareness regarding the health benefits of plant-based diets and a growing demand for sustainable and cruelty-free protein sources. Plant-based protein supplements offer an alternative to traditional animal-based protein sources, appealing to consumers seeking products that align with their dietary preferences, lifestyle choices, and ethical considerations.
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Growth Factors
Several factors contribute to the growth of the plant-based protein supplements market. These include the rising adoption of vegetarian and vegan diets, growing concerns about animal welfare, environmental sustainability, and the health benefits associated with plant-based nutrition. Additionally, advancements in food technology have led to the development of innovative plant-based protein formulations, enhancing the taste, texture, and nutritional profile of these supplements.
Region Insights
The plant-based protein supplements market exhibits significant regional variation, with North America, Europe, and Asia Pacific emerging as key markets. North America dominates the market, driven by a surge in vegan and vegetarian populations, along with increasing health consciousness among consumers. Europe follows closely, propelled by strong consumer awareness regarding sustainability and ethical consumption. In Asia Pacific, the market is experiencing rapid growth due to changing dietary habits, urbanization, and a rising middle-class population.
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:
Several drivers fuel the growth of the plant-based protein supplements market. These include shifting consumer preferences towards plant-based diets, rising concerns about the environmental impact of animal agriculture, and increasing incidences of lifestyle-related diseases such as obesity and heart disease. Moreover, endorsements by celebrities, athletes, and health professionals have contributed to mainstream acceptance and market expansion.
Opportunities:
The plant-based protein supplements market presents abundant opportunities for manufacturers, retailers, and investors. Expanding product portfolios, strategic partnerships, and investments in research and development to enhance product innovation and quality are key avenues for growth. Additionally, targeting niche consumer segments such as athletes, fitness enthusiasts, and health-conscious individuals can unlock new opportunities for market penetration and revenue generation.
Challenges:
Despite the promising growth prospects, the plant-based protein supplements market faces certain challenges. These include issues related to taste, texture, and sensory attributes of plant-based products, which may not always meet consumer expectations. Moreover, supply chain disruptions, regulatory hurdles, and competition from conventional animal-based protein supplements pose challenges to market players. Addressing these challenges requires continuous innovation, quality assurance, and effective marketing strategies.
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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
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