June 25, 2024

Plant-based Protein Supplements Market Share, Report by 2033

The global plant-based protein supplements market size accounted for  USD 2.69 billion in 2023 and is predicted to grow around USD 6.04 billion by 2033, growing at a CAGR of 8.42% from 2024 to 2033.

Key Points

  • The North America plant-based protein supplements market size accounted for USD 1.24 billion in 2023 and is expected to attain around USD 2.81 billion by 2033, poised to grow at a CAGR of 8.52% between 2024 and 2033.
  • North America dominated the market with the largest revenue share of 46% in 2023.
  • Asia Pacific is projected to grow at the highest CAGR of 9.63% during the forecast period of 2024-2033.
  • By raw material, the soy protein segment has held a major revenue share of 28% in 2023.
  • By raw material, the pea protein segment is expected to grow at the fastest CAGR of 9.12% during the forecast period.
  • By product, the protein powder segment dominated the market in 2023.
  • By product, the protein bars segment is expected to expand at a solid CAGR of 9.21% during the forecast period.
  • By distribution channel, the online stores segment dominated the market in 2023.
  • By distribution channel, the supermarkets/hypermarkets segment is expected to grow rapidly in the forecast period.
  • By application, the functional foods segment has held the largest revenue share of 53% in 2023.
  • By application, the sports nutrition segment is expected to grow rapidly in the market during the forecast period.

Plant-Based Protein Supplements Market Size 2024 to 2033

The plant-based protein supplements market has experienced significant growth in recent years, driven by the rising consumer awareness regarding health and sustainability. Plant-based protein supplements offer an alternative to animal-based proteins, catering to the growing demand from vegan, vegetarian, and flexitarian consumers. These supplements are derived from sources such as soy, pea, rice, hemp, and others, providing essential amino acids required for muscle building and overall health.

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Growth Factors

Several factors contribute to the growth of the plant-based protein supplements market. One key factor is the increasing adoption of vegan and vegetarian diets globally, driven by concerns related to animal welfare, environmental sustainability, and personal health. Additionally, the growing fitness and wellness trend, coupled with the rising incidence of lifestyle-related diseases, has spurred demand for plant-based protein supplements among health-conscious consumers.

Region Insights

The plant-based protein supplements market exhibits regional variations driven by cultural preferences, dietary habits, and socio-economic factors. North America and Europe dominate the market due to the high prevalence of vegan and vegetarian lifestyles, coupled with strong consumer awareness regarding health and sustainability. In Asia-Pacific, particularly in countries like China and India, the market is witnessing rapid growth fueled by increasing disposable incomes, urbanization, and a shift towards healthier lifestyles.

Plant-based Protein Supplements Market Scope

Report Coverage Details
Plant-based Protein Supplements Market Size in 2023 USD 2.69 Billion
Plant-based Protein Supplements Market Size in 2024 USD 2.92 Billion
Plant-based Protein Supplements Market Size by 2033 USD 6.04 Billion
Plant-based Protein Supplements Market Growth Rate CAGR of 8.42% from 2024 to 2033
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered Raw Material, Product, Distribution Channel, Application, and Regions
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Plant-based Protein Supplements Market Dynamics

Drivers

Several drivers propel the growth of the plant-based protein supplements market. These include the expanding retail distribution channels, such as supermarkets, health stores, and e-commerce platforms, which enhance accessibility and convenience for consumers. Moreover, endorsements by celebrities, athletes, and healthcare professionals, along with aggressive marketing campaigns promoting the benefits of plant-based diets, drive consumer acceptance and adoption of these supplements.

Opportunities

The plant-based protein supplements market presents various opportunities for manufacturers and retailers to capitalize on. Innovation in product formulation and flavor profiles, as well as the development of fortified and functional variants targeting specific health needs, can attract a wider consumer base. Furthermore, strategic partnerships with gyms, fitness centers, and wellness influencers can help expand market reach and enhance brand visibility.

Challenges

Despite the promising growth prospects, the plant-based protein supplements market faces several challenges. One significant challenge is the perception of inferior taste and texture compared to traditional animal-based protein supplements, which may deter some consumers from making the switch. Additionally, concerns regarding allergens, anti-nutrients, and the presence of heavy metals or contaminants in plant-based ingredients necessitate stringent quality control measures to ensure product safety and efficacy.

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Plant-based Protein Supplements Market Recent Developments

  • In June 2023, Synthite launched Protein, a plant-protein drink powder, and Just Plants, a plant-based dairy alternative, in JV, a food tech joint venture with the IISc (Indian Institute of Science) and a U.S.-based nutraceutical company, PMEDS.
  • In September 2023, Natural India Pvt Ltd, the parent company behind Max Protein to reshape the landscape of nutrition and fitness in India, launched 2-revolutionary products: Max Protein Plant Protein and Max Protein Whey Protein.

Plant-based Protein Supplements Market Companies

  • Abbott Laboratories
  • AMCO Proteins
  • Amway
  • BENEO GmbH
  • Danone S.A.
  • Glanbia plc
  • IOVATE Health Sciences International, Inc.
  • Muscle Pharm Corporation
  • NOW Foods
  • Quest Nutrition
  • Roquette Freres
  • Sakara Life, In
  • The Bountiful Company
  • Transparent Labs
  • Tiba Starch and Glucose Manufacturing Company
  • WOODBOLT DISTRIBUTION LLC

Segments Covered in the Report

By Raw Material

  • Soy
  • Spirulina
  • Pumpkin Seed
  • Wheat
  • Hemp
  • Rice
  • Pea
  • Others

By Product 

  • Protein Powder
  • Protein Bars
  • Ready-to-drink
  • Others

By Distribution Channel

  • Supermarkets or Hypermarkets
  • Online Stores
  • DTC
  • Others

By Application

  • Sports Nutrition
  • Functional Food

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

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