This research report on the global plant-based protein market covers sizing and forecast, share, industry trends, growth drivers, and vendor analysis. The study includes insights by protein products (powder, bar, RTD beverages, and others), source (soy, pea, rice, and others), application (sports nutrition and additional nutrition), and geography (North America, Europe, APAC, Latin America and MEA)
The growing health consciousness trend among people is expected to influence the global plant-based protein market. Millennial, especially, is highly interested in pursuing a healthy lifestyle. Therefore, they are one of the major consumers of healthy products, including plant-based variants. Consumers are increasingly adopting these products as they offer the same taste, flavor, and nutritional value as natural sources provide. Hence, a gradual shift of consumers from animal-based products to vegan products is likely to boost the market.
The rise of the vegan population is another key factor encouraging the growth of the market. Vegan diets contain antioxidants, fiber, and beneficial plant compounds. They are also rich in folate, potassium, magnesium, and vitamins A, C, and E. The vegan population is, thus, increasing due to the growing awareness of the benefits of vegan diets in lowering heart and other lifestyle-related diseases.
Further, the rise in the number of self-directed consumers is boosting the growth of plant-based protein supplements. Consumers are increasingly relying on self-diagnosis to identify targeted health needs. These supplements are regarded as beneficial for maintaining the overall health of an individual. Moreover, the growing e-commerce industry is contributing to the sale of these supplements, with retailers focusing more on improving the online shopping experience through targeted marketing and better online education.
The global plant-based protein market is expected to grow at a CAGR of over 8% during the period 2019–2025.
This research report includes detailed segmentation by products, source, application, and geography.
Insights by Products
Protein powder supplements are one of the effective ways to bolster the protein content. Several plant-based supplements contain 15–30 grams of protein that is equivalent to whey supplements. An increase in lactose intolerance, the growing awareness of plant-based cheese products, and the growth in the vegan population are propelling the growth of the plant-based protein powder market.
The demand for protein bars is not only growing among athletes, however, but the majority of the population also consumes them as an energy-boosting quick meal. The rise in the number of fitness clubs and weight management programs is boosting demand and is expected to grow significantly during the forecast period. Ready-to-drink (RTD) is popular among health-conscious people and millennials. The fast-paced and busy lifestyle is the primary factor accelerating the growth of RTD. However, the demand can also be contributed to the fact that these beverages can replace meals and take less time in consumption.
Insights by Source
Soy-based protein is considered to be a complete diet as it contains essential amino acids that play an important role in muscle building and can be a useful supplement for weight loss. The rapidly growing vegan population in countries such as the UK and Portugal is driving the demand for soy nutrients. China, India, Japan, and South Korea are expected to support the growing demand with rising health awareness.
Pea protein is vegan and non-dairy in nature, which increases their suitability for people with dairy allergies. They also reduce the risk of heart-related diseases. The increasing number of health-conscious people and the rise in demand for meat alternative based protein are expected to drive the segment demand in the near future.
Rice protein is considered to be an excellent source for vegans and gluten intolerance people. The increasing gluten intolerance is expected to drive the growth by 2025.
Insights by Application
The sports nutrition segment dominates the market. The hike in demand for protein bars, energy drinks, and other supplements among athletes, fitness enthusiasts, and bodybuilders is driving the demand. The growing number of endorsements for plant-based products is likely to propel growth.
The additional nutrition segment is expected to accelerate its share due to the increasing awareness of additional nutritional supplements among consumers for maintaining a healthy diet. Driven by rising disposable income, increased urbanization, growing aging population, coupled with increasing health awareness, the demand for such supplements is increasing across the world.
Insights by Geography
In North America, consumers are adopting plant-based food diets on account of their health benefits and high nutritional values, and the trend is likely to increase during the forecast period. The US plant-based protein market is expected to grow as 39% of the consumers in the country are actively seeking vegan products in their diets. In Europe, the increasing preference for plant-based products is increasing because these supplements help in weight management and aid in reducing the risk of chronic diseases. The increased focus on animal safety and well-being are driving the demand for plant-based meat products. Similarly, APAC is a key region in driving the growth on account of the surge in the population, increased high disposable income, and high adoption of vegetarian diets.
With the growing urbanization, changing lifestyles, dietary changes, and rapidly expanding retail chains, the demand for vegan products in Latin America is expected to rise during the forecast period. The rising health awareness in Latin America is expected to drive the market for alternative non-dairy milk products as these products contain low-levels of lactose and saturated fat. In the MEA region, the growing health-conscious population is primarily driving the growth. Another major factor is the high prevalence of lactose intolerance among people, which is also encouraging consumers toward the consumption of lactose-free products.
Key Profiled Countries
Insights by Vendors
The global plant-based protein market is fragmented in nature, and vendors are competing based on product quality, new products, and competitive pricing. R&D teams need to continuously analyze trends and design, develop, and manufacture new product categories with distinctive features, size, taste, and shelf life. The competition is expected to intensify further during the forecast period with an increase in product innovations, milk production, technological innovations, and mergers and acquisitions. Moreover, the improving global economic conditions are likely to fuel the growth, thereby increasing attractiveness for new products launches.
Other Prominent Vendors – Tone it up, Orgain, KOS, Garden of Life, Your Super, Nuzest, No Cow, Kind, GoMacro, and Simply Protein.
Key Market Insights
The analysis of the plant-based protein market provides sizing and growth opportunities for the forecast period 2020–2025.
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