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Plant-based Protein Supplements Market Segmented By Product type ( Soy Protein, Wheat Protein, Pea Protein, Others )
The market for plant-based protein supplements can be expected to expand at a value based CAGR of 5.6% and show an increase in revenue from US$ 1,087.9 Mn to around US$ 1,876.0 Mn by 2033.
| Attributes | Key Insights |
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Plant-based Protein Supplements Market Size (2023E) |
US$ 1,087.9 Mn |
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Projected Sales of Plant-based Protein Supplements (2033F) |
US$ 1,876.0 Mn |
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Value CAGR (2023-2033) |
5.9% |
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Value Share of Top 5 Countries (2022E) |
54.9 % |
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The global plant-based protein supplements market has witnessed significant growth in the historical period registering a CAGR of 4.4% in the historical period and was valued at US$ 1,087.9 Mn in 2023. Protein supplements are the most widespread and common nutritional supplements available in the market. Plant-based protein supplements are gaining acceptance with the increasing trend of veganism, as well as growing awareness regarding ethical and environmental concerns. Plant-based protein supplements are mostly sourced from wheat, soy, and pea plants.
The global market for plant-based protein supplements is estimated to reach an approximate valuation of US$ 1,876.0 Mn in the forecast period.
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Get a Customized Version“Consumer’s desire for healthy alternative to meat and dairy will drive the demand for plant-based protein supplements”
Consumers' perceptions of healthy eating are changing dramatically, and they are now aiming to meet the necessary protein dietary limit in order to stay healthy. The amount of protein consumed by vegetarians and vegans, as well as the sources of protein consumed, are among the reasons driving the growth of the plant-based protein supplement industry. This is due to consumers' preference for plant-based proteins, which are allergen-free and serve as a healthy alternative to meat and dairy. As a result, plants and proteins appeal to the majority of customers. Consumers' desire to eat a plant-based diet, as well as the high nutritional value of plant-based protein supplements are the dual forces driving the market growth.
“Growing demand for weight loss products to boost sales”
In order to lower the risk of obesity and other lifestyle-related disorders, consumers are increasingly preferring nutritious foods. An increasing number of consumers are following plant-based protein diets and joining health and fitness clubs, which is driving growth in the health and wellness industry. Increased obesity education and awareness is also a factor that is leading to the use of plant-based proteins, which are believed to be the best source of protein for weight loss.
A complete profile of essential amino acids is provided by plant-based protein supplements per serving without triggering allergies, stomach problems, or digestive pain. It is suitable for vegetarians, vegans, and those with dietary restrictions, as well as those looking for a whey protein substitute. Supplements aid in the development and repair of muscle tissue, the preservation of bone mass, and the acceleration of metabolism. Over the forecast period, consumers' increased efforts to lose weight are expected to boost sales of plant-based protein supplements.
“Increasing food sensitivity affect consumer preferences and drive market growth”
Food sensitivity is one of the important elements impacting consumer preferences and purchase decisions, as the number of people with food-related allergies is on the rise. Plant-based diets are becoming increasingly popular since they are suitable for persons with allergies such as lactose intolerance. Because of their high nutritional quotient and capacity to deliver nutrition without producing allergy symptoms, plant-based proteins are gaining popularity as a dairy protein substitute. As a result, there is a growing demand for such supplements around the world to meet lactose-intolerant consumers' daily nutritional needs. Additionally, plant-based proteins are deemed non-GMO and allergen-free. Hence, increasing food sensitivity will affect consumer preferences and will drive the market for plant-based protein supplements.
“Adoption of vegan protein supplements in developed countries increase sales”
Vegan lifestyles, which include eliminating animal products from one's diet as well as cosmetics, accessories, and clothes, are becoming increasingly popular. According to the vegan society, the number of vegans has nearly doubled in the last 15 years. There is the growing popularity of veganism across the world, particularly in wealthy countries. Vegan diets are becoming increasingly popular, and plant-based items are gaining popularity because of the internet. The rise in the number of people choosing vegan products and spending money on them is benefitting the plant-based protein supplement sector. The adoption of veganism in developed countries will ultimately increase the sales of plant-based protein supplements.
“Rising popularity of organic foods and plant protein blends result in profitable business opportunities”
Over the next few years, there is likely to be major growth in consumer preference for organic food items. Protein suppliers and manufacturers are tailoring their product offer to meet customer demand. Due to high-profit margins and desire for natural and plant-based products, a growing number of companies are joining the organic protein sector.
Many companies are expected to launch organic plant-based proteins, in the next five to ten years. Additionally, producers are anticipated to sell their products with natural labels and organic certifications in order to appeal to the growing number of people who are looking for plant-based protein supplements. The growing popularity of organic foods is expected to result in profitable business opportunities.
“Lack of awareness coupled with unusual flavor and texture is likely to restrain the market growth”
While consumers all over the world are looking for ways to add more protein to their diets, many are unfamiliar with plant-based proteins. Plant-based protein supplements are disliked by certain users due to their flavor and texture. These customers believe that plant-based protein supplements are difficult to come by and that they aren't as satisfying as animal-based protein supplements. Consumers' negative opinions about plant-based proteins, as well as their lack of experience, are preventing the market from attaining its full potential.
The price of a product is an unavoidable factor that determines the future of its market. Due to limited resources and high processing costs, plant-based protein supplements are frequently supplied at a premium cost. The high pricing of plant-based protein supplements can be one of the major issues limiting the market's growth since they render the goods costly for customers in developing countries. Furthermore, low-income consumers in wealthy economies may not be able to afford the pricing. The above mentioned are the factors preventing market growth.
Which country is witnessing the highest value CAGR of plant-based protein supplements in Latin America?
The market for plant-based protein supplements is set to witness significant growth in Chile at a value CAGR 7.1%. Since over half of the population in the region is overweight, nutritional recommendations in Latin American countries have shifted substantially away from addressing malnutrition and toward obesity prevention. The value for the Latin American plant-based protein supplements market is expected to grow at a CAGR of 6.3% reaching US$ 170.8 Mn by the end of 2033.
Which country is propelling South Asia and Pacific market growth for plant-based protein supplements?
India holds the highest share in the South Asian & Pacific market for plant-based protein supplements. The country exhibits a value CAGR of 6.8% with a market value share of 38.5%. India is the biggest market because it has the largest vegetarian consumers across the world when it comes to plant-based healthcare products. The Indian plant-based protein supplements market is currently valued at US$ 43.9 Mn.
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Why is soy protein supplement the most demanded in the global market?
Based on product type, soy protein type is the most demanded and consumed in the plant-based protein supplements category with a market value share of 53.2% in 2023. This segment's popularity is mostly due to the cost-effectiveness, easy availability of raw materials, high nutritious value when compared to other sources, and higher consumer acceptance.
Why does the pea protein supplement type hold the highest CAGR?
Pea protein's functional and nutritional characteristics have led to an increase in its use in nutritional supplements. Pea protein product type is valued at US$ 113.5 Mn and is estimated to reach US$ 207.1 Mn by the end of 2033 expanding at a CAGR of 6.2%.
With increased customer demand, leading manufacturers of plant-based protein supplements are investing in research and development to create innovative supplement products that will benefit people's health. Companies in this market offer a variety of product formulations that can be utilized to guarantee that consumers get an adequate quantity of nutrition in their bodies. As a result, businesses have been able to attract the attention of customers from all over the world and implement new technology.
| Attribute | Details |
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Forecast period |
2023-2033 |
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Historical data available for |
2018-2022 |
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Market analysis |
USD million for value |
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Key countries covered |
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Key market segments covered |
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Key companies profiled |
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Report coverage |
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Customization & pricing |
Available upon request |
Plant-based Protein Supplements Market by Product Type:
Plant-based Protein Supplements Market by Application:
Plant-based Protein Supplements Market by Region
The global market for plant-based protein supplements has a value of US$ 1,087.9 Mn in 2023.
The global market for plant-based protein supplements has a value CAGR of 4.4% from 2018-2022.
The global market for plant-based protein supplements has a value of US$ 1,876.0 Mn in 2033.
The global market for plant-based protein supplements has a value CAGR of 5.6% from 2023-2033.
The top players in the global plant-based protein supplements market Archer-Daniels-Midland Co, Glanbia plc, DuPont, The Scoular Company and Ingredion Inc.
