London, Nov. 05, 2020 (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”, 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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Nowadays, plant-based eating has become an ordinary movement. In recent years, retail sales of plant-based food and beverages significantly outpaced overall grocery sales worldwide. The growing plant-based sector overlaps with the protein trend and causes a surge in demand for plant-based protein supplements. Plant-based protein is an essential macronutrient that helps maintain muscle and bone mass and supports the immune system. The consumers' shift towards plant-based supplementation mainly attributed to the aspiration for variety in food and beverage consumption, growing vegan population, and increasing ethical awareness, which ties into the broader consumer lifestyle drift towards cleaner living. These factors further fuelling the need to incorporate new products – such as spirulina protein supplements, pea protein supplements, rice protein supplements, and hemp protein supplements. Inherently, these plant-based options are expected to adapt easily and maybe more familiar and less threatening to mainstream consumers.
The plant-based protein supplements market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on type, form, application, distribution channel, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Impact of COVID-19 on the Plant-based Protein Supplements Market
The coronavirus outbreak has led to massive disruptions in travel, manufacturing, services, healthcare, and supply chains that have caused havoc on the global financial markets. In the health and wellness sector, the COVID-19 crisis causes people to re-evaluate their diets or eating habits because it has underlined the link between food and health. The plant-based protein supplements market is expected to witness consistent growth following the outbreak of COVID-19. Contrasting the FMCG industry, which has threatened the demand and sales challenges during the pandemic, the plant-based protein supplements market is expected to witness consistent growth following the outbreak of COVID-19.
Key findings in the plant-based protein supplements market Study:
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. The soy protein segment is estimated to account for the largest share of the overall plant-based protein supplements market in 2020. This segment's leading position is mainly attributed to the easy availability of raw material, cost-effectiveness compared to other sources of protein supplements, superior nutritional value than other sources, and higher consumer acceptance level. However, the pea protein segment is expected to grow at the fastest CAGR during the forecast period.
Based on form, the plant-based protein supplements market is segmented into protein powder, ready to drink, protein bars, and others. The powder protein segment is estimated to account for the largest share of the overall plant-based protein supplements market in 2020 and is also projected to continue its dominance during the analysis period. This segment's dominating position is attributed to the factors like easy handling of this form during use & transport, cost-effectiveness, ability to avoid costly formulation mistakes, and higher stability of the powder form ingredients. However, the ready-to-drink segment is expected to grow at the fastest CAGR during the forecast period.
The plant-based protein supplements market is majorly classified into sports nutrition and additional nutrition based on the application. The wide availability of innovative sport nutrition supplements, and their rising demand from the growing number of youngsters & adults engaged in sports activities, and immense rise in national and international sports events are the key factors accredited to the major share of the sports nutrition segment.
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Based on distribution channel, the 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 grocery segment is estimated to hold the major share of the overall plant-based protein supplements market in 2020. This segment's large share is mainly attributed to the huge base of supermarkets and hypermarkets and increasing consumer preference for shopping from such outlets.
Geographically, North America is estimated to account for the largest share of the global plant-based protein supplements market in 2020. The prominent position of North America in the plant-based protein supplements market is primarily attributed to the high demand for nutritional supplements from the consumers with higher health awareness, a higher focus on healthy lifestyle due to hectic and busier lifestyles, well-established nutraceutical and functional food industry; highly established gyms and sports clubs, and growing health & wellness and clean-label trends. However, the Asia-Pacific plant-based protein supplements market is developing and expanding at a significant pace with the increasing number of population indulging in recreational activities, rising living standard in developing countries, such as China and India, rising number of fitness centers and sports clubs, a huge base of vegetarian population, and rising awareness on protein need of body with growing urbanization and rising disposable income.
The key players operating in the global 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
Plan-based Protein Supplements Market, by Form
- Protein Powder
- Ready-to-Drink
- Protein Bars
- Others
Plant-based Protein Supplements Market, by Application
- Sports 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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