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Report Overview

The global plant-based protein supplements market attained a value of nearly USD 6.11 billion in 2023. The market is further expected to grow at a CAGR of 5.7% during the forecast period of 2024-2032 to reach a value of USD 10.06 billion by 2032.

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Plant-Based Protein Supplements Market Report Summary Description Value
Base Year USD Billion 2023
Historical Period USD Billion 2018-2023
Forecast Period USD Billion 2024-2032
Market Size 2023 USD Billion 6.11
Market Size 2032 USD Billion 10.06
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 5.7%
CAGR 2024-2032 - Market by Region Asia Pacific 6.1%
CAGR 2024-2032 - Market by Country India 6.5%
CAGR 2024-2032 - Market by Country China 5.5%
CAGR 2024-2032 - Market by Type Concentrates 6.4%
CAGR 2024-2032 - Market by Application Health and Fitness 6.6%
Market Share by Country 2023 France 3.4%

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. 

CAGR 2024-2032 - Market by Country
India 6.5%
China 5.5%
Canada 4.8%
Germany 4.1%
Italy 3.5%
USA XX%
UK XX%
France XX%
Japan 3.4%
Australia XX%
Saudi Arabia XX%
Brazil XX%
Mexico XX%

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. 

plant based protein supplements market by region

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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

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Origin
  • Raw Material
  • Product Type
  • Application
  • Distribution Channels
  • Region
Breakup by Origin
  • Organic
  • Conventional
Breakup by Raw Material
  • Soy
  • Spirulina
  • Pumpkin Seed
  • Hemp
  • Rice
  • Pea
  • Others
Breakup by Product Type
  • Protein Powder
  • Protein Bars
  • Ready-to-Drink
Breakup by Application
  • Sports Nutrition
  • Functional Food
Breakup by Distribution Channels
  • Hypermarkets and Supermarkets
  • Specialty Stores
  • Online
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Glanbia plc
  • Hormel Foods Corporation
  • The Bountiful Company
  • Abbott Laboratories
  • NOW Health Group, Inc.
  • Others

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The global market size for plant-based protein supplements reached a value of more than USD 6.11 billion in 2023.

The market is expected to grow at a CAGR of 5.7% between 2024 and 2032.

The major market drivers include lactose allergies, rising interest in protein supplements, and growing prevalence of vegan lifestyles.

The key trends of the market are rising awareness, availability of tasty and environmentally friendly proteins, and increasing demand for on-the-go and healthy protein options.

Key market players include Glanbia plc, Hormel Foods Corporation, The Bountiful Company, Abbott Laboratories, and NOW Health Group, Inc., among others.

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 cell and tissue.

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.

The global plant-based protein supplements market is segmented based on origin, raw material, product type, application, distribution channel, and region.

They help in reducing the cholesterol level and also reducing the markers of heart diseases.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 10.06 billion by 2032.

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30 North Gould Street, Sheridan, WY 82801

+1-415-325-5166

63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124