Plant-based Protein Supplements Market Size, Share, Report by 2033

Prathamesh

10 months ago

The global plant-based protein supplements market size is expected to increase to USD 6.04 billion by 2033 from USD 2.69 billion in 2023 with a CAGR of 8.42% between 2024 and 2033.

Key Points

The North America plant-based protein supplements market size accounted for USD 1.24 billion in 2023 and is expected to attain around USD 2.81 billion by 2033, poised to grow at a CAGR of 8.52% between 2024 and 2033.
North America dominated the market with the largest revenue share of 46% in 2023.
Asia Pacific is projected to grow at the highest CAGR of 9.63% during the forecast period of 2024-2033.
By raw material, the soy protein segment has held a major revenue share of 28% in 2023.
By raw material, the pea protein segment is expected to grow at the fastest CAGR of 9.12% during the forecast period.
By product, the protein powder segment dominated the market in 2023.
By product, the protein bars segment is expected to expand at a solid CAGR of 9.21% during the forecast period.
By distribution channel, the online stores segment dominated the market in 2023.
By distribution channel, the supermarkets/hypermarkets segment is expected to grow rapidly in the forecast period.
By application, the functional foods segment has held the largest revenue share of 53% in 2023.
By application, the sports nutrition segment is expected to grow rapidly in the market during the forecast period.

The plant-based protein supplements market has witnessed significant growth in recent years, driven by a rising awareness of health and wellness, environmental sustainability, and ethical concerns regarding animal welfare. Plant-based protein supplements, derived from sources such as soy, pea, hemp, and rice, offer a nutritious alternative to traditional animal-based proteins. They are popular among vegetarians, vegans, and individuals with dietary restrictions or allergies to dairy and other animal products. This market includes protein powders, bars, ready-to-drink beverages, and other forms of supplements that cater to diverse consumer needs.

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Growth Factors

Several factors contribute to the growth of the plant-based protein supplements market. Increasing consumer awareness about the health benefits of plant-based diets is a primary driver. These supplements are associated with improved digestion, lower cholesterol levels, and reduced risk of chronic diseases. Additionally, the growing trend towards fitness and bodybuilding has fueled demand for protein supplements, with plant-based options gaining popularity due to their perceived purity and fewer side effects. Innovations in food technology have also enhanced the taste and texture of plant-based protein products, making them more appealing to a broader audience.

Region Insights

Geographically, North America holds a significant share of the plant-based protein supplements market, driven by a large health-conscious population and widespread availability of product variants. Europe follows closely, with strong growth in countries like Germany, the UK, and France, where vegetarianism and veganism are gaining traction. The Asia-Pacific region is poised for substantial growth due to rising disposable incomes, urbanization, and an increasing awareness of Western dietary trends. In Latin America and the Middle East & Africa, the market is growing steadily as consumers become more aware of plant-based nutrition.

Plant-based Protein Supplements Market Scope

Report Coverage	Details
Plant-based Protein Supplements Market Size in 2023	USD 2.69 Billion
Plant-based Protein Supplements Market Size in 2024	USD 2.92 Billion
Plant-based Protein Supplements Market Size by 2033	USD 6.04 Billion
Plant-based Protein Supplements Market Growth Rate	CAGR of 8.42% from 2024 to 2033
Largest Market	North America
Base Year	2023
Forecast Period	2024 to 2033
Segments Covered	Raw Material, Product, Distribution Channel, Application, and Regions
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Plant-based Protein Supplements Market Dynamics

Drivers

Key drivers of the plant-based protein supplements market include a shift in consumer preference towards plant-based diets, rising incidence of lactose intolerance and dairy allergies, and the growing popularity of fitness and wellness trends. Environmental concerns also play a crucial role, as plant-based proteins have a lower carbon footprint compared to animal-based proteins. Additionally, ethical considerations regarding animal welfare are prompting more consumers to choose plant-based options.

Opportunities

The market presents several opportunities for growth. Innovations in product development, such as the introduction of new protein sources and flavors, can attract a broader consumer base. Expansion into emerging markets with increasing health awareness offers significant potential. Collaborations between manufacturers and fitness influencers or dietitians can enhance product visibility and credibility. Furthermore, advancements in food technology that improve the taste and texture of plant-based proteins can drive higher adoption rates.

Challenges

Despite the positive outlook, the plant-based protein supplements market faces challenges. One of the main hurdles is the higher cost of plant-based proteins compared to animal-based proteins, which can limit their accessibility. Additionally, taste and texture issues, although improving, can still be a barrier for some consumers. There is also a need for greater consumer education on the nutritional benefits of plant-based proteins to overcome misconceptions. Supply chain issues, such as the availability and quality of raw materials, can also impact market growth.

Plant-based Protein Supplements Market Recent Developments

In June 2023, Synthite launched Protein, a plant-protein drink powder, and Just Plants, a plant-based dairy alternative, in JV, a food tech joint venture with the IISc (Indian Institute of Science) and a U.S.-based nutraceutical company, PMEDS.
In September 2023, Natural India Pvt Ltd, the parent company behind Max Protein to reshape the landscape of nutrition and fitness in India, launched 2-revolutionary products: Max Protein Plant Protein and Max Protein Whey Protein.