Plant-based Protein Supplements Market Size

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.

Industry

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

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.