The plant protein market size to cross USD 7 billion by 2025, growing at a CAGR of 8% during the forecast period. The high prevalence of lactose intolerance population and the increase in the sale of RTD products are boosting the global plant protein market growth. The growing health consciousness trend among people is also expected to influence the 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 plant-based 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 driving the plant protein market growth. Vegan diets contain antioxidants, fiber, and beneficial plant compounds. Plant proteins 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 plant-based protein market growth. 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 plant protein supplements, with retailers focusing more on improving the online shopping experience through targeted marketing and better online education.
- In 2019, Food and Health Survey by the International Food Information Council Foundation, reveals that 70% of consumers perceived high plant proteins to be healthier.
- Several sports professionals and athletes are adopting vegan diets, which are breaking the myth related to animal proteins
- The increasing lactose intolerance and dairy allergies in the human population is expected to increase the adoption of vegan products and diets.
- Changing consumption patterns in countries such as the United States, Canada, the UK, China, Japan, and Australia are boosting the plant protein demand.
PLANT PROTEIN MARKET SEGMENTATION
This research report includes detailed segmentation by
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 the plant protein bar demand and is projected 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 are the primary factors driving 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 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 dietary 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 its 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 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 market growth by 2025.
INSIGHTS BY APPLICATION
The sports nutrition segment dominates the market. The hike in demand for plant 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 protein products is likely to grow the market.
The additional nutrition segment is expected to accelerate its market share due to the increasing awareness of additional nutrition products & 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 and beverage 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 protein market is expected to grow as 39% of the consumers in the country are actively seeking vegan products in their diets. The U.S. plant-based protein market is also driven by the increasing number of lactose intolerant and health-conscious consumers.
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, Asia Pacific 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 plant-based protein market growth. Another major factor is the high prevalence of lactose intolerance among people, which is also encouraging consumers toward the consumption of lactose-free food products.
INSIGHTS BY VENDORS
The global plant protein market share is fragmented in nature, and key players are competing based on product quality, new products, and competitive pricing. R&D teams of leading players 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 plant protein market growth, thereby increasing attractiveness for new product launches.
The global plant-based protein market report includes in-depth coverage of the industry with growth rates, revenues & forecasts for the following segments:
Market Segmentation by Products
- Protein Powder
- Protein Bar
- RTD Protein Beverages
- Sports Nutrition
- Additional Nutrition
- North America
- Latin America
- South Africa
- Saudi Arabia