Redding, California, March 18, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Plant Based Protein Supplements Market by Type (Soy Protein, Rice Protein), Form (Powder, RTD), Application (Sport Nutrition, Additional Nutrition), and Distribution Channel (Hypermarket/Supermarket, E-Commerce, Pharmacies) – Global Forecast to 2027”, published by Meticulous Research®, the plant-based protein supplements market is expected to grow at a CAGR of 7.8% from 2020 to 2027 to reach $9.57 billion by 2027.
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Alongside the growing risk profile of livestock production, many well-established animal-based product companies are feeling increasingly under attack from civil society groups and new food business players that market their plant ingredient-based products as more ethical and sustainable sources of protein. Across society over the last few years, there’s been a real shift and growth in the consumer awareness of plant-based nutrition. According to the Food and Health Survey of American consumers from the International Food Information Council Foundation, more than 70% participants said they perceived protein from plant sources as healthy in 2019. This protein diversification has the potential to transform the food company’s principal business and value proposition due to its growth, profitability, risk exposure, and ability to compete and innovate.
Impact of COVID-19 on the Plant Based Protein Supplements Market in Key Regions
As the world fears coronavirus, a need for traditional protein supplement options is growing rapidly. North America is projected to account for the largest share of the plant-based protein supplements market over the coming years. The North American region is witnessing favorable outcomes of COVID-19 for the plant-based protein industry, especially the U.S. The coronavirus pandemic has resulted in a sudden increase in the sale of plant-based substitutes in the U.S. Also, retail chains have prolonged shelf and storage space for plant-based protein supplements to cater the growing demand. Further, the current outbreak of COVID-19 and its negative associations with animal-based food will boost the European plant based protein supplements market. Numerous countries in the European region have witnessed the worst outcomes of COVID in initial quarters of 2020. As a result, there is an increasing trend of veganism in Europe, which has pushed the growth of the plant based protein supplements market in the region.
In Asia-Pacific, the demand for plant-based protein supplements is surging as suspicion over possible links between wild animal meat and the new coronavirus drives some consumers, particularly in China, to rethink diets. China is set to drive the industry’s growth, and the on-going coronavirus and other public health fears could serve as catalysts. Vegan and vegetarian alternatives have started gaining increasing customer base in the country. Even before the outbreak, China was already facing protein shortages due to the spread of African swine fever and its impact on pork supplies. As a result, the country is viewed as a major growth market for plant based protein supplement producers in the recent years.
Key questions answered in the report-
- What is the current value of revenue generated by plant-based protein supplements across the globe?
- At what rate the demand for global plant-based protein supplements is projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for plant-based protein supplements across the globe?
- What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing market players and new entrants in the market?
- What impact does the current COVID-19 pandemic have on the plant-based protein supplements market at various levels in the value chain?
- Which segments in terms of the type, form, application, and distribution channel are creating the major traction for the vendors in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the vendors operating in the plant-based protein supplements market?
- Who are the major players in the plant-based protein supplements market? And also, what are their specific product offering in the sports nutrition and additional nutrition industry?
- What recent developments have taken place in the plant-based protein supplements market, and how these strategic developments are creating a global impact in this market?
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Key Findings in the Plant Based Protein Supplements Market Study
The overall plant- based protein supplements market is segmented on the basis of type, form, application, distribution channel, and geography. The study also evaluates industry competitors and analyses the market at a country level
Based on type, the plant-based protein supplements market is segmented into soy protein, rice protein, pea protein, spirulina protein, pumpkin seed protein, hemp protein, wheat protein, and others. Among these, the soy protein segment held the major share of the overall plant-based protein supplements market in 2020, and this segment is also projected to continue its dominance during the forecast period. However, the pea protein segment is expected to grow at the fastest CAGR during the forecast period, supported by the growing demand for pea protein supplements globally with its growing popularity among the vegetarian and vegan population; nutritional qualities; and allergen-free, gluten-free, and lactose-free properties.
Based on the form, the global plant-based protein supplements market is segmented into protein powder, ready to drink, protein bars, and others. The powder protein segment accounted for the largest share of the overall plant-based protein supplements market in 2020, mainly due to their higher demand with ease in handling & transport, cost effectiveness, ability to avoid costly formulation mistakes, and competence to maintain the stability of the ingredient. However, the ready-to-drink segment is expected to grow at the fastest CAGR during the forecast period due to its growing popularity of convenience and ready-to-drink beverages.
Based on the application, the overall plant based protein supplements market is segmented into sport nutrition and additional nutrition. The sport nutrition segment is estimated to account for the largest share of the overall plant based protein supplements market in 2020. The large share of this segment is mainly attributed to increased new product development for sports participants, increasing number of youngsters choosing a career in sports, and immense rise in national and international sports events. This segment is also expected to grow at the fastest CAGR during the forecast period due to increasing consciousness regarding the benefits of a balanced and nutrient-rich diet in miniating the muscle tone and stamina required in athletes.
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Based on the distribution channel, the overall plant-based protein supplements market is mainly segmented into modern groceries; natural and specialty retail; online retail; health food store; pharmacies and drug store; convenience store; and others. The modern groceries segment held the largest share of the overall plant-based protein supplements market in 2020. However, the online retail segment is expected to grow at the fastest CAGR during the forecast period.
Geographically, North America commanded the largest share of the global plant-based protein supplements market in 2020. The leading share of this region in the global plant-based protein supplements market is primarily attributed to the high demand for nutritional supplements from the consumers with higher health awareness, higher focus on healthy lifestyle, well established nutraceutical and functional food industry, highly established gyms and sport clubs, and growing health & wellness and clean label trends. However, the Asia-Pacific plant-based protein supplements market is developing and growing at a significant pace. The rapid growth of this region is mainly attributed to the increasing awareness about the protein supplementation; improvement in the standard of living in developing countries, such as China and India; rising number of fitness centers and sports clubs; large base of the vegetarian population; and rapidly growing population and urbanization with rising disposable income.
Furthermore, players in the plant based protein supplements market are constantly inventing and launching new items in the market to meet precise requirements and taste inclinations of consumers across different age groups. Across the food value chain, many companies are looking to generate growth through innovation and product development in plant-based protein supplements sector with the help of both, their legacy brands and new product offerings. Some of the new plant-based protein supplement launches in the recent years are as follows:
- In September, 2020, Chester start-up, Protein Rebel, launched three new powders: Reload, a cricket and plant-based high protein powder intended for building and repairing muscle mass; Recover, a high protein and high carbohydrate vegan sports nutrition powder for post-workout recovery; and Replace, a vegan meal and snack replacement protein powder for slimming down and toning up.
- In July, 2020, PlantFusion launched INSPIRE FOR WOMEN, a plant-based protein supplement to support hormonal balance, energy, and metabolism among women.
- In July 2020, Reliance Vitamin Company, Inc. launched a new product, Protein and Greens, in chocolate and vanilla flavor.
Likewise, many food innovators are exploring new formulations to impact the existing protein supplements supply chain, showcasing the opportunity for vendors in plant-based protein supplements market.
Some of the major players operating in the overall plant based protein supplements market are Glanbia plc. (Ireland), Now Health Group, Inc. (U.S.), Nutiva Inc (U.S.), The Simply Good Food Co (U.S.), Iovate Health Sciences International Inc. (Canada), MusclePharm Corporation (U.S.), Kerry Group Plc (Ireland), CytoSport, Inc. (U.S.), The Nature's Bounty Co. (U.S.), Reliance Vitamin Company, Inc. (U.S.), Herbalife Nutrition, Inc. (U.S.), Danone SA (France), General Nutrition Centers (GNC) Holdings, Inc. (U.S.), Orgain Inc. (U.S.), and True Nutrition (U.S.) among others.
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Scope of the report:
Plant Based Protein Supplements Market, by Type
- Soy protein
- Rice protein
- Pea protein
- Spirulina protein
- Pumpkin seed protein
- Hemp Protein
- Wheat Protein
- Others
Plant Based Protein Supplements Market, by Form
- Protein Powder
- Ready to Drink
- Protein Bars
- Others
Plant Based Protein Supplements Market, by Application
- Sport Nutrition
- Additional Nutrition
Plant Based Protein Supplements Market, by Distribution Channel
- Modern Groceries
- Natural and Specialty Retail
- Online Retail
- Health Food Store
- Pharmacies and Drug Store
- Convenience Store
- Others
Plant Based Protein Supplements Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- RoE
- Asia-Pacific (APAC)
- China
- Japan
- India
- RoAPAC
- Latin America
- Middle East and Africa
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