Plant-based Protein Supplements Market Size & Share, By Raw Material (Soy, Spirulina, Pumpkin Seed, Wheat, Hemp, Rice, Pea, Others), Product (Protein Powder, Protein Bars, Ready-to-drink, Others, By Distribution Channel (Supermarkets or Hypermarkets, Online Stores, DTC, Others), Application (Sports Nutrition, Functional Food), Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Plant-based Protein Supplements Market surpassed USD 2.72 Billion in 2023 and is expected to exceed USD 5.67 Billion by end of the year 2032, observing around 8.5% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 2.72 Billion
• CAGR (2024-2032): 8.5%
• Forecast Year Value (2032): USD 5.67 Billion
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

The increasing awareness among consumers regarding the health benefits of plant-based diets is a major growth driver for the plant-based protein supplements market. Many consumers are opting for plant-based protein supplements due to their perceived health benefits, such as being rich in nutrients, low in fat, and containing a high amount of fiber.

Additionally, a major contributor to the growth of the plant-based protein supplements market is the rising trend of veganism and vegetarianism. With more people adopting plant-based diets for ethical, environmental, and health reasons, the demand for plant-based protein supplements is expected to grow significantly in the coming years.

The growing availability and variety of plant-based protein supplements in the market is also driving growth in the industry. Manufacturers are increasingly launching new and innovative plant-based protein supplements to cater to the diverse preferences and needs of consumers, further fueling market growth.

Report Scope

Report Coverage	Details
Segments Covered	Raw Material, Product, Application
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Abbott Laboratories, AMCO Proteins, Amway, BENEO, Danone S.A., Glanbia plc, IOVATE Health Sciences International,, Muscle Pharm, NOW Foods, Quest Nutrition

Industry Restraints:

High prices of plant-based protein supplements compared to traditional protein sources is a major restraint for the market. Many consumers find plant-based protein supplements to be more expensive, which can deter them from making a purchase. This price disparity can limit the growth potential of the plant-based protein supplements market.

Another restraint for the plant-based protein supplements market is the taste and texture issues associated with some products. Some plant-based protein supplements may have a gritty or chalky texture, which can be unappealing to consumers. Similarly, the taste of certain plant-based protein supplements may not be as palatable as traditional protein sources, leading to consumer dissatisfaction and reluctance to continue using these products.

Regional Forecast:

North America:

The plant-based protein supplements market in North America is experiencing significant growth, driven by increasing consumer awareness of the benefits of plant-based diets and the growing demand for nutritional products. In the United States, there is a rising trend towards plant-based eating, with more people looking for sustainable and cruelty-free protein sources. In Canada, the market is also seeing growth as consumers become more health-conscious and seek out plant-based alternatives to traditional animal-derived proteins.

Asia Pacific:

In Asia Pacific, countries like China, Japan, and South Korea are witnessing a surge in the plant-based protein supplements market. In China, the growing middle class population is driving demand for healthy and environmentally friendly food options, leading to increased consumption of plant-based protein supplements. Japan has a long-standing tradition of plant-based eating, with tofu and soy products being popular sources of protein. South Korea is also seeing a growing interest in plant-based diets, as consumers look for alternatives to meat and dairy products.

Europe:

In Europe, countries like the United Kingdom, Germany, and France are embracing plant-based protein supplements as part of a broader shift towards sustainable and healthier lifestyles. In the UK, the market is being driven by a rise in veganism and vegetarianism, as well as an increasing awareness of the environmental impact of animal agriculture. Germany has a strong tradition of plant-based eating, with a wide range of plant-based protein supplements available in the market. France, known for its culinary expertise, is also seeing a growing demand for plant-based protein products as consumers seek out healthier and more sustainable options.

Segmentation Analysis:

In terms of segmentation, the global Plant-based Protein Supplements market is analyzed on the basis of Raw Material, Product, Application.

Raw Material:

Soy: The soy segment is expected to dominate the plant-based protein supplements market due to the high protein content and various health benefits associated with soy protein.

Spirulina: The spirulina segment is projected to witness significant growth owing to the increasing awareness about the health benefits of spirulina protein supplements.

Pumpkin Seed: The pumpkin seed segment is anticipated to register a steady growth rate, fueled by the rising demand for plant-based protein supplements derived from natural sources.

Wheat: The wheat segment is expected to show moderate growth, driven by the popularity of wheat protein among consumers looking for gluten-free alternatives.

Hemp: The hemp segment is projected to experience robust growth, attributed to the increasing adoption of hemp protein supplements in the sports nutrition and functional food industry.

Rice: The rice segment is likely to witness steady growth, supported by the growing preference for rice protein among consumers with dietary restrictions.

Pea: The pea segment is forecasted to show strong growth, driven by the rising demand for pea protein supplements in the vegan and vegetarian population.

Others: The other raw material segment is expected to witness varied growth rates, depending on the popularity and availability of alternative plant-based protein sources.

Product:

Protein Powder: The protein powder segment is anticipated to dominate the plant-based protein supplements market, owing to the convenience and versatility of protein powders in various applications.

Protein Bars: The protein bars segment is projected to witness steady growth, driven by the growing demand for on-the-go protein snacks among health-conscious consumers.

Ready-to-drink: The ready-to-drink segment is expected to show strong growth, fueled by the increasing popularity of convenient and easy-to-consume protein beverages.

Others: The other product segment is likely to witness diverse growth rates, depending on the innovation and differentiation strategies implemented by manufacturers in the plant-based protein supplements market.

Distribution Channel:

Supermarkets or Hypermarkets: The supermarkets or hypermarkets segment is expected to dominate the distribution channel landscape, owing to the wide availability and accessibility of plant-based protein supplements in traditional retail outlets.

Online Stores: The online stores segment is projected to witness rapid growth, driven by the increasing trend of online shopping and the convenience of purchasing plant-based protein supplements online.

DTC: The direct-to-consumer (DTC) segment is anticipated to show strong growth, supported by the direct engagement and relationship-building strategies adopted by brands in the plant-based protein supplements market.

Others: The other distribution channel segment is likely to witness varied growth rates, depending on the market penetration and distribution network of specialized retailers and health stores.

Application:

Sports Nutrition: The sports nutrition segment is expected to dominate the application landscape, driven by the high demand for plant-based protein supplements among athletes and fitness enthusiasts.

Functional Food: The functional food segment is projected to witness significant growth, attributed to the rising awareness about the health benefits of incorporating plant-based protein supplements into everyday diets.

Competitive Landscape:

The competitive landscape in the Plant-based Protein Supplements Market is characterized by a diverse array of companies leveraging various plant sources such as peas, rice, hemp, and soy to cater to the increasing consumer demand for vegan and sustainable protein options. Key players are focusing on innovation in product formulation, enhancing flavor profiles, and improving nutritional value to attract health-conscious consumers. The market is witnessing a trend towards clean labeling, with brands emphasizing natural ingredients and minimal processing. Partnerships, acquisitions, and investments in research and development are common strategies employed by companies to strengthen their market presence and expand their product portfolios. Furthermore, the rise of e-commerce and shifting consumer preferences towards online shopping have significantly reshaped distribution channels, compelling companies to enhance their digital marketing strategies.

Top Market Players

- Beyond Meat

- Impossible Foods

- Garden of Life

- Orgain

- Pea Protein Co.

- Sunwarrior

- Vega

- Nutiva

- Myprotein

- Aloha