Plant-based Protein Supplements Market Size, Share, Report by 2033

The global plant-based protein supplements market size was calculated at USD 2.69 billion in 2023 and is expected to reach around USD 6.04 billion by 2033, growing at a CAGR of 8.42% from 2024 to 2033.

Key Points

The North America plant-based protein supplements market size accounted for USD 1.24 billion in 2023 and is expected to attain around USD 2.81 billion by 2033, poised to grow at a CAGR of 8.52% between 2024 and 2033.
North America dominated the market with the largest revenue share of 46% in 2023.
Asia Pacific is projected to grow at the highest CAGR of 9.63% during the forecast period of 2024-2033.
By raw material, the soy protein segment has held a major revenue share of 28% in 2023.
By raw material, the pea protein segment is expected to grow at the fastest CAGR of 9.12% during the forecast period.
By product, the protein powder segment dominated the market in 2023.
By product, the protein bars segment is expected to expand at a solid CAGR of 9.21% during the forecast period.
By distribution channel, the online stores segment dominated the market in 2023.
By distribution channel, the supermarkets/hypermarkets segment is expected to grow rapidly in the forecast period.
By application, the functional foods segment has held the largest revenue share of 53% in 2023.
By application, the sports nutrition segment is expected to grow rapidly in the market during the forecast period.

Plant-Based Protein Supplements Market Size 2024 to 2033

The plant-based protein supplements market has witnessed significant growth in recent years due to increasing consumer awareness regarding the health benefits of plant-based diets. Plant-based protein supplements are derived from sources such as soy, pea, rice, hemp, and others, offering a viable alternative to animal-based protein supplements. With the rise of veganism, vegetarianism, and flexitarianism, the demand for plant-based protein supplements has surged globally.

Get a Sample: https://www.precedenceresearch.com/sample/4357

Growth Factors

Several factors are driving the growth of the plant-based protein supplements market. These include the growing preference for plant-based diets among consumers concerned about health, sustainability, and animal welfare. Additionally, the rise in fitness and wellness trends, coupled with increasing disposable incomes, has fueled the demand for protein supplements derived from plant sources. Moreover, advancements in food technology have led to the development of innovative plant-based protein products with improved taste, texture, and nutritional profiles, further stimulating market growth.

Region Insights

The plant-based protein supplements market exhibits significant regional variation. North America and Europe dominate the market due to high consumer awareness, well-established distribution networks, and a strong presence of key market players. However, Asia Pacific is emerging as a lucrative market owing to the rising adoption of plant-based diets in countries like China, India, and Japan. Furthermore, increasing urbanization, changing dietary habits, and growing health consciousness in the region are driving market expansion.

Plant-based Protein Supplements Market Scope

Report Coverage	Details
Plant-based Protein Supplements Market Size in 2023	USD 2.69 Billion
Plant-based Protein Supplements Market Size in 2024	USD 2.92 Billion
Plant-based Protein Supplements Market Size by 2033	USD 6.04 Billion
Plant-based Protein Supplements Market Growth Rate	CAGR of 8.42% from 2024 to 2033
Largest Market	North America
Base Year	2023
Forecast Period	2024 to 2033
Segments Covered	Raw Material, Product, Distribution Channel, Application, and Regions
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Plant-based Protein Supplements Market Dynamics

Drivers

Several key drivers are propelling the growth of the plant-based protein supplements market. These include the increasing prevalence of lifestyle-related diseases such as obesity and diabetes, prompting consumers to adopt healthier dietary habits. Additionally, concerns about environmental sustainability and animal welfare are motivating individuals to shift towards plant-based diets and products. Moreover, endorsements by celebrities, athletes, and healthcare professionals are further popularizing plant-based protein supplements, driving market demand.

Opportunities

The plant-based protein supplements market presents numerous opportunities for growth and innovation. Expansion into untapped markets, such as developing countries with rising health awareness, offers significant growth potential. Furthermore, product diversification and the introduction of novel plant-based protein sources and formulations can cater to evolving consumer preferences and dietary requirements. Collaborations between food manufacturers, research institutions, and government bodies can also spur innovation and market development.

Challenges

Despite its rapid growth, the plant-based protein supplements market faces several challenges. One major challenge is the perception of plant-based proteins as inferior to animal-based proteins in terms of taste, texture, and nutritional quality, which may deter some consumers. Additionally, sourcing high-quality plant-based protein ingredients at competitive prices can be challenging, impacting product affordability and profitability. Regulatory hurdles, labeling regulations, and limited consumer understanding of plant-based nutrition are also barriers to market expansion.

Plant-based Protein Supplements Market Recent Developments

In June 2023, Synthite launched Protein, a plant-protein drink powder, and Just Plants, a plant-based dairy alternative, in JV, a food tech joint venture with the IISc (Indian Institute of Science) and a U.S.-based nutraceutical company, PMEDS.
In September 2023, Natural India Pvt Ltd, the parent company behind Max Protein to reshape the landscape of nutrition and fitness in India, launched 2-revolutionary products: Max Protein Plant Protein and Max Protein Whey Protein.