The global Plant Based Protein Supplement market is segmented based on price, end user and distribution channel. Based on price, the global Plant Based Protein Supplement market is further segmented into $50 - $100, $100 - $200 and Above $200.
According to the Vegan Society, in 2019, there were 600,000 vegans around the globe. The rise in awareness about the health benefits associated with the consumption of vegan food products has led majority of population adopting into vegan diet. This has led to burgeon demand for different types of vegan food products from its health-conscious target customers. This similar kind of trend has been enduring even from the sports segments. Professional sports personnel and athletes are now adopting into vegan diet owing to increase in awareness about the associated benefits. This consumer perception all together has triggered demand for plant-based protein supplement products.
According to the U.S. Census Bureau, millennials are on the verge of surpassing baby boomers in the country. Similarly, in Asia-Pacific, millennials account for a larger population, especially in countries such as China, India, and Australia as compared to other population groups. Millennials, population aged between 20 and 35 years, are active, and broad minded. They have been influential in evolving various global industries in terms of product offerings and services. They always to tend to try products that are new in the market and determine whether the products cater to the requirements. Moreover, majority of the millennial population are health conscious and tend to buy product that benefits their health. This factor is projected to fuel the growth of the market.
Key players profiled in the report include Archon Vitamin LLC., Sequel Natural Ltd., Glanbia plc, MusclePharm Corporation, True Nutrition, General Nutrition Centers, Inc., Nutiva Inc., NOW Health Group, Inc., Vital Amine, Inc., Hormel Foods Corporation, and others.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current and emerging market trends and opportunities in the global Plant Based Protein Supplement market.
- The report provides detailed qualitative and quantitative analysis of current trends and future estimations that help evaluate the prevailing market opportunities.
- A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
- An extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
- The report provides extensive qualitative insights on the potential segments or regions exhibiting favorable growth.
KEY MARKET SEGMENTS
By Nature
- Organic
- Conventional
By Product Type
- Soy
- Spirulina
- Pumpkin Seeds
- Pea
- Others
By form
- Protein Powder
- Protein Bar
- Ready-to-drink
By Application
- Sports Nutrition
- Supplement Nutrition
By Distribution Channel
- Hypermarket/Supermarket
- Specialty Store
- Online Store
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia and New Zealand
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Table of Contents
Executive Summary
According to the report titled, 'Plant Based Protein Supplement Market by Nature, Product Type, Form, Application and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026', the Plant Based Protein Supplement market size was valued at $4.2 billion in 2018 and is expected to reach $7.0 billion by 2026, registering a CAGR of 6.7% from 2019 to 2026.The global plant based protein supplement analysis is done by nature, Product Type, Form, Application and Distribution Channel. Protein is an essential nutrient and second most abundant substance present in the body after water. Protein supplements are concentrated sources of protein obtained from animals or plants that include dairy, eggs, wheat, soybean, pea, and others. However, due to rise in number vegan population has eventually triggered demand for plant-based protein supplement products. They are present in three common forms, that is, powders, bars, and ready to drink (RTD) liquids. Protein powder is one of the most common protein supplements, available in the market as protein concentrates, protein isolates, and protein hydrolysates. The concentrates consist of 60%-80% protein and 20%-30% fat & carbs; the isolates contain 90%-95% protein; and hydrolysates boost the absorption of protein subsequently enhancing the muscle growth response to exercise. These products are consumed by individuals who strive to build muscle, increase & maintain body mass, or lose weight. Also, people take protein supplements to fulfill the necessary energy and vitamins needed through strenuous workouts as well as to compensate the nutrients & vitamins loss during reduction of food intake. Health benefits associated with consuming protein supplements and rise in fitness concerns among people in different regions drive the plant based protein supplement market. In addition, increase in number of fitness & training centers, surge in disposable income, and alarming rise in obesity rates also fuel the plant based protein supplement market growth.
Increase in incidence of such health disorders boost health and fitness consciousness among consumers. The adoption of vegetarian foods is on a consistent increase across the world. According to recent studies, 30% of Americans are not only leaving meat off their plates but also seeking out plant-based meat alternatives. Consumers are expected to become selective in their food habits to avoid severe health issues. This in turn is expected to drive the growth of the plant based protein supplement market.
However, presence of cheap replacements and false claims coupled with negative publicity are expected to hamper the growth of the market during the plant based protein supplement market forecast period. Rise in protein supplement demand from health-conscious young population of the developing nations as well as strengthening of distribution channels in untapped regions are expected to provide numerous opportunities for expansion of the global plant based protein supplement market.
The online segment was the leading distribution channel in the plant based protein supplement market in 2017 with the highest CAGR of 6.8% during the forecast period. This was attributed to the large number of options or alternatives present in online shopping resulting in convenience of people willing to buy protein supplement or related products.
Key Findings of the Plant Based Protein Supplement Market:
In 2018, based on nature, the conventional Plant Based Protein Supplements segment accounted for around higher Plant Based Protein Supplement market share, growing at a CAGR of 6.9% from 2019 to 2026.
In 2018, based on product type, the soy segment accounted for higher share of the Plant Based Protein Supplement market.
In 2018, based on region, North America accounted for a prominent market share.
Key players profiled in the plant based protein supplement industry include Archon Vitamin LLC., Sequel Natural Ltd., Glanbia plc, MusclePharm Corporation, True Nutrition, General Nutrition Centers, Inc., Nutiva Inc., NOW Health Group, Inc., Vital Amine, Inc., Hormel Foods Corporation, , and others.
Companies Mentioned
- Archon Vitamin LLC.
- Sequel Natural Ltd.
- Glanbia plc
- MusclePharm Corporation
- True Nutrition
- General Nutrition Centers Inc.
- Nutiva Inc.
- NOW Health Group Inc.
- Vital Amine Inc.
- Hormel Foods Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 245 |
Published | November 2019 |
Forecast Period | 2018 - 2026 |
Estimated Market Value ( USD | $ 4.2 billion |
Forecasted Market Value ( USD | $ 7 billion |
Compound Annual Growth Rate | 6.6% |
Regions Covered | Global |
No. of Companies Mentioned | 10 |