Market Overview
The global plant based protein supplements market size was USD 5.96 billion in 2023 and is expected to grow from USD 6.26 billion in 2024 to USD 10.17 billion by 2032 at a CAGR of 6.24% over the 2024-2032 period.
Potential long-term benefits of switching to plant-based diets will play a major role in fueling the adoption of plant proteins, shares Fortune Business Insights™ in its report, titled “Plant-based Protein Supplements Market Size, Share & Industry Analysis, By Type (Soy Protein, Pea Protein & Wheat Protein), Distribution Channel (Mass Merchandisers, Pharmacies/Drugstores, Specialty Stores, Online Retail, and Others), and Regional Forecast, 2024-2032”.
A research study conducted by the Oxford Martin School under the University of Oxford in 2016 revealed that if majority of the global population switched to fruit- and-vegetable-based diets by 2050, it could reduce greenhouse gas emissions by 67%. Moreover, the world could save USD 1.5 trillion in climate-related healthcare costs. Empirical evidence supporting vegetarianism will prove instrumental in promoting the adoption of plant-based protein supplements, as protein supplements are usually derived from animal-based products. This gradual shift in preference is also expected to stoke innovation among market companies, who are already developing protein supplements derived from plants.
According to the report, the global market value stood at USD 4.79 billion in 2019. The report also offers the following:
Tangible insights into the major growth drivers of the market;
Elaborative overview of the industry trends and future outlook;
Careful assessment of the challenges facing the market; and
Actionable research into the regional developments and competitive landscape of the market.
Market Driver
Increasing Incidence of Diabetes Worldwide to Boost the Market
The growing prevalence of diabetes globally is a significant factor driving the expansion of the plant-based protein supplements market. According to the International Diabetes Federation (IDF), there were 463 million individuals with diabetes in 2019, a number anticipated to increase to 700 million by 2045. Furthermore, the IDF estimates that approximately 374 million people are at an elevated risk of developing type 2 diabetes. Proteins are essential in managing diabetes, and plant-based proteins have proven particularly effective. For example, peanuts contain arginine, an amino acid that boosts insulin production and helps stabilize blood sugar levels. Additionally, a study published in the journal ‘Metabolism’ revealed that consuming one ounce of almonds before a high-fat meal reduced post-meal blood sugar levels by 30% in diabetics. These benefits of proteins from natural sources are expected to propel the growth of the plant-based protein supplements market.
Regional Insights
North America to Emerge as the Largest Regional Market; Asia Pacific to Register Phenomenal Growth
North America, whose market size in 2019 stood at USD 2.29 billion, is expected to dominate the plant-based protein supplements market share during the forecast period. This is mainly attributable to the high awareness among consumers about the extensive environmental and health benefits of adopting a vegetarian diet regime. Similar trends will be observed in Europe, where countries such as the UK and France are swiftly pursuing vegan lifestyles.
Asia Pacific, on the other hand, is anticipated to showcase an excellent growth trajectory on account of increasing prevalence of lifestyle-related disorders, mainly diabetes and cardiovascular diseases. Besides this, rapid urbanization is making people more health-conscious and pushing them towards adopting diets comprising of fruits and vegetables and even vegan proteins.
Competitive Landscape
Key Players to Invest in Building a Diversified Product Range
Leading companies in this market are focusing on portfolio diversification as their primary strategy. They are bolstering this approach with strategic investments in niche sectors, allowing them to expand their market presence, strengthen their regional positions, and boost their brand value globally.
Industry Developments:
May 2020: Danone announces the commercial availability of its Vega One plant-based protein products in China, with the Vega One Sport designed for sports enthusiasts in the country. This product contains a mix of proteins derived from different sources including pumpkin seeds, alfalfa, sunflower, and peas.
May 2019: Canada-based Burcon NutraScience Corporation inked a joint venture agreement with an investment group to construct a facility worth CAD 65 million to produce canola-protein and pea-protein in Western Canada. The plant will produce Burcon’s Peazac and Peazazz pea proteins and Nutratein, Puratein, and Supertein canola proteins.
List of Key Companies Profiled in the Plant-based Protein Supplements Market Report:
· Nuzest Life Pty Ltd. (New South Wales, Australia)
· Blue Diamond Global Ingredients Division (California, U.S.)
· Iovate Health Sciences International Inc. (Ontario, Canada)
· BENEO GmbH (Mannheim, Germany)
· Roquette Frères (Lestrem, France)
· Sakara Life, Inc. (New York, U.S.)
· Amway (Michigan, U.S.)
· Glanbia plc (Kilkenny, Ireland)
· Kerry Group plc (Listowel, Ireland)
· Danone S.A. (Paris France)