18-Nov-2019: The global plant based
protein supplement market size is expected to reach USD
7.70 billion by 2025, according to a new report by Grand View Research, Inc. It
is anticipated to expand at a CAGR of 7.9% during the forecast period. Rising
concerns regarding the consumption of animal protein supplements, has
encourages the manufacturers to develop human nutrition products derived from
soy, spirulina, pumpkin seed, hemp, pea, and rice among other plants-based
sources.
The plant-based
protein supplements market is projected to exhibit a high growth on account of
rising global demand for vegan products. Herein, the rapid growth of e-commerce
is augmenting the consumption of protein supplements. Walmart is considered to be
the largest retailer and requesting its suppliers to offer more plant based
items. Moreover, rising concern for food safety in food and beverages sector is
propelling the consumption for high-quality food service board and liquid
packaging board.
Demand for plant
based protein supplement is likely to witness a high growth on account of
rising popularity of Ready-to-Drink (RTD) product among millennials. These
pre-formulated protein drinks are easily available and can be consumed without
any further mixing or preparation. This factor is anticipated to bode well for
the product demand in near future.
Asia Pacific is
projected to remain one of the lucrative markets for plant-based protein
supplements over the next eight years. The growth of working-class population
in developing countries including China and India coupled with increased state
government spending for promoting infrastructure development and easy taxation
scenario for MNCs to open up offices, is expected to promote the demand. In
addition, predominant utilization of internet by the working-class population
during office hours and off-job time is expected to boost the consumer
awareness regarding plant-based supplements as meal replacements in near
future.
In
depth research report on Plant Based Protein Supplements Market
Further key findings from the report suggest:
·
Among raw materials, soy is anticipated to reach market size
of USD 5.11 billion by 2025, at a CAGR of 8.0% from 2017 to 2025
·
Protein powder product segment is expected to reach a market
size of 5.33 billion by 2025, owing to rising health consciousness and demand
from athletes and bodybuilders
·
North America is projected to exhibit a CAGR of 7.6% over the
forecast years, mainly on account of increasing demand for sports nutritional
supplements from Canada and U.S. In addition, presence of major players and
easy availability of raw materials can further fuel the growth
·
Countries in Asia Pacific, especially India, Indonesia, and
China, are expected to witness significant growth over the forecast years,
mainly driven by changing consume lifestyles resulting in the increased need
for health supplements
·
The plant-based protein supplements market is characterized
by accreditation of raw materials, product, distribution channel, application,
and regional decisions to improve the market share of manufacturers
·
Some of the prominent companies present in the market are
Glanbia plc; AMCO Proteins; Quest Nutrition; NOW Foods; NBTY, Inc.; MusclePharm
Corporation; Abbott Laboratories; CytoSport, Inc.; IOVATE Health Sciences
International; and Transparent Labs.
Grand View Research
has segmented the global plant based protein supplement market on the basis of
raw material, product, distribution channel, application, and region:
Plant based Protein Supplement Raw Material Outlook (Revenue,
USD Million, 2014 - 2025)
·
Soy
·
Spirulina
·
Pumpkin Seed
·
Hemp
·
Rice
·
Pea
·
Others
Plant based Protein Supplement Product Outlook (Revenue, USD
Million, 2014 - 2025)
·
Protein Powder
·
Protein Bars
·
Ready-to-Drink (RTD)
·
Others
Plant based Protein Supplement Distribution Channel Outlook
(Revenue, USD Million, 2014 - 2025)
·
Supermarket
·
Online Stores
·
DTC
·
Others
Plant based Protein Supplement Application Outlook (Revenue,
USD Million, 2014 - 2025)
·
Sports Nutrition
·
Additional Nutrition
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About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
