Pune, India, July 06, 2021 (GLOBE NEWSWIRE) -- The global plant based protein supplements market size is projected to USD 7.84 billion by 2028, exhibiting a CAGR of 5.5% during the forecast period. Potential long-term benefits of switching to plant-based diets will play a major role in fueling the adoption of plant proteins, shares Fortune Business Insights™ in its report, titled “Plant Based Protein Supplements Market, 2021-2028”. The market size stood at USD 5.11 billion in 2020.
A research study conducted by the Oxford Martin School under the University of Oxford in 2016 revealed that if the majority of the global population switched to fruit- and-vegetable-based diets by 2050, it could reduce greenhouse gas emissions by 67%.
Moreover, the world could save USD 1.5 trillion in climate-related healthcare costs. Empirical evidence supporting vegetarianism will prove instrumental in promoting the adoption of plant based protein supplements, as protein supplements are usually derived from animal-based products. This gradual shift in preference is also expected to stoke innovation among market companies, who are already developing protein supplements derived from plants.
List of Top 11 Companies Profiled in the Plant-Based Protein Supplements Market Report:
- Danone S.A. (Paris France)
- Roquette Frères (Lestrem, France)
- Kerry Group plc (Listowel, Ireland)
- BENEO GmbH (Mannheim, Germany)
- Glanbia plc (Kilkenny, Ireland)
- Iovate Health Sciences International Inc. (Ontario, Canada)
- Amway (Michigan, U.S.)
- MusclePharm Corporation (California, U.S.)
- Sakara Life, In (New York, U.S.)
- Tiba Starch & Glucose Manufacturing Company (Ash Sharqia Governorate, Egypt)
- Nuzest Life Pty Ltd. (New South Wales, Australia)
Get a Sample PDF Brochure:
COVID-19 Impact:
Rapid Shift towards Healthy Food Products to Boost Market amid COVID-19 Impact
The market has experienced substantial growth due to the demand for plant-based foods amid COVID-19 pandemic. According to a survey conducted by the Plant Based Foods Association, the U.S. retail plant-based foods sale was 35% higher than total retail food amid the panic buying period around March & April 2020. The pandemic has significantly altered consumer buying patterns, due to the shift for organic food products.
Nevertheless, the disruption in the supply chain of raw materials to produce plant based protein supplements can negatively affect the global market. In addition, the growing concerns regarding food safety and maintaining a healthy food environment to thwart the spread of coronavirus will effectively enable expansion of the global market.
Market Segments:
Based on type, the market is segmented in soy protein, pea protein, wheat protein and others. Based on distribution channel, the market is classified into supermarkets/hypermarkets, pharmacies/drugstores, specialty stores, online retail and others. Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The report also offers the following:
- Tangible insights into the major growth drivers of the market;
- Elaborative overview of the industry trends and future outlook;
- Careful assessment of the challenges facing the market; and
- Actionable research into the regional developments and competitive landscape of the market.
Browse Detailed Summary of Research Report with TOC:
Market Driver
Increasing Incidence of Diabetes Worldwide to Boost the Market
A key factor driving the plant based protein supplements market growth is the rising prevalence of diabetes across the globe. In 2019, according to the International Diabetes Foundation (IDF), 463 million people were living with diabetes, and by 2045, this number will rise to 700 million. In addition, the IDF estimates approximately 374 million people are at a heightened risk of developing type 2 diabetes. Proteins are essential in controlling and managing diabetes and plant based proteins are proving to be highly potent in performing these tasks.
For example, peanuts contain the amino acid arginine, which boosts insulin production in the body and stabilizes blood sugar levels. Similarly, almonds, according to a study published in the journal ‘Metabolism’, showed that eating one ounce of almonds before a fatty meal lowered blood sugar levels by 30% after the meal in diabetics. Thus, the wide benefits associated with proteins derived from natural foods will fuel the growth of this market.
Regional Insights
North America to Emerge as the Largest Regional Market; Asia Pacific to Register Phenomenal Growth
North America, whose market size in 2020 stood at USD 2.41 billion, is expected to dominate the plant based protein supplements market share during the forecast period. This is mainly attributable to the high awareness among consumers about the extensive environmental and health benefits of adopting a vegetarian diet regime. Similar trends will be observed in Europe, where countries such as the UK and France are swiftly pursuing vegan lifestyles.
Asia Pacific, on the other hand, is anticipated to showcase an excellent growth trajectory on account of increasing prevalence of lifestyle-related disorders, mainly diabetes and cardiovascular diseases. Besides this, rapid urbanization is making people more health-conscious and pushing them towards adopting diets consisting of fruits and vegetables and even vegan proteins.
Competitive Landscape
Key Players to Invest in Building a Diversified Product Range
Portfolio diversification is the prominent strategy being implemented by the key players in this market. Companies are bolstering this strategy with shrewd investments in niche domains, which is allowing them to broaden their presence in the market, strengthen regional position, and enhance brand value on the international scale.
Key Industry Developments:
- May 2020: Danone announces the commercial availability of its Vega One plant based protein products in China, with the Vega One Sport designed for sports enthusiasts in the country. This product contains a mix of proteins derived from different sources including pumpkin seeds, alfalfa, sunflower, and peas.
- May 2019: Canada-based Burcon NutraScience Corporation inked a joint venture agreement with an investment group to construct a facility worth CAD 65 million to produce canola protein and pea-protein in Western Canada. The plant will produce Burcon’s Peazac and Peazazz pea proteins and Nutratein, Puratein, and Supertein canola proteins.
Inquire Before Buying This Research Report:
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges amidst Pandemic
- Potential Opportunities due to this Global Crisis
- Global Plant-Based Protein Supplements Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- Soy Protein
- Pea Protein
- Wheat Protein
- Others
- By Distribution Channel
- Supermarkets/Hypermarkets
- Pharmacies/Drug Stores
- Specialty Stores
- Online Retail
- Others
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type
TOC Continued…!
Speak to Our Expert:
Have a Look at Related Research Insights:
Dairy Alternatives Market Size, Share & Industry Analysis, By Source (Soy, Almond, Coconut, Rice, Oats, and Others), Product Type (Non-dairy Milk, Butter, Cheeses, Yogurts, Ice Cream, and Others), Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail, and Others), and Regional Forecasts, 2019 – 2026
Plant-based Meal Market Size, Share & Industry Analysis, By Product Type (Plant-based Dairy, Plant-based Meat, Plant-based Milk, Others), By Distribution Channel (Offline, Online) Others and Regional Forecast, 2021-2028
Plant-based Milk Market Size, Share & Industry Analysis, By Source (Soy Milk, Coconut Milk, Rice Milk, Almond Milk, Others), By Packaging (Bottles, Carton Packaging, Pouches), By Distribution Channel (Retail Stores, Online Channels, Specialty Stores, Others) Others and Regional Forecast, 2021-2028
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Phone:
US:+1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
LinkedIn: https://www.linkedin.com/company/fortune-business-insights
Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd
Twitter: https://twitter.com/FBInsightPvtLtd