Plant Based Protein Supplements Market Size, Share & Trends Analysis Report By Raw Material (Soy, Spirulina, Pumpkin Seed, Wheat, Hemp, Rice, Pea, Others), By Product, By Distribution Channel, By Application, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the plant based protein supplements market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for plant based protein supplements market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of plant based protein supplements market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Plant Based Protein Supplements Market Categorization:

The plant based protein supplements market was categorized into five segments, namely raw material (Soy, Spirulina, Pumpkin Seed, Wheat, Hemp, Rice, Pea), product (Protein Powder, Protein Bars, Ready-to-Drink), distribution channel (Supermarkets/Hypermarkets, Online Stores, DTC), application (Sports Nutrition, Functional Food), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The plant based protein supplements market was segmented into raw material, product, distribution channel, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The plant based protein supplements market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eighteen countries, namely, the U.S.; Canada; Mexico; the UK; Germany; France; Italy; Spain; China; India; Japan; Australia & New Zealand; South Korea; Brazil; Argentina; UAE; Saudi Arabia; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Plant based protein supplements market companies & financials:

The plant based protein supplements market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Glanbia plc - Glanbia plc, established in 1997 and headquartered in Kilkenny, Republic of Ireland, operates through four main segments: Glanbia Performance Nutrition, Glanbia Nutritionals, Dairy Ireland, and Joint Ventures & Associates. The latter includes Southwest Cheese in the U.S., Glanbia Cheese in the UK, and Glanbia Ingredients Ireland. As of 2018, Glanbia had major production facilities in Ireland, Germany, the U.S., China, and the UK, employing 6,900 people globally. The Performance Nutrition segment manufactures products like protein powders, protein bars, ready-to-drink beverages, capsules & tablets, and smoothies. These are sold through various channels such as specialty retail, mass retail, and the internet. The company sells protein supplements under several brand names, including Optimum Nutrition, BSN, Isopure, Nutramino, ABB, Trusource, thinkThin, Amazing Grass, and Body & Fit. These brands have helped Glanbia establish a strong presence in the performance nutrition market.

• AMCO Proteins - AMCO Proteins, founded in 1956 and formerly known as American Casein Company, is based in New Jersey, U.S. The company specializes in processing and formulating high-quality protein ingredients for industries like food & beverage and nutritional supplements. As of 2018, it had 150 employees and its production facilities are located in the U.S. The company’s extensive product portfolio includes Pro+, ProFit premixes, specialty products, protein hydrolysates, milk proteins, whey proteins, vegetable proteins, and caseins/caseinates. These products are used in a wide range of applications such as bakery goods, coffee & tea whiteners, confectionery, egg replacers, frozen dessert technology, hot/cold beverages, meat technology, nutritional supplements, ready-to-drink beverages, salad dressings, snack foods, and soups, sauces & gravies. This broad application spectrum underscores AMCO Proteins’ versatility and commitment to providing high-quality protein solutions.

• QuestNutrition - QuestNutrition, a California-based company established in 2010, specializes in the production of protein supplements. Their product line is diverse, encompassing protein bars, hero bars, cereal bars, protein powders, protein chips, cravings, quest pasta, and quest wear. Catering to a wide demographic, their customer base includes professional athletes, fitness enthusiasts, bodybuilders, cross fitters, low-carb dieters, and yoga practitioners. The company’s commitment to health and fitness is reflected in their products, which are designed to meet the nutritional needs of their diverse clientele. QuestNutrition’s products are conveniently available online and in over 6,000 stores globally, making them accessible to customers worldwide. As of 2018, the company boasted a workforce of 500 employees, further demonstrating its growth and success in the health and fitness industry. With its broad range of high-quality, nutritious products, QuestNutrition continues to be a leading choice for individuals pursuing a healthy, active lifestyle. Whether you’re a professional athlete or a yoga enthusiast, QuestNutrition has a product tailored to your nutritional needs. Their commitment to quality and variety ensures that every customer can find a product that fits their lifestyle and dietary preferences.

• NOW Foods - NOW Foods was founded in 1968 and is headquartered in Illinois, U.S. It is a family-owned company and offers over 100 product lines including herbs, natural food, vitamins, minerals, and natural personal care goods. The company operates through six business segments, namely supplements, beauty & health, essential oils, sports nutrition, natural foods, and pet health. Its sports nutrition segment is responsible for the production and distribution of protein powders for additional as well as sports nutrition segments. As of 2017, the company had seven manufacturing & distribution facilities spread across the U.S. and Canada. Currently, the company has an employee count of more than 1000, and operates in more than 70 countries including Austria, Bahamas, China, France, the UK, Brazil, Ghana, Israel, and Italy.

• The Nature's Bounty Co - The Nature’s Bounty Co., established in 1971 and based in New York, U.S., specializes in the manufacture, marketing, and distribution of nutritional supplements. The company operates through three main segments: Consumer Products Group, Holland & Barrett International, and Direct to Customer (DTC). Previously owned by the Carlyle Group, it was acquired by U.S.-based global investment firm Kohlberg Kravis Roberts & Co. L.P in 2017. The Nature’s Bounty Co. boasts a diverse product portfolio of over 16,000 items, including minerals, vitamins, herbs, supplements, active nutrition, and sports nutrition products. It offers protein powders under the brands MET-Rx, Body Fortress, and Pure Protein, catering to the sports nutrition market. The company also maintains a strong market presence through brands such as Holland & Barrett, Sundown Naturals, Solgar, Osteo Bi-Flex, Balance Bar, and Puritan’s Pride.

• MusclePharm - MusclePharm, founded in 2006 and based in Colorado, U.S., is a leading manufacturer and distributor of nutritional supplements. Their product range includes protein powders, protein gels, and protein bars. As of December 31, 2017, the company had a workforce of 56 employees. MusclePharm offers its products under various brand names such as Sports Series, Core Series, Black Series, Fitmiss Women, and Natural Series. The company’s protein supplements are specially designed for bodybuilding, daily support, energy, stimulant-free energy, pre-workout, post-workout, protein, multivitamin, thermogenic, fat burner, and weight loss product categories. This wide range of products caters to the diverse needs of fitness enthusiasts and athletes.

• Abbott - Abbott, established in 1888 and headquartered in Illinois, U.S., is a pioneer in the creation of innovative products in medical devices, diagnostics, human nutrition, and branded generic pharmaceuticals. The company operates through six key segments: nutrition, diagnostics, vascular care, vision, diabetes care, and pharmaceuticals. Abbott offers its products under various brand names including Similac, PediaSure, Pedialyte, EleCare, ZONEperfect, EAS Sports Nutrition, Ensure, FreeStyle, and Glucerna. Notably, it manufactures protein powders under the EAS Sports Nutrition brand. As of 2018, Abbott had a significant global presence in over 150 countries, including China, India, Malaysia, Japan, France, Germany, the UK, Canada, the U.S., Brazil, and Australia. The company’s workforce comprised of more than 94,000 employees, reflecting its large scale and reach.

• CytoSport, Inc - CytoSport, Inc., a California-based company established in 1997, specializes in the creation and production of sports nutrition products and functional beverages. Their product line includes protein powders marketed under the brands MUSCLE MILK, MONSTER MILK, and CYTOMAX. These products are designed to meet the needs of a diverse range of consumers, from elite athletes to those leading active lifestyles. The company’s offerings are formulated to support workout recovery, provide sustained energy, and promote lean muscle growth. By focusing on these areas, CytoSport aims to enhance the performance and overall health of its customers. As of 2018, Hormel Foods, the parent company of CytoSport, employed 20,000 people. This large workforce reflects the company’s significant presence in the food and beverage industry. CytoSport, Inc. is a leader in the sports nutrition field, offering a variety of products designed to improve physical performance and health. Their commitment to quality and innovation has made them a preferred choice for consumers seeking to enhance their athletic performance and overall well-being.

• IOVATE Health Sciences International, Inc. - IOVATE Health Sciences International, Inc., founded in 1995 and based in Ontario, Canada, is a leading developer, manufacturer, and marketer of active nutrients and weight management supplements. Their product portfolio includes creatine supplements, protein bars and powders, thermogenics, amino acids, weight loss products, and post-workout & pre-workout supplements, as well as meal replacement products. In December 2014, IOVATE launched a new line of plant-based products under the brand Nature’s Food. These supplements are made with premium ingredients and are free from preservatives, gluten, soy, dairy, lactose, artificial sweeteners, and artificial flavors, catering to the growing demand for clean and natural supplements. Additionally, the company produces protein supplements under the brands Pro Nutrition and Purely Inspired. Through these diverse offerings, IOVATE continues to meet the evolving needs of health-conscious consumers worldwide. Their commitment to quality and innovation has positioned them as a trusted name in the health and wellness industry.  

• Transparent Labs - Transparent Labs is a company that specializes in the production and distribution of protein supplements. Their product range is diverse, encompassing multiple categories such as pre-series, pre-workouts, protein series, intra & strength, fat burners, and raw series. This wide array of products allows them to cater to a variety of nutritional needs and fitness goals. Whether you’re looking to build muscle, increase strength, burn fat, or enhance your workout performance, Transparent Labs offers a product to support your journey. Their commitment to transparency and quality has made them a trusted name in the supplement industry. 

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Plant Based Protein Supplements Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Plant Based Protein Supplements Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.