Plant Based Protein Supplements Market Forecasts to 2030 – Global Analysis By Product (Protein Powder, Protein Bars, Ready-to-Drink and Other Products), By Raw Material (Soy, Spirulina, Pumpkin Seed, Wheat, Rice, Pea and Other Raw Materials), By Nature, D

Plant Based Protein Supplements Market Forecasts to 2030 – Global Analysis By Product (Protein Powder, Protein Bars, Ready-to-Drink and Other Products), By Raw Material (Soy, Spirulina, Pumpkin Seed, Wheat, Rice, Pea and Other Raw Materials), By Nature, Distribution Channel, Application and By Geography

According to Stratistics MRC, the Global Plant Based Protein Supplements Market is accounted for $13.3 billion in 2023 and is expected to reach $25.2 billion by 2030 growing at a CAGR of 9.5% during the forecast period. Plant-based protein supplements are dietary supplements derived from plant sources, such as peas, soy, or hemp, offering a vegan or vegetarian alternative to animal-based proteins. They are used to supplement protein intake, aid muscle recovery, and support overall health.

According to a Plant-Based Foods Association survey, the U.S. retail plant-based foods sale was 35% higher than total retail food amid the panic buying period around March & April 2020.

Market Dynamics:

Driver:

Rising demand for vegan and vegetarian products

Consumers increasingly embrace plant-centric diets for ethical, environmental, and health reasons, the market witnesses a surge in demand for protein supplements derived from plants like peas, soy, and hemp. This trend reflects a broader shift toward sustainable and cruelty-free lifestyles. Plant-based protein supplements cater to individuals seeking alternative protein sources without animal products, aligning with the growing popularity of vegan and vegetarian lifestyles. The market's response to this demand involves continuous innovation in product formulations, expanding the variety and accessibility of plant-based protein supplements to meet diverse consumer preferences.

Restraint:

Limited amino acid profiles

While plant sources offer various health benefits, certain plant proteins may lack specific essential amino acids, particularly complete proteins like those found in animal sources. This limitation poses challenges in meeting the comprehensive nutritional needs of consumers, especially individuals with specific dietary requirements, such as athletes or those engaging in intensive physical activities. The absence of complete amino acid profiles may impact the effectiveness of plant-based supplements in supporting muscle growth, repair, and overall protein synthesis.

Opportunity:

Fitness and sports nutrition

More athletes and fitness enthusiasts recognize the benefits of plant-based diets for performance, muscle recovery, there is a growing demand for plant-based protein supplements. These supplements offer an effective and sustainable alternative to traditional animal-based protein sources, aligning with the nutritional needs of those engaged in rigorous physical activities. Manufacturers catering to this opportunity can capitalize on the trend by developing innovative plant-based formulations tailored for the fitness community, emphasizing factors such as improved digestibility, amino acid profiles, and enhanced nutritional benefits for optimal athletic performance.

Threat:

Supply chain disruptions

The reliance on specific crops, such as soy, pea, or hemp, for plant-based protein production makes the supply chain vulnerable to various factors. Weather conditions, agricultural challenges, and geopolitical issues can disrupt the cultivation and harvesting of these crops, leading to fluctuations in supply and potential price volatility. Additionally, global events, such as the COVID-19 pandemic, underscore the susceptibility of supply chains to unforeseen disruptions. These challenges can affect production timelines, product availability, and overall market stability.

Covid-19 Impact:

The COVID-19 pandemic has had a mixed impact on the market. While consumer interest in health and wellness has increased, supply chain disruptions and economic uncertainties have posed challenges. Some consumers turned to plant-based alternatives for immune system support, contributing to market growth. However, the economic downturn affected purchasing power, influencing buying decisions. The market's resilience lies in adapting to evolving consumer needs, emphasizing product affordability, and leveraging e-commerce channels to maintain accessibility.

The protein powder is expected to be the largest during the forecast period

The protein powder segment is expected to have a lucrative growth. Typically derived from sources like pea, hemp, soy, or brown rice, plant-based protein powders cater to various dietary preferences, including vegan and vegetarian lifestyles. Widely used in fitness and sports nutrition, these powders support muscle recovery and overall health. The market's appeal lies in the diversity of flavors, formulations, and applications, making plant-based protein powders a popular choice for individuals seeking nutritional supplements aligned with their ethical, health, and fitness goals.

The supermarkets/hypermarkets segment is expected to have the highest CAGR during the forecast period

The supermarkets/hypermarkets segment is anticipated to witness the fastest CAGR growth during the forecast period. These retail outlets provide a convenient shopping experience, allowing consumers to explore a broad range of plant-based protein supplements in one location. The visibility within these stores enhances product exposure and encourages consumer experimentation. Additionally, supermarkets and hypermarkets often incorporate health and wellness sections, promoting plant-based supplements as part of a holistic lifestyle. This widespread availability, coupled with the convenience of one-stop shopping, contributes significantly to the increasing adoption of plant-based protein supplements by a diverse consumer base.

Region with largest share:

During the forecast period, it is expected that the North American market will continue to hold a majority of the market. The region witnesses a growing preference for plant-based diets, bolstered by an increasing number of individuals adopting vegan and vegetarian lifestyles. Robust distribution channels, a plethora of product options, and a proactive approach to health and fitness contribute to the market's expansion. Innovative formulations, coupled with strategic marketing, position North America as a significant influence in the dynamic and evolving landscape of plant-based protein supplements.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, driven by a growing health-conscious population. Increasing awareness of sustainable and plant-centric diets, coupled with rising concerns about animal welfare, fuels the demand. The region's diverse consumer preferences are met with a variety of plant protein sources, supporting the market's expansion. Additionally, innovative product formulations, strategic marketing, and the availability of these supplements through various retail channels contribute to the robust growth of the Plant-Based Protein Supplements Market in Asia Pacific.

Key players in the market

Some of the key players in Plant Based Protein Supplements market include NOW Foods, Nutraferma, Inc., Abbott Laboratories, AGT Food and Ingredients, AMCO Proteins, Australian Plant Proteins Pty Ltd, Axiom Foods, Inc, Burcon NutraScience Corporation, Emsland Group, Quest Nutrition, Glanbia plc, Ingredion, Kerry Group PLC and Wilmar International Ltd.

Key Developments:

In September 2022, ADM (US) made an investment of USD 300 million to boost the production of alternative proteins at its plant in Decatur, Illinois, which will double the facility’s soy extrusion capacity. ADM, as part of the investment, is also building a Protein Innovation Center, including labs, test kitchens, and pilot-scale production capabilities, which will boost the company’s R&D capabilities.

In April 2022, Danone announced the commercial availability of its Vega One plant-based protein products in China, with the Vega One Sport designed for sports enthusiasts. This product contains a mix of proteins derived from different sources, including pumpkin seeds, alfalfa, sunflower, and peas.

Products Covered:
• Protein Powder
• Protein Bars
• Ready-to-Drink
• Other Products

Raw Materials Covered:
• Soy
• Spirulina
• Pumpkin Seed
• Wheat
• Rice
• Pea
• Other Raw Materials

Natures Covered:
• Conventional
• Organic

Distribution Channels Covered:
• Supermarkets/Hypermarkets
• Online Stores
• Pharmacies/Drugstores
• Other Distribution Channels

Applications Covered:
• Food & beverages
• Meat Alternatives
• Dairy Alternatives
• Bakery Products
• Convenience Foods
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements