New Jersey, NJ, Sept. 24, 2019 (GLOBE NEWSWIRE) -- Increasing acceptance of Ready-to-Drink (RTD) product and evolution of e-commerce is expanding the consumption of protein supplements. The global plant-based protein supplements market is expected to grow from USD 12.8 Billion in 2017 to USD 23.9 Billion by 2025 at a CAGR of 8.1% during the forecast period 2018-2025, according to the new report published by Fior Markets.
The plant is one of the main sources of protein component while the rest includes animal-based protein and synthetic protein. Consumers are more inclined to take plant-based protein over animal-based protein as many consumers prefer green natural ingredients than animal-based protein which is cholesterol-rich and might cause health issues. Plant-based protein is widely used as a food supplement in the food and beverage industry. The use of wheat, soy, and other vegetables help to produce plant-based protein supplements. These supplements provide energy to animals. Plant protein ingredients are commercially used in the food and beverages products, sports nutrition products and pharmaceutical applications. They are mainly consumed by the infant age group and adult age group. However, due to the numerous benefits of plant protein ingredients nowadays, it has covered all age group, protein consumers.
Consumer preference to intake animal protein supplements has motivated the manufacturers to develop human nutrition products and it is a major factor driving the market. Also, increasing consciousness for food safety in the food and beverages sector is pushing the consumption for high-quality food service board and liquid packaging board. But, the irregular raw material cost may hamper the growth of the market. However, there is a great prospect for the application in food, beverages and dietary supplements which may boost the market in the coming years.
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Key players operating in the global plant-based protein supplements market include Archer Daniel Midland Company, Kerry Group, and Cargill Incorporated, E.I. Du Pont de Company and Omega Protein Corporation, Nemours and Company, Fonterra Co-Operative Group, Beyond Meat, Sun Brothers, LLC, Vega, AMCO Proteins, Hilmar Cheese Company, Inc., and Omega Protein Corporation, Sotexpro, Farbest Brands, Crespel & Deiters GmbH & Co. KG, Wilmar International Ltd., CHS Inc. and among others. To enhance their market position in the global Plant-Based Protein Supplements market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, in 2017, GreenSpace Brands of Toronto announced the acquisition of Galaxy Nutritional Foods Inc., owner of Go Veggie cheese alternatives, from Mill Road Capital.
Soy segment is dominating the market with the highest share of 25.60% in 2017
The raw material outlook segment is classified into soy, spirulina, pumpkin seed, hemp, rice, pea, and others. The soy segment is dominating the plant-based protein supplements market in 2017 due to the high nutritional value of soy protein which helps in dropping the cholesterol level and fighting with heart disease. It is also used in energy drinks and dietary supplement products.
Protein powder segment is anticipated to grow with the highest CAGR of 9.28% over the forecast period
Product outlook segment includes protein powder, protein bars, Ready-to-Drink (RTD) and others. Protein powder segment is anticipated to grow with the highest CAGR of 9.28% over the forecast period. Growing health concerns and an increase in demand from athletes and bodybuilding consumers has led to the growth of the segment.
Supermarket segment valued around USD 4.37 Billion in 2017
Distribution channel outlook segment is divided into segments such as supermarket, online stores, DTC and others. Supermarket segment has dominated the market in 2017. Consumers are bending more towards health and wellness and they can avail different healthy eating options at these supermarkets.
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Sports nutrition segment was valued around USD 8.60 Billion in 2017
The application outlook segment includes sports nutrition and additional nutrition. Sports nutrition segment dominated the market in 2017 due to rising preference towards healthy body and consuming nutritious products by the bodybuilders, growing demand for protein-rich diet and mounting health & wellness trend.
Regional Segment Analysis of the Plant Based Protein Supplements Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region dominated the global Plant Based Protein Supplements market with USD 4.55 Billion in 2017 where as the Asia Pacific region is growing at the highest CAGR of 9.14% over the forecast period. North America commanded the largest share in this market. The dominance is mainly credited to well recognised food and beverage industry, growing concerns over animal products and protein, mounting vegan population, rising preference for meat alternatives, increasing demand for healthy & nutritional products, and health & wellness trend. Asia Pacific is the fastest growing region as it is determined by changing consumer lifestyles resulting in the improved need for health supplements.
About the report:
The global plant based protein supplements market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), import (Kilotons), and export (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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