Plant Based Protein Supplements Market Size to Reach USD 10.8 Billion by 2032 growing at 7.5% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

The global Plant Based Protein Supplements Market size occupied USD 5.3 Billion in 2022 and is projected to achieve a size of around USD 10.8 Billion by 2032 rising with a CAGR of 7.5% during the forecasted years, as reported by Acumen Research & Consulting

The market for plant-based protein supplements is rapidly expanding as customers increasingly look to plant-derived alternatives to meet their nutritional demands. These supplements are derived from plants such as soy, pea, hemp, spirulina, rice, and pumpkin seeds, making them a more sustainable and ethical option than animal-based protein products. The market is expanding because to a global increase in demand for vegan and vegetarian products, and the advent of e-commerce has made these supplements more accessible than ever.

Major retailers, including industry behemoths like Wal-Mart, are actively urging their suppliers to offer a broader selection of plant-based solutions, demonstrating the market's potential. Furthermore, increased awareness of cardiovascular health, environmental sustainability, and nutritional options is likely to drive the market even higher.

Plant-based proteins supplements are not only a healthy option, but they also meet ethical and environmental standards. They appeal to health-conscious clients looking for healthier, more sustainable eating options. As the desire for plant-based lifestyles grows, the market for plant-based protein supplements is positioned for continued growth and innovation, providing consumers with a wide and ethical variety of options to meet their health and environmental goals.

Plant Based Protein Supplements Market Value

Plant Based Protein Supplements Market Statistics

  • Global plant based protein supplements market revenue accounted for USD 5.3 billion in 2022, with a 7.5% CAGR from 2023 to 2032
  • North American plant based protein supplements market share occupied around 41% in 2022
  • Asia-Pacific plant based protein supplements market growth is projected to attain over 8.6% CAGR from 2023 to 2032
  • By product, the protein powder sub-segment grabbed over 44% share in 2022
  • Among distribution channel, the online stores occupied over USD 3.2 billion in revenue in 2022
  • Growth in investment & collaboration in plant-based food business is a recent plant based protein supplements market trend

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Plant Based Protein Supplements Market Dynamics

Increasing Health Consciousness Drives the Plant Based Protein Supplements Market Value

Rising health consciousness is a major driving force in the plant-based protein supplements market. Consumers are becoming more conscious of the influence their dietary choices have on their overall health. Plant-based protein supplements are seen as a better alternative to animal-based proteins because they are often lower in saturated fats and can help with weight management, muscle rehabilitation, and heart health. As people become more aware of the health benefits of plant-based diets, there is a greater demand for plant-based protein supplements.

Environmental Concerns Will Increase the Growth of the Plant-Based Supplements Market

Another key driver of the plant-based protein supplements market is environmental concerns. Consumers are becoming more conscious of the environmental impact of their food choices, particularly in terms of greenhouse gas emissions and deforestation caused by animal agriculture. Plant-based diets and supplements have a reduced environmental impact since they use fewer resources and emit fewer pollutants. Consumers are choosing plant-based protein supplements to coincide with their eco-friendly values as sustainability becomes a more significant factor, boosting market growth.

Global Expansion Will Generate Surplus Revenue in Plant-Based Proteins Market Opportunity

Plant-based protein supplement firms should look to expand globally. While the sector has gained traction in North America and Europe, emerging areas like as Asia and Latin America have enormous development potential. Expanding market reach and distribution networks into these regions helps tap into a wider client base as consumer awareness of health and sustainability grows globally. Product customization to regional tastes and preferences is critical for success in different global marketplaces.

Plant Based Protein Supplements Market Segmentation

The global market has been categorized into product, application, distribution channel, raw material, and region.

  • By product segment includes protein powder, protein bars, ready- to-drink (RTD), and others
  • By application industry is categorized into sports nutrition, and additional nutrition
  • The distribution channel segment categorized into supermarket, online stores, DTC, and others
  • By raw material segment industry includes soy, spirulina, pumpkin seed, hemp, rice, pea, and others
  • By region, the market is classified into Asia-Pacific, Latin America, North America, Europe, and the MEA

Plant Based Protein Supplements Market Share

According to the plant based protein supplements market forecast, the protein powder product segment is projected to hold the largest market share between 2023 and 2032.

In terms of application, sports nutrition dominated the market in 2022 and is expected to maintain its leading position in the future.

The plant based protein supplements industry analysis indicates that the online stores distribution channel is experiencing substantial revenue growth during the projected period from 2023 to 2032.

Regarding raw material, the soy sector has consistently been the highest revenue-generating segment in recent years and is expected to continue its strong performance.

Plant Based Protein Supplements Market Regional Outlook

North America has been a crucial contributor in the geographical analysis of the plant based protein supplements industry, holding a large market share in recent years. Plant-based protein supplements have a developed and important market in North America. Consumers in the region have a strong preference for health and wellness, which drives demand for plant-based products. Factors such as developing vegan and vegetarian tendencies, as well as a strong retail infrastructure, have all contributed to the market's expansion. Major industrial participants, as well as retail titans, are actively marketing plant-based solutions. North America remains a product innovation hotspot, with a large range of plant-based protein supplements available.

The Asia-Pacific region is expected to grow with fastest rate in the plant based protein supplements industry among all regions. Plant-based protein supplements are in high demand in the Asia-Pacific area. This expansion is being driven by rapid urbanization, an expanding middle-class population, and rising awareness of health and sustainability. Countries such as China and India are seeing a huge move towards plant-based diets, which is creating a sizable market for supplements. The rise of e-commerce has made these things more widely available. As consumers in Asia-Pacific seek healthier and more sustainable dietary options, demand for plant-based protein supplements continues to climb, presenting significant potential opportunities.

Plant Based Protein Supplements Market Players

Some prominent plant based protein supplements companies covered in the industry includes Glanbia plc; AMCO Proteins; Quest Nutrition; NOW Foods; The Bountiful Company; MusclePharm Corporation; Abbott Laboratories; IOVATE Health Sciences International, Inc.; Transparent Labs; WOODBOLT DISTRIBUTION LLC.

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Acumen Research and Consulting

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