Global Plant-Based Protein Supplements Market Report and Forecast 2024-2032

Key Trends in the Market

Plant-based protein supplements are a type of nutritional supplement that are made from plant-based components and are used for the repair and growth of the human body cells and tissues. They are low in calorie and fat as compared to animal protein but contain a high content of fibre and essential nutrients such as antioxidants, vitamins, and minerals. They help in reducing cholesterol levels and also in reducing the markers of heart diseases. 

• Rising awareness regarding nutritional value of the plant-based products such as better bioavailability, better absorption by the human body, lower toxicity risk, high amino acid and low sodium is projected to increase its demand by the consumers, helping in the plant-based protein supplements market growth.

• Environmentally friendly proteins and their supplements are gaining popularity and are subjected to observe a rapid increase in demand. This is due to their potential to reduce the emission of greenhouse gases and encourage healthier living.

• Change in preference towards plant-based protein supplements is a growing trend owing to moral considerations and increasing adoption of veganism. More people are adopting vegan lifestyles in order to end cruelty to animals all around the globe which is acting as a major factor fuelling the market.

Market Analysis

Based on origin, the plant-based protein supplements market can be bifurcated into organic and conventional. By raw material, the market is divided into soy, spirulina, pumpkin seed, hemp, rice, pea, and others. On the basis of product type, the market is segmented into protein powder, protein bars, and ready-to-drink. Based on application, the market is bifurcated into sports nutrition and functional food. On the basis of distribution channel, the market is divided into hypermarkets and supermarkets, specialty stores, and online, among others. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global plant-based protein supplements market covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Glanbia plc

• Hormel Foods Corporation

• The Bountiful Company

• Abbott Laboratories

• NOW Health Group, Inc.

• Others

Market Share by Raw Material

Soy protein segment accounts for a sizable share in the plant-based protein supplements market because of rising popularity of it as a vegetarian protein source and presence of glutamine that helps in rapid absorption and muscle recovery. Moreover, soy improves the functioning of the immune system, helps in preventing cardiovascular diseases, and promotes healthy bones which has encouraged its wide acceptance all around the globe. Awareness regarding lactose intolerance and glutamic disorders have also increased the demand for soy protein as an alternative protein supplement, contributing to the growth of the market. 

Market Share by Product Type

Protein powder finds numerous applications in end uses such as food and beverage which has allowed it to account for a larger share in the market. Numerous distribution channels and increasing online sales of protein powders are further fuelling its growth. Moreover, increasing number of prominent market players such as Glanbia plc are acting as a major factor helping in the growth of the protein powder and plant-based protein supplements market. 

Protein bars are also expected to grow in the forecast period because they are convenient for grab and go situations, help to support the muscle mass, and increase protein synthesis. Busy and hectic lifestyles of the individuals is projected to expand the protein bar segment in the market. 

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Competitive Landscape

Glanbia plc is an Irish nutrition group that manufactures and exports cheese, specialty non-dairy ingredients, mineral premixes, sports nutrition, dairy ingredients, and vitamins to consumers all around the globe. It has its headquarter in Kilkenny in Ireland and was founded in 1997. They aim to provide the highest quality nutrition for every step of life to their consumers. 

Hormel Foods Corporation was established in 1891 and is headquartered in Minnesota, United States. It is a meat and food processing company that mainly packs and sells frozen items, meats, and refrigerated meal solutions such as sausage, chicken, lamb, ham, beef, and other pork products to the consumers globally.  

The Bountiful Company was founded in 1971 and is based in New York, United States. It is a dietary supplements company that, with the help of science and nature, manufacturers and offers a wide range of nutritional supplements along with herbs, vitamins, sport, and mineral products to consumers around the world. 

Other market players include Abbott Laboratories, and NOW Health Group, Inc., among others.

Key Highlights of the Report