Plant Based Protein Supplements Market Size, Share & Trends Analysis Report By Raw Material (Soy, Hemp), By Product, By Distribution Channel, By Application, By Region, And Segment Forecasts, 2020 - 2028

Report Overview

The global plant based protein supplements market size was valued at USD 5.35 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.6% from 2020 to 2028. The growth of the market can be attributed to the increasing awareness among consumers regarding the nutritional values of plant-based products such as low sodium and high amino acids. Customer preferences for plant-based protein supplements have been influenced due to factors such as minimizing the meat consumption following food safety, food allergies, moral reasons, and adoption of vegan culture to end animal cruelty. Additionally, the growing desire for environmentally friendly proteins is bolstering the market growth.

Mounting health diseases owing to hectic schedules and the nature of work, coupled with growing consumer awareness about the relationship between maintaining a healthy diet and exercising, are projected to result in increased demand for plant based protein supplements for sports nutrition, thereby benefitting the market growth.

The U.S. emerged as the largest market in the North American region in 2020. A strong foothold of key plant based protein supplement manufacturers, increasing concerns over weight management, and rising focus on maintaining a healthy, vegan, and nutritious diet contribute to the growth of the market in the country.

Various awareness campaigns run by government agencies, non-governmental organizations, and companies have boosted consumer understanding pertaining to the nutritional benefits of protein supplements, which, in turn, is projected to fuel market growth.

The product line of some companies engaged in manufacturing protein supplements also includes organic and natural products, which is further driving the market. The use of attractive packaging methods has led to increased consumer awareness, which, in turn, has triggered the spending on protein supplements.

The demand for healthy food products that help to strengthen immunity increased significantly in 2020 globally. Around 50% of the retailers claimed a surge in demand for healthy products amid the COVID-19 pandemic during the March-April period. The growing preference for nutrition products that cater to general health has resulted in a rise in demand for protein, thus driving the protein supplements market.

Raw Material Insights

Soy protein dominated the market with a share of over 60.0% in 2020. The growing prominence of soy protein supplements as a vegetarian protein source, coupled with its composition of ingredients including glutamine and BCAAs, which aid in muscle recovery and fast absorption, contribute to the segment growth.

In addition, soy proteins enhance the body’s immune function, promote bone health, and prevent cardiovascular diseases. With the rising awareness regarding glutamic disorders and lactose intolerance in the developed markets such as the U.S. and Germany, the demand for soy-based product forms is further expected to witness growth.

The pea protein segment is expected to witness significant growth over the forecast period owing to its fast-gaining popularity among various end-users including vegetarians, vegans, and those allergic to egg and dairy proteins. Additionally, pea protein is extracted from green peas that are cholesterol-, fat-, and gluten-free and is hypoallergenic, thus attracting a large customer base.

Rising demand for organic pumpkin seed protein as a result of product innovation by leading protein ingredients manufacturers is expected to remain a favorable factor for the growth of the segment. Moreover, pumpkin seed protein has been certified for use as a protein supplement by major food authorities including Kosher.

The hemp protein supplement segment is expected to expand at the highest CAGR during the forecast period on account of the rising awareness among consumers regarding the health benefits of hemp, coupled with its comparable protein content and vital amino acids as animal-based sources such as beef and lamb.

Product Insights

Protein powder emerged as the dominant product segment with a share of over 60.0% in 2020. Mass channels of distribution, strong online sales, and the growing number of brands by key players such as Glanbia PLC; The Nature's Bounty Co.; and Iovate Health Sciences International Inc. have contributed to the growth of the protein powder segment.

Protein bars are expected to witness growth during the forecast period owing to the wide-scale adoption of protein bars by consumers on account of their convenient grab-and-go option. In addition, factors such as instant energy and nutrition offered by protein bars are expected to boost the segment growth.

A fast-paced and busy lifestyle, coupled with an increase in the number of gym and fitness centers, has propelled consumers to switch to quick and healthy beverages. This scenario has resulted in the penetration of RTD plant based protein that offers nutrients and promotes active lifestyles in taste-enhancing flavors, such as chocolate, coffee, vanilla-infused with organic ingredients, veggies, maple syrups, and others.

The others segment includes various products such as protein gels, capsules, cakes, cookies, and bites. These products are likely to grow at a slower rate in comparison with the other major protein supplements owing to the strong competition from protein supplements including protein powders, bars, and RTDs.

Distribution Channel Insights

The online stores segment accounted for a share of over 30.0% in 2020. Manufacturers are focusing on shorter paths to reach consumers as a result of ever-increasing consumer demand and a focus on core competencies.

Easy access to products, easy online purchases, and the increased number of brands to choose from are boosting online sales of plant based protein supplements. With the high fragmentation in the industry and low customer loyalty, online sales of plant based protein supplements are further expected to increase during the forecast period.

Retail stores including hypermarkets, supermarkets, and pharmacies offer a variety of dietary supplements including plant based protein supplements. Improvement in the retail sector is one of the factors driving the sales of health and wellness products. Global brands available at these stores are contributing to the increasing penetration of different plant based supplement products through these channels.

The supplements are available at the majority of big grocery stores such as Kroger, Lidl, Target, and Walmart. Annual memberships and discounts offered on bulk purchasing are expected to attract consumers to buy products from hypermarkets and supermarkets, thus bolstering sales in the market.

Application Insights

Sports nutrition emerged as the dominant application segment and accounted for over 60.0% share in 2020. Increasing demand for sports nutritional supplements from core, strength, and endurance athletes, fitness enthusiasts, and professional athletes is expected to drive the segment.

In addition, ascending demand for sports nutritional supplements to promote lean muscle growth, improve performance, assist in weight reduction, and boost stamina, coupled with an increase in the number of gym-goers, is expected to boost the growth of the sports nutrition segment over the upcoming years.

The demand for protein-rich functional foods is increasing owing to the increasing awareness among consumers regarding leading a healthy and active lifestyle, coupled with a growing understanding of the relationship between exercising and maintaining a balanced and nutrient-rich diet. This is expected to bolster the growth of the market.

The rising occurrence of cardiovascular diseases owing to the inactive and slow lifestyle, especially in the age group between 30 and 40 years, and fluctuating dietary patterns are projected to create awareness regarding the importance of functional protein-rich food among consumers, thereby benefitting the market growth.

Regional Insights

North America was the largest regional market in 2020 with a share of over 50.0% owing to the high demand for sports nutritional supplements in countries such as Canada and the U.S. In addition, a strong foothold of major market players, coupled with the easy availability of raw materials, is expected to fuel the market growth.

In June 2020, the federal government of Canada proposed to invest around USD 74 million in Merit Functional Foods, a Canadian company that produces plant-based proteins. This initiative was aimed at meeting the increased demand for plant-based protein supplements amid the outbreak of the COVID-19 pandemic, thus increasing penetration of plant based protein supplements in the country.

Europe emerged as the second-largest regional market in 2020 owing to various factors such as increasing emphasis on healthy living, growing trend of preventive health care, and rising demand for plant protein supplements from countries including the U.K. and Germany on account of the increasing vegan population.

Consumption of dietary supplements has increased with consumers becoming more health-conscious in developing countries of Asia Pacific. There has been an explosion in dietary supplement consumption in countries such as India, China, and Indonesia, benefitting the growth of the market during the forecast period.

With the consumer purchase power increasing and different brands becoming more accessible in these countries, plant based supplements are expected to gain significant popularity. In addition, increasing internet sales of supplements contribute to the growth of the market in the Asia Pacific region.

Key Companies & Market Share Insights

The global market is highly fragmented with the presence of a number of global companies. The companies are working on their branding strategies in order to appeal to the target audience, along with investing in advanced automated continuous production lines to increase production efficiency.

An aging population, a rise in various lifestyle diseases, and increasing consumer awareness regarding preventive health are factors that have contributed to the increased customer inclination towards dietary supplements for supporting health.

The high level of competition has intimidated the key players to increase their market share with strategies such as mergers and acquisitions, collaborations, and new product launches. Some prominent players in the global plant based protein supplements market include:

• 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

Plant Based Protein Supplements Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global plant based protein supplements market report on the basis of raw material, product, distribution channel, application, and region:

• Raw Material Outlook (Revenue, USD Million, 2017 - 2028)

  • Soy

  • Spirulina

  • Pumpkin Seed

  • Hemp

  • Rice

  • Pea

  • Others

• Product Outlook (Revenue, USD Million, 2017 - 2028)

  • Protein Powder

  • Protein Bars

  • Ready-to-Drink

  • Others

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)

  • Supermarkets/Hypermarkets

  • Online Stores

  • Chemist/Drugstores

  • Specialty Stores

  • Others

• Application Outlook (Revenue, USD Million, 2017 - 2028)

  • Sports Nutrition

  • Functional Food

• Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

  • Central & South America

    • Brazil

  • Middle East & Africa

    • UAE