Glanbia, Danone identified as the leading players in the global vegan protein market.
Arizton’s recent research report on the global Plant-based Protein Market provides comprehensive industry analysis, trend forecasts, and competitive 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 global plant-based protein market is expected to grow at a CAGR of over 8% during the period 2019−2025.
According to several health-related studies, plant-based diets not only contain a high source of proteins, but they offer 70% more than what is required. Plant-based protein supplements are likely to acquire higher shares due to the rising awareness of environmental sustainability, organic labels, health and wellness, and restricted diets. The plant-based supplements market is mature in North America and Europe, the markets in APAC, MEA, and Latin America are likely to offer high growth potential. Currently, the market base for alternative protein is approximately over $4 billion compared to the global animal-based protein market, which is valued at approximately $1 trillion.
The global vegan protein market is segmented into protein products, source, application, and geography.
Developing Economies to emerge Potential Market for Protein-based Supplements
North America and Europe account for the largest shares of the protein supplement market. Europe is one of the fastest-growing markets for plant-based powder supplements and is expected to grow at an estimated CAGR of over 9% during the forecast period. The protein powder segment in APAC is highly supported by the increasing health-conscious among people in countries such as China and Australia. Brazil, Mexico, Argentina, the UAE, Saudi Arabia, and South Africa are estimated to be the most potential markets for plant-based powder supplements during the forecast period. Manufacturers are focusing on fiber-rich, digestible, natural flavors, non-GMO labels. Nuzest, PlantFusion, True Nutrition, Canadian Protein, Now Sports, Vega, Orgain, Naturade, and Optimum Nutrition are the most popular brands among consumers.
Soy Segment to grow at the highest CAGR during the Forecast Period
In 2019, the soy segment accounted for a share of over 60% of the global vegan protein market. Soy is the only plant-based protein source that contains all essential amino acids. The rapidly growing vegan population in the UK and Portugal is driving the demand for soy proteins. China, India, Japan, and South Korea are expected to support the growing demand due to the growing health awareness. However, the demand for soy-based products is challenged as several studies indicate that the consumption of soy can increase estrogen and testosterone production. Moreover, the segment is expected to lose its share by 2025 as manufacturers are increasingly introducing soy-free products, which is adversely affecting the demand.
Sports Nutrition Segment to dominate the Vegan Protein Market
The sports nutrition segment dominated with a share of over 70% in 2019. The increasing demand for protein bars, energy drinks, and other dietary supplements among fitness enthusiasts, bodybuilders, and athletes is a major contributor to the market. As plant-based diets are high in carbohydrates, low in fat, and rich in vitamins, minerals, and antioxidants, athletes and sportsmen opt for protein bars and energy drinks for enhanced performances. Several prominent athletes such as former world heavyweight champion boxer, David Haye and popular tennis champion, Venus Williams, have reportedly adopted for vegan diets. Other popular athletes, including Kendrick Farris, a weightlifter from Rio Olympics, Patrik Baboumian, an Armenian-German strongman, have opted for vegan diet. Thus, the high adoption of plant-based diets among athletes is driving the vegan protein market.
North America to lead the Vegan Protein Market
In the US, 39% of consumers are actively seeking plant-based food products in their diets, while in Canada, it is approximately 43%. The plant-based product industry in US witnessed growth of 20% in 2018, which was higher than the food and beverage industry, which grew at 2%. Over the last decade, the intake of fresh vegetables among consumers below the age of 40 has increased by 52%. The elderly population in the country also show a high inclination for plant-based diets. With the Canadian Food Guide emphasizing higher consumption of plant-based protein, the demand for plant-based diets is growing significantly.
Glanbia, Danone, Tone it up, Orgain, KOS, Garden of Life, Your Super, Nuzest, No Cow, Kind, GoMacro, and SimplyProtein are key and prominent vendors in the global vegan protein market.
The complete overview of the latest market research report on the global plant-based protein market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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