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Plant-based Protein Supplements Market Worth $9.57 Billion by 2027, Growing at a CAGR of 7.8% From 2020- Exclusive Report by Meticulous Research®

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News provided by

Meticulous Market Research Pvt. Ltd

13 May, 2021, 12:30 GMT

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REDDING, Calif., May 13, 2021 /PRNewswire/ -- According to a new market research report "Plant-Based Protein Supplements Market by Type (Soy Protein, Rice Protein), Form (Powder, RTD), Application (Sports Nutrition, Additional Nutrition), and Distribution Channel (Hypermarket/Supermarket, E-Commerce, Pharmacies) - Global Forecast To 2027", published by Meticulous Research®, the plant-based protein supplements market is expected to reach $9.57 billion by 2027, at a CAGR of 7.8% during the forecast period of 2020 to 2027.

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5143

The retail sales of plant-based food and beverage products have significantly outpaced overall grocery sales in recent years. The growing market for plant-based foods, along with the rising demand for protein supplements, has caused a surge in demand for plant-based protein supplements. Plant-based proteins are essential macronutrients that help maintain muscle and bone health and strengthen the immune system. The growth of the overall plant-based protein supplements market is mainly attributed to the consumers' rising interest in plant-based nutrition, a positive outlook towards the sports and health nutrition industries, increasing inclination towards the vegan diet, and increasing demand for personalized nutrition. Moreover, emerging economies in Asia-Pacific, Latin America, and the Middle East & Africa and the increased new product launches of plant-based protein supplements are expected to create growth opportunities for this market. However, the preference for whey-based protein supplements and the growing preference for soy- and gluten-free products are factors expected to hinder the growth of this market.

The global plant-based protein supplements market study is segmented based on type, form, application, distribution channel, and geography.

Based on type, the plant-based protein supplements market is segmented into soy protein, rice protein, pea protein, spirulina protein, pumpkin seed protein, hemp protein, wheat protein, and other plant-based protein supplements. In 2020, the soy protein segment accounted for the largest share of the overall plant-based protein supplements market. The leading position of this segment is mainly attributed to the easy availability of raw material, the cost-effectiveness of soy protein compared to other sources of protein, superior nutritional value than other sources, and the higher consumer acceptance level.

Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5143

However, the pea protein segment is expected to grow at the highest CAGR during the forecast period, which can be attributed to the growing demand for sustainable and tasty alternatives to animal-based proteins and the increasing investments by leading manufacturers in the plant-based protein supplements space.

Based on form, the plant-based protein supplements market is segmented into protein powders, ready-to-drink protein beverages, protein bars, and other forms. In 2020, the protein powders segment accounted for the largest share of the overall plant-based protein supplements market. The leading position of this segment is mainly attributed to the protein powders' easy handling & transport, cost-effectiveness, ability to prevent costly formulation mistakes, and ability to maintain ingredient stability. However, the ready-to-drink protein beverages segment is expected to grow at the highest CAGR during the forecast period due to the growing popularity of convenient, ready-to-drink beverages.

Based on application, the plant-based protein supplements market is segmented into sports nutrition and additional nutrition. In 2020, the sports nutrition segment accounted for the largest share of the overall plant-based protein supplements market. The large share of this segment is mainly attributed to the increased new product development, the increasing number of youngsters choosing careers in sports, and an immense rise in the number and frequency of national and international sports events. This segment is also expected to grow at the highest CAGR during the forecast period due to increasing consciousness regarding the benefits of a balanced and nutrient-rich diet for sportspersons, mainly for muscle development, protection against diseases, eliminating dietary deficiencies, and promoting proper growth and development.

Quick Buy – Plant-based Protein Supplements Market Research Report: https://www.meticulousresearch.com/Checkout/81592280 

Based on distribution channel, the plant-based protein supplements market is segmented into modern groceries, natural and specialty retail, online retail, health food stores, pharmacies and drug stores, convenience stores, and other distribution channels. In 2020, the modern groceries segment accounted for the largest share of the overall plant-based protein supplements market. The large share of this segment is mainly attributed to the proliferation of supermarkets and hypermarkets, the modern groceries' focus on leveraging the buyers' need for comfort and an easy shopping experience, and increasing consumer preference for shopping from such outlets.

However, the online retail segment is expected to grow at the highest CAGR during the forecast period. Online sales of plant-based protein supplements are growing faster than offline distribution channels as online channels allow customers to purchase products anytime and from anywhere and offer the convenience of doorstep delivery, lower prices than stores, a better product selection experience, and easier price comparison.

Based on geography, the global plant-based protein supplements market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the global plant-based protein supplements market. North America's prominent position in the plant-based protein supplements market is primarily attributed to the higher adoption of nutritional supplements by consumers in this region, higher health consciousness and living standards, the well-established nutraceuticals and functional foods industries, the large number of established gyms and sports clubs, higher focus on healthy living, and the rising 'clean-label trend in the region boosting the demand for plant-based products. However, among other regional markets, Asia-Pacific is projected to exhibit robust growth during the forecast period due to the rising awareness regarding the importance of a healthy diet, growing urbanization and incomes, the people's increasing participation in sports & recreational activities, and the rising number of fitness centres and sports clubs in the region.

The global plant-based protein supplements market is very fragmented, with a large number of small companies and start-ups. These players have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by most companies in the global plant-based protein supplements market were new product launches and agreements, partnerships, and collaborations. The key players operating in the global plant-based protein supplements market are Glanbia plc. (Ireland), Now Health Group, Inc. (U.S.), Nutiva Inc. (U.S.), The Simply Good Foods Co. (U.S.), Iovate Health Sciences International Inc. (Canada), MusclePharm Corporation (U.S.), Kerry Group Plc (Ireland), CytoSport, Inc. (U.S.), The Nature's Bounty Co. (U.S.), Reliance Vitamin Company, Inc. (U.S.), Herbalife Nutrition, Inc. (U.S.), Danone SA (France), General Nutrition Centers (GNC) Holdings, Inc. (U.S.), Orgain Inc. (U.S.), and True Nutrition (U.S.) among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/plant-based-protein-supplements-market-5143

Scope of the report

Plant-based Protein Supplements Market, by Type

  • Soy protein
  • Rice protein
  • Pea protein
  • Spirulina protein
  • Pumpkin seed protein
  • Hemp Protein
  • Wheat Protein
  • Others

Plant-based Protein Supplements Market, by Form

  • Protein Powder
  • Ready to Drink
  • Protein Bars
  • Others

Plant-based Protein Supplements Market, by Application

  • Sport Nutrition
  • Additional Nutrition

Plant-based Protein Supplements Market, by Distribution Channel

  • Modern Groceries
  • Natural and Specialty Retail
  • Online Retail
  • Health Food Store
  • Pharmacies and Drug Store
  • Convenience Store
  • Others

Plant-based Protein Supplements Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • RoE
  • Asia-Pacific (APAC)
    • China
    • Japan
    • India
    • RoAPAC
  • Latin America
  • Middle East and Africa

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5143

Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research

Related Reports

Plant Based Food Market by Product Type (Dairy Alternatives, Meat Substitute, Plant-Based Eggs, Confectionery), Source (Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) - Global Forecast to 2027

https://www.meticulousresearch.com/product/plant-based-food-products-market-5108

Alternative Protein Market by Stage/Type (Emerging Alternative Protein, Adolescent Alternative Protein, Matured Alternative Protein), Application (Plant-Based Products, Insect-Based Products, Microbial Products) - Global Forecast to 2027

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Plant-based Protein Market by Type (Soy Protein, Wheat Protein, Pea Protein, Potato Protein, Rice Protein, Corn Protein), Crop Type (GMO), Source Process (Organic), Application (Food and Beverages, Animal Feed, Nutritional Supplements) - Forecast to 2027

https://www.meticulousresearch.com/product/plant-based-protein-market-5031

Meat Substitute Market by Product Type (Tofu, TVP, Burger Patties, Sausages, Meatballs, Nuggets), Source (Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) - Global Forecast To 2027

https://www.meticulousresearch.com/product/meat-substitute-market-4969

Dairy Alternatives Market by Product Type (Plant Milk, Cheese, Yogurt, Butter, Ice Cream), Source (Almond Protein, Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) - Global Forecast To 2027

https://www.meticulousresearch.com/product/dairy-alternatives-market-5128

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Contact:

Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding, 
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com  
Visit Our Website: https://www.meticulousresearch.com/ 
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research 
Content Source: https://www.meticulousresearch.com/pressrelease/233/plant-based-protein-supplements-market-2027 

Logo: https://mma.prnewswire.com/media/1213534/Meticulous_Research_Logo.jpg

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