REDDING, Calif., May 13, 2021 /PRNewswire/ -- According to a new market research report "Plant-Based Protein Supplements Marketby 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.
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.
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.
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.
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