Plant-Based Protein Supplements Market

Plant-Based Protein Supplements Market By Type (Soy Protein, Wheat Protein, Pea Protein, Others), By Sales Channel (Hypermarkets/Supermarkets, Specialty Stores, Pharmacy & Drug Stores, Online Retail) and Regional Analysis

ID: PMRREP31270

May 2024

300 Pages

Author : Abhijeet Surwase

Market Introduction and Trend Analysis

The consumer desire for healthy alternatives to meat and dairy is predominantly driving demand for plant-based protein supplements in global market.

The global plant-based protein supplements market has witnessed significant growth over the recent past. Protein supplements are the most widespread and common nutritional supplements available in the market and coupled with the flourishing trend of plant-based in F&B, the market has been witnessing strongly growing acceptance recently.

The increasing trend of veganism, as well as growing awareness regarding ethical and environmental concerns. Plant-based protein supplements are predominantly sourced from wheat, soy, and pea plants.

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.

Plant-based protein supplements companies are offering 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.

Key Trends in the Market

Healthier meat and dairy alternatives experience a heavy boom.
Popularity of vegan diets soars high.
Weight management diets make room for plant-based proteins.
Patients of lactose intolerance, or allergies increasingly turn to plant-based proteins.
Brands focus on launch of tastier, more functional supplements.

Get Your CustomizationGet Your Customization

Key Dynamics Shaping the Market

Market Growth Drivers

Heightening Demand for Healthy Meat and Dairy Alternatives

Consumers perceptions of healthy eating are changing dramatically, and they are now aiming to meet the necessary protein dietary limit 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, both plants and proteins appeal to the majority of customers.

Consumers' growing 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 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 Instances of Food Sensitivity

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.

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.

Factors Impeding Market Growth

Lack of Awareness, and Unusual Flavor and Texture

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 perceptions about plant-based proteins, as well as their lack of experience, are preventing the market from attaining its full potential.

Premium Product Status

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.

Request Free sampleRequest Free sample

Market Opportunities

Ascending Sales of Vegan Protein Supplements in Developed Regions

Vegan lifestyle that involves elimination of animal products from one's diet as well as cosmetics, accessories, and clothes, is gaining exceptional popularity in recent years.

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 benefiting 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 Food Blends with Plant Protein

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.

Category-wise Analysis

Market Segment by Type	Market Share (2023)
Soy Protein	53.2%
Wheat Protein	xx%
Pea Protein	xx%
Others	xx%

Soy Protein Remains the Champion Segment

Based on wide acceptance, and cost efficiency of the soybean crop, soy protein supplements account for more than 53.2% share of the plant-based protein supplements market.

Soy protein, a complete protein source, is also a rich source of iron, calcium, and other essential nutrients. Soy protein has traditionally been a mainstay in the plant-based protein market for decades.

The soy protein segment holds the crown in the plant-based protein supplements market, predominantly on account of its affordability, and well-established presence. Pea protein, on the other side, is emerging as the fast-growing challenger with its unique functional and consumer-friendly attributes.

The potential drawbacks like concerns over soy allergies, and the ongoing debate around genetically modified organisms (GMOs) in soy production will however hamper the dominance of this segment in the global market.

Pea Protein Gears up for Success

The rising star of the plant-based protein supplement market, pea protein is expected to display an impressive CAGR of over 6% by 2033-end. While pea protein is experiencing a surge in popularity, its current market share is significantly lower than soy protein.

The functional and nutritional benefits are driving growth in the pea protein segment as its hypoallergenic profile makes it an ideal alternative for those with soy allergies, or sensitivities.

Pea protein is easily digestible and boasts a high branched-chain amino acid (BCAA) content, which is beneficial for muscle growth and repair. The high clean-label, and flavor and texture appeal further fuels preference among consumers.

Region-wise Analysis

Market Segment by Region	Market Share (2023)
North America	40%
Europe	xx%
Latin America	xx%
South Asia & Pacific	xx%

Nearly 40% Revenue Concentrates in North America

The North America plant-based protein supplements market continues to capture the largest revenue share of the global market. With approximately 40% market share by value, the region thrives on its established fitness culture, strong presence of some of the globally leading manufacturers, and growing consumer interest in plant-based diets.

An exceptional growth in the vegan population is another strong indicator of North America’s leadership position in this space. The US, followed by Canada, sales here will continue to climb up in the upcoming years, given the plant-based natural boom, and widening availability and accessibility across retail.

India Stands out in South Asia & Pacific

The plant-based protein supplements market report projects bright prospects for the South Asia & Pacific region, led by India. The country leads the way in the South Asian & Pacific market for plant-based protein supplements. The country is expected to boast a market share of more than 38% of the region and an estimated value CAGR of 6.8% through the end of 2033.

This exceptional position of India in the region’s and the global market for plant-based protein supplements is clearly attributed to a sizeable vegetarian population. India has the world's largest vegetarian population, with a strong cultural and religious emphasis on plant-based diets. This creates a naturally receptive market for plant-based protein supplements.

The Indian population is experiencing a growing awareness of health and fitness. Plant-based protein supplements are seen as a healthy way to meet protein requirements and support an active lifestyle. F&B, and pharma brands are striving to strike the balance between innovation, and affordability through readily available sources like legumes, and lentils.

Latin America Demonstrates High Growth Potential

Latin America has also been identified to be market ripe for an influx of developments in plant-based protein supplement solutions. The region is emerging as a significant growth engine, Chile especially representing a substantial market with a projected value CAGR of 7.1% over 2023 – 2033.

Over half of the Latin American population continues to struggle with weight management due to which their nutritional recommendations are shifting focus from addressing malnutrition to combating obesity.

The plant-based protein supplements sector is being perceived as a valuable tool for weight management on account of the generally lower calorie content, and lack of saturated fat.

With more of Latin Americans willingly investing in preventive healthcare, the demand for the relatively premium categories like plant-based protein supplements will be on a high trajectory. The region is poised to exhibit around 6.3% CAGR over 2023 - 2033.

Leading Companies in Plant-Based Protein Supplements Market

Axiom foods
Glanbia plc
NOW Health Group Inc.
MusclePharm Corporation
Ingredion Inc.
Roquette Frères
DuPont
Archer-Daniels-Midland Co.
Batory Foods
The Scoular Company

Significant Industry Developments

December 2023

Relsus launched a new line of plant-based protein powders in India. The company focuses on sustainability and uses non-GMO crops to address protein deficiency and climate change. Relsus’s technology allows for consistent production and they partner with farmers to support local agriculture. With the growing vegan population, Relsus believes India can be a leader in plant-based protein.

Companies Covered in Plant-Based Protein Supplements Market

Axiom foods
Glanbia plc
NOW Health Group Inc.
MusclePharm Corporation
Ingredion Inc.
Roquette Frères
DuPont
Archer-Daniels-Midland Co.
Batory Foods
The Scoular Company
Others

Frequently Asked Questions

Rising health consciousness, veganism trends, and demand for sustainable food sources are driving growth in this market.

North America, Europe, and Asia Pacific are the regions with the highest demand, whereas Latin America shows significant potential.

The common sources include pea protein, soy protein, rice protein, and hemp protein.

Primary consumers include fitness enthusiasts, vegans, vegetarians, and individuals with lactose intolerance.

Key challenges include higher production costs, taste and texture optimization, and competition with animal-based protein products.

Attributes	Details
Forecast Period	2023 to 2033
Historical Data Available for	2019 to 2023
Market Analysis	US$ Billion for Value
Key Regions Covered	North America Europe Latin America Western Europe Eastern Europe South Asia and Pacific East Asia The Middle East and Africa
Key Market Segments Covered	By Type By Sales Channel By Region
Key Companies Profiled	Axiom foods Glanbia plc NOW Health Group Inc. MusclePharm Corporation Ingredion Inc. Roquette Frères DuPont Archer-Daniels-Midland Co. Batory Foods The Scoular Company
Report Coverage	Market Forecast Company Share Analysis Competition Intelligence DROT Analysis Market Dynamics and Challenges Strategic Growth Initiatives
Customization & Pricing	Available upon request

Top-Down Market Sizing	Bottom-Up Market Sizing
Universe Definition: Total global/regional market identification	Unit Economics: Average transaction values, purchase frequencies, customer lifecycle
Segmentation Filters: Geographic, demographic, and behavioral constraints	Customer Segmentation: Detailed buyer persona development and sizing
Market Share Analysis: Competitive landscape assessment and share allocation	Penetration Analysis: Market penetration rates by segment and geography
Growth Rate Application: Historical trends and forward-looking growth assumptions	Scaling Methodology: Extrapolation techniques with confidence intervals

Interested in this report?

Request customization, ask for expert consulting, access a sample report, or simply express your interest—our team will assist you with the right insights and solutions.

Request Custom VersionRequest Custom Version

Report Attribute	Details
Market size value in 2023(E)	US$1.08 Bn
Revenue forecast in 2033(F)	US$1.80 Bn
CAGR (2023-2033)	5.6%
CAGR (2017-2022)	5.1%

Plant-Based Protein Supplements Market