New York: As per recent analysis by Persistence Market Research, the plant-based protein supplements market is anticipated to expand at a value CAGR of 5.6% during the forecast period of 2022 to 2032.
Veganism is a growing trend in established markets such as North America and Europe. In these areas, rising number of people are switching to vegan diets and only buying plant-based products. The emerging South Asia and Pacific market is also seeing the rising trend of plant-based diets. Plant-based protein supplements are ideal for vegans, and, as a result, growing popularity of vegan diets is expected to benefit plant-based protein supplement makers around the world.
The working population prefers meals in convenient, snackable formats that can be accommodated in their busy lifestyles and hectic work schedules. Supplements are becoming more wholesome, satisfying, and nutritious, and have become a part of everyday routines. Bowls have emerged as smart carriers for mixing and matching flavors and textures, which are provided by adding plant-based ingredients. In order to meet the daily nutritional requirements of the body, many consumers tend to opt for plant-based protein supplements, and demand products fortified with plant-based protein supplements.
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Key Takeaways from Market Study
- Value of the global plant-based protein supplements market is anticipated to reach 1.77 Bn by the end of 2032.
- Mature markets of Europe and North America dominate the worldwide plant-based protein supplements market, together accounting for a market share of more than 65% in 2022.
- In East Asia, in 2021, China held the largest market share of 77%, followed by Japan and South Korea.
- The South Asia & Pacific market is predicted to expand at the highest value CAGR of 8.6% for the forecast period, attributable to increased spending on health supplements.
- With the emergence of COVID-19, sales of plant-based consumables surged dramatically, and growing knowledge of the benefits of daily consumption of concentrated nutrients raised demand for supplement.
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“With rising awareness regarding health and nutrition, more people are opting for plant-based products, leading to an increase in the popularity of plant-based protein supplements," says a Persistence Market Research analyst.
Competitive Landscape
Companies are focusing on producing supplements based on plant proteins. Furthermore, the need for clean label additives in food products is driving an increase in the use of plant-based protein supplements in food. Supplement manufacturers are also focusing on increasing their geographical presence and reaching more customers through innovative offerings.
- MusclePharm Corporation organizes and participates in various fitness training programs as well as promotional events in and outside the U.S. in order to promote its products, and uses professional media support and advertising services to increase its reach to a larger number of consumers.
- Glanbia Plc strives to grow through organic investment programs, acquisitions, and partnerships with complementary businesses. It also has geographically diversified operations. Besides its home country Ireland, the group operates in the U.K., U.S., and other countries. Its products are sold in more than 130 countries across the world.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global plant-based protein supplements market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on product type (soy protein, wheat protein, pea protein, and others) and sales channel (hypermarkets/supermarkets, specialty stores, pharmacies & drug stores, and online retail), across six major regions of the world.
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