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The global plant based protein supplements market size was valued at USD 4.16 Billion in 2017 and is projected to reach USD 7.38 Billion by the end of 2025, exhibiting a CAGR of 7.46% in the forecast period.
A major factor driving the global plant based protein supplements market is the robust trend of vegan dietary patterns that have established strong roots in the developed markets of the west. The dairy alternative, meat alternatives, sports nutrition, and snacks categories are rapidly evolving with the incorporation of different sources of plant proteins, the label claims for which are embraced and acknowledged as naturally-healthy.
The emergence of soy, pea, lentil, and ancient grains have made the dietary supplements space more vibrant and interesting. Consumers are increasingly demanding sustainable innovation in supplements sector, and plant-proteins are well-positioned to address this dynamic demand.
Superior nutrition, premiumized offerings, and sustainability of plant based protein supplements are some of the major factors offering lucrative growth opportunities for the overall plant based protein supplements market growth. The sensory parameter, i.e. the flavor profiles of plant based proteins is the area where some serious improvements are required to increase the palatability and acceptability of finished products.
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"Soy Protein – A Dominating Category within Plant based protein Supplements and Novel Sources Are Expected to Grow Faster During the Forecast Period"
Soy protein albeit exhibiting slowdown in its sales, remains a dominating segment in the global plant based protein supplements market. The superior nutritional value and easy availability of raw materials are some of the driving factors for soy protein. Nonetheless, pea protein (particularly concentrates and isolates) is expected to surpass soy protein both by value and volume-based sales owing to its robust popularity and increasing utilization in a variety of dietary supplements.
The market has recently witnessed companies exploiting novel sources for plant protein such as spirulina, pumpkin seeds, and hemp. The rising protein market trend involving novel sources apart from pea and wheat protein are collectively projected to rise at a CAGR of 8.07% during 2018-2025. This factor is predicted to further boost the plant based protein supplements market revenue.
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"Mass Merchandisers Are Leading Distribution Channels in Global Plant based protein Supplements Market"
Mass merchandisers viz. supermarkets and hypermarkets hold sway in the distribution channels for plant based protein supplements. The dominance of mass merchandisers in the dietary supplements market is however, being taken up by rapidly growing online-retail platforms and dedicated specialty stores that offer customized offerings to consumers by providing more personalized purchasing experience.
"Developed Markets hold a major share in Plant based protein Supplements Market – Developing Markets Are Expected to Fetch Faster Sales Growth"
The developed markets of North America and Europe are contributing more than half of the global revenue from plant based protein supplements. This is ascribed to the heightened consumer's awareness regarding the ecological impact of animal-based proteins along with the health benefits from the plant based proteins are factors expected to aid growth of the market. The overall sustainability factor associated with such vegan sources is also expected to accelerate global plant based protein supplements market growth. The vegan trend and protein market trend in North America is expected to stay during the foreseeable future and the growing demand for healthy and nutritional products is expected to further fuel the demand for plant based protein supplements.
Asia Pacific Plant-based Protein Supplements Market, 2017
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Asia Pacific and the Middle East & Africa are expected to witness growth rates in plant based protein supplements market higher than the global average during 2018-2020 as the sports nutrition sector becomes mainstream, consumers have gradually shown interests in the dietary supplements based on vegan sources. China, India, and Indonesia are some of the regional hotspots in Asia Pacific plant based protein supplements market. These markets are projected to propel the sales growth of plant based protein supplements.
"Strong Untapped Potential for the Full-fledged Growth of Plant Protein Sector"
The global market for plant based protein supplements exhibits moderately consolidated structure, dominated by large multinational companies. These key market players in global plant based protein supplements market are embarking on intense geographical expansion to consolidate their market shares further. Developing markets of Asia Pacific and the Middle East & Africa will remain the major focus for such multinationals.
Portfolio expansion plans are also underway. Danone has recently revealed its plans to triple the size of its plant-based business by 2025, by combining its position in the dairy industry with the high plant-based growth potential. Roquette has also recently made a significant investment in dedicated pea protein processing facilities in Canada and Europe.
The companies in plant based protein supplements market are also capitalizing on mergers & acquisitions to gain further a competitive edge that comes from such synergies. Danone S.A., for instance, acquired The WhiteWave Foods Co. in April 2017 positioning Danone as a global leader in plant-based and organic products. This has also resulted in accelerated sales growth of Danone, outperforming the industry average along with strong margin improvements.
The plant based protein market report analyses the supply-demand scenario from the perspective of the overall growth rate of plant-based specialty food products. The emergence of plant protein is necessitated by the robust demand dynamics amid growing concerns towards animal-based sources.
The current industry trend of diversification of protein sources has brought plant protein to center-stage. Dietary supplements sector has thus witnessed innovative inclusion with a plethora of plant-based sources which is projected to witness faster and sustainable growth projections as compared to their animal-based counterparts.
The report provides qualitative and quantitative insights on the plant based protein supplements industry and detailed analysis of plant based protein supplements market size & growth rate for all possible segments in the market. The market is segmented by type and distribution channel. On the basis of type, the global plant based protein supplements market is categorized into soy protein, pea protein, wheat protein, and others.
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Based on the distribution channel, the market is segmented into mass merchandisers, pharmacies/drugstores, specialty stores, online retail, and others. Geographically, the plant based protein supplements market is segmented into five major regions, which are North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The regions are further categorized into countries.
Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the overview of related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, and key industry trends.
By Distribution Channel
Fortune Business Insights says that the value of the global plant-based protein supplements market was USD 4.16 Billion in 2017
The plant-based protein supplements market is projected to reach USD 7.38 Billion by 2025.
The plant-based protein supplements market will grow at the rate of 7.46% CAGR.