The global plant-based protein supplements market size surpassed USD 2.69 billion in 2023 and is projected to cross 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.
The plant-based protein supplements market has experienced substantial growth in recent years. These supplements, derived from sources such as soy, pea, hemp, and rice, provide an alternative to animal-based proteins. They cater to a growing segment of health-conscious consumers, including vegetarians, vegans, and those with lactose intolerance or dietary restrictions. The market includes protein powders, bars, ready-to-drink shakes, and other fortified products, which are available through various retail channels such as supermarkets, health stores, and online platforms.
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Growth Factors
Several factors are driving the growth of the plant-based protein supplements market. One major factor is the increasing awareness of health and wellness, prompting consumers to seek out products that support their dietary preferences and nutritional needs. Additionally, rising concerns about animal welfare and environmental sustainability are leading consumers to choose plant-based alternatives. The growing prevalence of lifestyle-related diseases, such as obesity and diabetes, is also encouraging the adoption of healthier diets that include plant-based proteins.
Region Insights
The plant-based protein supplements market exhibits varying trends across different regions. North America holds a significant share of the market, driven by high consumer awareness and the presence of major industry players. Europe follows closely, with increasing demand for vegan and organic products. The Asia-Pacific region is expected to witness the fastest growth due to a rising middle-class population, increasing health awareness, and a shift towards plant-based diets in countries like China and India. In contrast, Latin America and the Middle East are emerging markets with growing potential as awareness and availability of plant-based products improve.
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
Key drivers of the market include the rising prevalence of veganism and vegetarianism, growing environmental consciousness, and increasing incidences of food allergies and intolerances. The desire for sustainable and cruelty-free products is propelling consumer interest in plant-based proteins. Additionally, advancements in food technology have improved the taste and texture of plant-based supplements, making them more appealing to a broader audience. Marketing strategies highlighting the health benefits and ethical aspects of plant-based proteins are also contributing to market growth.
Opportunities
There are numerous opportunities in the plant-based protein supplements market. Innovation in product development, such as creating new flavors, enhancing nutritional profiles, and incorporating additional health benefits (e.g., added vitamins, minerals, or probiotics), can attract more consumers. Expansion into emerging markets with rising health consciousness presents significant growth potential. Collaborations and partnerships with fitness centers, healthcare providers, and dieticians can also enhance market penetration and credibility. Additionally, educating consumers about the benefits of plant-based proteins through marketing campaigns can further drive market expansion.
Challenges
Despite its growth, the plant-based protein supplements market faces several challenges. One of the primary challenges is the high cost of plant-based protein supplements compared to animal-based proteins, which can limit accessibility for some consumers. Taste and texture issues, though improving, still pose a barrier for some individuals who are accustomed to traditional protein sources. Regulatory hurdles and varying standards across regions can also complicate market entry and expansion. Furthermore, intense competition from established players and new entrants in the market necessitates continuous innovation and differentiation to maintain a competitive edge.
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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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