(I-BusinessNews.Com, June 16, 2021 ) Plant Based Protein Supplements Market size is estimated to reach $5.86 Bn by 2026 and is poised to grow at a CAGR of 7.56% during the forecast period 2021-2026. The protein supplements that are processed and derived from various types of plant-based food sources are known as plant based protein supplements. Soy, peas, chickpeas, brown rice and other major plant sources are used as the main ingredients for plant protein supplements. Plant-based protein supplements are the essential macronutrients that helps maintain muscle and bone mass and supports the immune system. Raising awareness of the benefits of healthy food products and the growth in the vegetarian population are among the major factors driving the demand for plant protein supplement products. Additionally, increased health awareness, higher disposable income, and awareness towards chemical-free products are the factors that boost the market growth during the forecast period 2021-2026.
Plant Based Protein Supplements Market Segment Analysis - By Product Type
The global Plant Based Protein Supplements Market based on product type can be further segmented into Protein Powder, Protein Bars, Ready-to-Drink (RTD), and others. The protein powder segment registered for the highest revenue in 2020. This is owing to the increasing market visibility of protein powder products among elite athletes, bodybuilders, and casual exercisers as a result of its ease of incorporation into milk and water. The protein bars segment is estimated to be the fastest-growing segment with a CAGR of 8.49% during the forecast period 2021-2026. The ever-increasing pace of life along with consumer preference for healthier snacking options and the trend of on-the-go snacking is increasing the demand for bite-sized snacks and healthy options such as bars.
Plant Based Protein Supplements Market Segment Analysis - By Application
The global Plant Based Protein Supplements Market based on Application can be further segmented into Sports Nutrition, Additional Nutrition. The Sports Nutrition segment registers for the highest market share in 2020. The increase in sport nutritional supplements for core, strength, and endurance athletes, fitness enthusiasts, and professional athletes are estimated to drive the segment growth. Moreover, rising demand for sports nutrition supplements to promote lean muscle growth, improve performance and stamina, promote weight management are driving the growth of the segment. The Additional Nutrition segment is estimated to be the fastest-growing segment owing to the growing awareness regarding the benefits of balanced and nutrient-rich diet.
Plant Based Protein Supplements Market Segment Analysis - By Geography
The global Plant Based Protein Supplements Market based on Geography can be further segmented into North America, Asia-Pacific, Europe, and the Rest of the World. North America held the largest share with 32.14% of market in 2020. Increasing awareness about vegan diet coupled with shifting trend of consumers towards vegetarianism as a result of new brand campaigns on social media is projected to upsurge the plant-based protein supplements in the region. Asia-Pacific is estimated to be the fastest-growing segment owing to the increase in spending for the development of natural ingredients including soy for the production of nutraceuticals in China and Japan is estimated to open new investment avenues. Moreover, favorable factors, such as rising disposable income and urbanization are anticipated to play a key role in promoting consumption of the plant-based protein supplements, particularly among the vegan population.
Rising awareness about animal welfare as well as environmental sustainability has been pushing consumers towards the adoption of plant-based diets. The growing perception of consumers that plant-based products are healthier as compared to animal-oriented products drives the market growth. Increasing prevalence of lactose intolerances has further contributed to the growth of plant protein supplements. In addition, rising interest in natural, organic products is estimated to boost the market during the forecast period 2021-2026.
Growing awareness about benefits associated with plant-based protein supplements
Rising cases of obesity worldwide, growing awareness among the people regarding health and fitness, increasing importance of plant-based nutrition, growth of sports nutrition industry are the major factors that are enhancing the growth of the plant-based protein supplements market. The growing demand for protein supplements to improve health and wellness is fueling the growth of the market during the forecast period 2021-2026.
Plant Based Protein Supplements Market Challenges
Sensitivity associated with plant protein sources
Plant-based protein supplements have functional health benefits and consist of essential minerals, however, in several cases, the consumption of select sources, such as soy and wheat, has been identified as allergens in consumers. Moreover, the high manufacturing cost of plant-based protein supplements as a major challenge for market players. These factors are estimated to restrict the market growth during the forecast period 2021-2026.
Plant Based Protein Supplements Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Plant Based Protein Supplements Market. Key companies of this market Kerry Group Plc, Glanbia plc, Nutiva Inc, Now Health Group Inc., The Simply Good Food Co, MusclePharm Corporation, Iovate Health Sciences International Inc., CytoSport, Inc., Burcon NutraScience Corporation, Herbalife Nutrition Inc., Danone SA, Orgain Inc., and True Nutrition.
In May 2020, Danone S.A. has expanded its plant protein business by introducing its sports nutrition brand Vega, which includes plant protein series.
In January 2020, Nestle has announced an agreement with Burcans Nutrascience and Merit Functional Foods. This agreement helped Nestle to accelerate the development of Nestle’s portfolio of plant protein supplement.
In May 2019, Burcon NutraScience Corporation announced a joint venture partnership with Merit Functional foods to build a new C$65 million pea-protein and canola-protein commercial production facility in Western Canada. The production plant delivers Burcon's Nutratein, Puratein, and Peazazz pea proteins.
Geographically, North America is poised to see extraordinary development owing to the growing awareness about vegan diet coupled with shifting trend towards vegetarianism in the region and is set to continue during the forecast period 2021-2026.
Based on Product Type, protein powder is gaining demand owing to the increasing market visibility of powder products among elite athletes, bodybuilders, and casual exercisers as a result of its ease of incorporation into milk and water.
The sensitivity towards Plant Based Protein products leads to allergies, which is estimated to restrain the market growth during the forecast period 2021-2026.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Plant Based Protein Supplements Market report.
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