Rockville, Feb. 15, 2024 (GLOBE NEWSWIRE) -- As per the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, the global Plant-based Protein Supplement Market, estimated at US$ 1.12 billion in 2024, is projected to expand at a CAGR of 5.7% from 2024 to 2034.
Two main factors driving demand for plant-based protein supplements are growing global vegan population and rising awareness of the benefits of these nutritious dietary supplements.
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Plant-based protein supplements are derived from soy, brown rice, peas, wheat, chickpeas, and other ingredients. The high amino acid and low sodium content in plant-based protein supplements is driving their sales. Consumers’ preference for plant-based protein supplements is influenced by ethical concerns over the sourcing of animal-based proteins, the rising prevalence of food allergies, safety concerns, and the movement toward veganism to stop animal abuse.
Key Segments of Plant-based Protein Supplement Market Research Report
| By Raw Material | By Product Type | By Sales Channel | By Region |
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Key Takeaways from Market Study
- In 2024, the global plant-based protein supplement market is estimated to be worth US$ 1.12 billion.
- Demand for plant-based protein supplements is forecasted to rise at a CAGR of 5.7% from 2024 to 2034.
- The market is projected to reach US$ 1.96 billion by 2034-end.
- North America is estimated to account for a market share of 22.6% in 2024.
- Demand for soy protein is forecasted to increase at a CAGR of 6% from 2024 to 2034.
- The market in North America is projected to expand at a CAGR of 5.1% through 2034.
- From 2024 to 2034, the East Asian market is forecasted to expand at a CAGR of 6.3%.
“Growing health consciousness amid rising prevalence of lactose intolerance are primary factors influencing sales of plant-based protein products. Demand for soy, rice, and almond proteins is rising as consumers shift toward healthy, cruelty-free food and supplement choices,” says a Fact.MR analyst.
Growing Preference for Plant-based Protein Alternatives over Animal-based Proteins
The market for plant-based protein supplements is expanding as a result of growing consumer demand brought on by awareness of the advantages of plant-based proteins as opposed to the health implications of animal proteins. Additionally, the adoption of plant-based proteins is gaining traction due to the widespread prevalence of illnesses among animals, such as bird flu. Rising adoption of veganism is also contributing to market growth.
- Optimum Nutrition, a sports nutrition brand owned by Glanbia, introduced Gold Standard 100% Plant Protein, a new plant-based protein powder, in October 2022. This product contains only vegan ingredients and has 24 grams of protein to help with exercise.
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| Report Attribute | Details |
| Value Projection (2034) | US$ 1.96 Billion |
| Growth Rate (2024-2034) | 5.7% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 84 Tables |
| No. of Figures | 112 Figures |
Rising Health Consciousness Fuels Demand for Plant-Based Supplements in the US and China
A surge in health-consciousness among American consumers is reshaping purchasing trends and driving demand for wellness products. With China's economic expansion bolstering consumers' purchasing power, there's a notable uptick in spending on items promoting healthier lifestyles, particularly plant-based supplements.
China's escalating consumption of protein supplements is poised to propel market growth, fueled by increasing purchasing power and greater accessibility to diverse brands. Concurrently, governmental initiatives in China promote sports and fitness, further encouraging healthy living practices.
In the United States, a growing number of individuals are embracing healthy lifestyles, emphasizing vigorous exercise and nutritional choices. This shift towards wellness is reflected in the preference for organic and natural food products over heavily processed options. Consequently, the demand for protein supplements is on the rise.
Key players in the US protein supplement market are prioritizing research and development to introduce innovative offerings that cater to a widening customer base. Their objective is to deliver top-quality products at competitive prices while meeting stringent regulatory standards enforced by the FDA.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the plant-based protein supplement market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on raw material (soy protein, wheat protein, pea protein), product type (concentrates, isolates, textured), and sales channel (hypermarkets/supermarkets, specialty stores, pharmacy & drug stores, online retails), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Checkout More Related Studies Published by Fact.MR Research:
Plant Based Supplement Market: Rise in demand of meat alternatives, increased vegan population and increased awareness around the benefits of proteins, and protein rich diet has been aiding in the increasing demand of plant based supplements market in recent years.
Protein Supplements Market: The valuation of the global protein supplements market is US$ 22.3 billion in 2023. Global demand for protein supplements is expected to reach a market valuation of US$ 41.1 billion by 2033.
Liquid Feed Supplements Market: Growing awareness regarding the animal feed quality and health, need for solution to the poor pasture and increasing R&D activities across animal feed husbandry is anticipated to drive the growth of liquid feed supplements market.
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