Plant Based Protein Supplements Market Research Report By Product Type (Plant-Based Protein Powders, Plant-Based Protein Bars, Plant-Based Protein Shakes, Plant-Based Protein Ready-to-Drink Beverages, Plant-Based Protein Meat Alternatives), By Source (Soy Protein, Pea Protein, Rice Protein, Hemp Protein, Other Sources (e.g., quinoa protein, sunflower protein)), By Sales Channel (Online Retail, Health Food Stores, Mass Merchandisers (e.g., supermarkets, hypermarkets), Fitness Centers, Pharmacies) and By Regional (North America, Europe, South

Global Plant Based Protein Supplements Market Overview

Plant Based Protein Supplements Market Size was estimated at 7.39 (USD Billion) in 2022. The Plant Based Protein Supplements Industry is expected to grow from 8.01(USD Billion) in 2023 to 16.6 (USD Billion) by 2032. The Plant Based Protein Supplements Market CAGR (growth rate) is expected to be around 8.42% during the forecast period (2024 - 2032).

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Key Plant-Based Protein Supplements Market Trends Highlighted

The plant-based protein supplements market is experiencing a surge in demand, driven by rising consumer awareness of the health benefits associated with plant-based diets and the growing popularity of veganism and flexitarian lifestyles. Recent trends in this developing market can be summarized as a rising trend of sustainability and ethical sourcing of ingredients. Consumption of high-grade agricultural soybean, pea, hemp, brown rice protein supplements plants, and non-GMO will motivate consumers. Some of the key market trends include the rise of health-conscious consumers, a growing need for easy-to-carry and consumed protein, and the acceptance of a plant-based diet for more holistic health benefits and decreased resource consumption, which relates to meat production. In the plant-based protein supplement market, opportunities need to be implemented or taken, such as offers to create and make appealing to consumers that address the changing tastes of the people.

Plant Based Protein Supplements Market Drivers

Rising Demand for Plant-Based Diets

The growing popularity of plant-based diets is a major driver of the Plant Based Protein Supplements Market Industry. As more consumers adopt vegan, vegetarian, and flexitarian lifestyles, the demand for plant-based protein sources increases. Plant-based protein supplements offer a convenient and effective way for individuals to meet their protein needs without consuming animal products. The shift towards plant-based diets is driven by various factors, including concerns about animal welfare, environmental sustainability, and personal health.Consumers are becoming increasingly aware of the ethical and environmental issues associated with animal agriculture, and many are choosing to reduce or eliminate their consumption of animal products. Additionally, plant-based diets have been linked to numerous health benefits, such as reduced risk of heart disease, obesity, and certain types of cancer. The rising demand for plant-based diets has created a significant opportunity for manufacturers of plant-based protein supplements.These supplements are available in a variety of forms, including powders, bars, and shakes, and are often fortified with essential vitamins and minerals. Plant-based protein supplements are becoming increasingly accessible through online retailers, health food stores, and even mainstream grocery stores. Overall, the growing popularity of plant-based diets is a major driver of the Plant Based Protein Supplements Market Industry. As more consumers adopt plant-based lifestyles, the demand for plant-based protein supplements is expected to continue to grow in the coming years.

Increasing Awareness of Protein Benefits

Increased awareness of the benefits of protein is one of the vital drivers of the Plant Based Protein Supplements Market Industry. Protein is a vital nutrient required for the body’s proper functioning, and it is significant for muscle growth, repair, and recovery. In the recent past, there has been an increasing awareness of the benefits of protein among social community members, fitness enthusiasts, and athletes. Several factors are boosting this increased awareness, including the growing importance of social media, more fitness influencers and athletes, an increase in the availability of information regarding nutrition and health, and popularity and focus on individual health and well-being.As the levels of protein awareness increase, individuals demand more options to increase protein intake. Plant-based protein supplements are an effective and convenient choice for individuals looking to enhance their health while restricting their animal product consumption. Through the Plant-Based Protein Supplements Market Industry, there is an increased growth rate in the production of such products and varieties. Thus, it is evident that the demand for these commodities will also increase as people become aware of the benefits of protein.

Expansion of Distribution Channels

One of the factors contributing to the growth of the Plant Based Protein Supplements Market Industry is the expansion of distribution channels. A growing number of online retailers and health food stores have been established in the last few years, and they have begun offering plant-based protein supplements. As a result, access to plant-based protein supplements has become more common for customers- relevant products were difficult to purchase from the local grocery stores previously, and now, every customer may order plant-based protein supplements with a few clicks or make just a short trip for their purchase.The expansion of the distribution channels is likely to boost the growth of the Plant Based Protein Supplements Market Industry in the foreseeable future. Customers are expected to become more knowledgeable regarding the benefits of plant-based protein supplements, as well as the simplicity of purchasing the supplement. In the future, a greater number of people will take advantage of the opportunity to purchase high-quality products with a plethora of benefits.

Plant Based Protein Supplements Market Segment Insights

Plant Based Protein Supplements Market Product Type Insights

The Plant Based Protein Supplements Market is segmented by Product Type into Plant-Based Protein Powders, Plant-Based Protein Bars, Plant-Based Protein Shakes, Plant-Based Protein Ready-to-Drink Beverages, and Plant-Based Protein Meat Alternatives. Among these segments, Plant-Based Protein Powders held the largest market share in 2023, accounting for over 35% of the Plant Based Protein Supplements Market revenue. The growth of this segment can be attributed to the increasing popularity of personalized nutrition and the growing demand for convenient and affordable protein sources.Plant-Based Protein Bars are expected to be the fastest-growing segment during the forecast period, with a CAGR of over 10%. This growth is driven by the increasing popularity of plant-based snacks and the growing awareness of the health benefits of plant-based proteins. Plant-Based Protein Shakes are expected to witness steady growth during the forecast period, driven by the growing demand for post-workout recovery drinks and meal replacements. Plant-Based Protein Ready-to-Drink Beverages are expected to experience moderate growth, driven by the growing popularity of plant-based milk and the increasing availability of plant-based protein-fortified beverages.Plant-Based Protein Meat Alternatives are expected to witness niche growth, driven by the growing demand for plant-based meat substitutes and the increasing availability of innovative plant-based meat products.

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Plant Based Protein Supplements Market Source Insights

The Plant Based Protein Supplements Market is segmented by source into Soy Protein, Pea Protein, Rice Protein, Hemp Protein, and Other Sources (e.g., quinoa protein, sunflower protein). Soy Protein holds the largest market share due to its high protein content, affordability, and wide availability. Pea Protein is expected to witness significant growth owing to its hypoallergenic properties and neutral taste. Rice Protein is gaining popularity among vegan and gluten-free consumers. Hemp Protein offers a complete amino acid profile and is rich in omega-3 fatty acids.Other Sources are witnessing increasing demand due to their unique nutritional profiles and functional properties. The Plant Based Protein Supplements Market revenue from Soy Protein is projected to reach USD 4.2 billion by 2024, while Pea Protein is estimated to reach USD 1.8 billion. Rice Protein is expected to generate USD 1.2 billion, and Hemp Protein is anticipated to reach USD 850 million. Other Sources are projected to contribute USD 2.1 billion to the overall market revenue.

Plant Based Protein Supplements Market Sales Channel Insights

Sales Channel Segment Insights and Overview The Plant Based Protein Supplements Market is segmented by sales channel into online retail, health food stores, mass merchandisers, fitness centers, and pharmacies. Among these, online retail is anticipated to dominate the market, capturing a significant share in 2023. The growing popularity of e-commerce, convenience, and wide product selection are key factors driving the growth of this channel. Health food stores are also expected to witness steady growth as consumers increasingly seek natural and healthy products.Mass merchandisers, such as supermarkets and hypermarkets, offer a wider reach and accessibility, which is expected to contribute to their market share. Fitness centers and pharmacies are also emerging as important sales channels as consumers become more health-conscious and seek protein supplements to support their fitness goals and overall well-being.

Plant Based Protein Supplements Market Regional Insights

North America held the largest market share in 2023, contributing over 40% of the Plant Based Protein Supplements Market revenue, due to increasing demand for plant-based products, rising consumer awareness about the health benefits of plant-based proteins, and the presence of major industry players in the region. Europe is the second-largest market, with a significant market share in the Plant Based Protein Supplements Market. The growing vegan and vegetarian population, coupled with government initiatives promoting plant-based diets, drives the market growth in Europe.APAC is expected to witness the fastest growth in the Plant Based Protein Supplements Market during the forecast period. The region's increasing disposable income, rising health consciousness, and growing awareness of the environmental benefits of plant-based products contribute to the market growth. South America and MEA are expected to have a steady growth rate in the Plant Based Protein Supplements Market, with growing consumer demand for plant-based products and increasing investments in the food and beverage industry.

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Plant Based Protein Supplements Market Key Players and Competitive Insights

Players in the Plant Based Protein Supplements Market are constantly innovating and expanding their product offerings to cater to a wide range of consumers. Leading players in the Plant Based Protein Supplements Market are primarily focusing on developing new products with improved taste, texture, and functionality. They are also investing in R&D to introduce new plant based food sources and ingredients. The Plant Based Protein Supplements Market is highly competitive, with a large number of players vying for domination in the market. Competitive pressure is likely to remain high in the coming years as new entrants and existing players in the Plant Based Protein Supplements Market seek to expand their carousel.One of the leading players in the Plant Based Protein Supplements Market is Herbalife Nutrition. Herbalife Nutrition manufactures a wide range of plant based protein supplements, including protein powders, shakes, and bars. Herbalife Nutrition sells its products through a network of independent distributors in more than 90 countries. The company has a strong emphasis on R, and its priority is to continuously innovate and develop products that meet consumers’ changing needs and preferences.The primary competitor of Herbalife Nutrition in the Plant Based Protein Supplements Market is Vega. Vega manufactures a wide range of plant based protein supplements, including protein powders, shakes, and bars. Vega sells its products in over 30 countries and enjoys a strong online presence. Vega boasts of its commitment to sustainability and uses only certified organic and non-gmo ingredients to manufacture its products. The company is also an active promoter of plant based nutrition and offers a wide range of resources and support to help adopt a plant based lifestyle.

Key Companies in the Plant Based Protein Supplements Market Include

• MuscleTech


• The Sports Supplement Group


• General Mills


• NBTY


• Glanbia


• Sunwarrior


• com


• Protein Industries


• Future Bioactives


• Axiom Foods


• Danone SAnwparaKeHe Distributors


• Herbalife


• Garden of Life


• The Nuzest Group

Plant Based Protein Supplements Market Industry Developments

The plant-based protein supplements market size was valued at USD 8.01 billion in 2023 and is projected to reach USD 16.6 billion by 2032, exhibiting a CAGR of 8.42% during the forecast period. The rising vegan population, growing awareness about the health benefits of plant-based proteins, and increasing disposable income are the key factors driving the market growth. The market growth is also supported by the increasing adoption of plant-based diets and the growing popularity of sports nutrition products. Product launches and acquisitions are some of the key strategies adopted by major players to strengthen their market position. For instance, in February 2023, Glanbia Nutritionals launched a new vegan protein isolate called 'Optimum Nutrition Gold Standard 100% Plant'. The company claimed that the product is highly digestible and contains all essential amino acids.

Plant Based Protein Supplements Market Segmentation Insights

• Plant Based Protein Supplements Market Product Type Outlook
  
  
  
  • Plant-Based Protein Powders
  
  
  • Plant-Based Protein Bars
  
  
  • Plant-Based Protein Shakes
  
  
  • Plant-Based Protein Ready-to-Drink Beverages
  
  
  • Plant-Based Protein Meat Alternatives
  
  
  
  


• Plant Based Protein Supplements Market Source Outlook
  
  
  
  • Soy Protein
  
  
  • Pea Protein
  
  
  • Rice Protein
  
  
  • Hemp Protein
  
  
  • Other Sources (e.g., quinoa protein, sunflower protein)
  
  
  
  


• Plant Based Protein Supplements Market Sales Channel Outlook
  
  
  
  • Online Retail
  
  
  • Health Food Stores
  
  
  • Mass Merchandisers (e.g., supermarkets, hypermarkets)
  
  
  • Fitness Centers
  
  
  • Pharmacies
  
  
  
  


• Plant Based Protein Supplements Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa