The use of plant-based protein supplements in sports nutrition and as an alternative to animal-based protein is gaining rapid traction in North America and Europe, owing to the rising vegan and flexitarian population. Animal-based products are a rich source of protein, and vegans, who do not consume animal-based products, require protein supplements to avoid protein deficiency. This protein requirement is met by adding plant-based ingredients from sources such as soy, wheat, and pea to the diet.
The global plant-based protein supplements market has witnessed steady growth in the past few years, and this growth is projected to continue throughout the forecast period of 2019-2027, at a CAGR of 5.4%.
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Key Takeaways of Plant-based Protein Supplements Market Study
- North America and Europe collectively account for the largest share in the global plant-based protein supplements market, as more consumers adopt vegetarian or vegan diets in these regions.
- Asia Pacific is expected to be a lucrative region for investments and expansion, as this region is the one of the largest producers of wheat. A significant proportion of the population in this region is vegetarian, which may create opportunities for manufacturers in the foreseeable future.
- Pea protein source ingredients are expected to gain rapid traction, while the sales of soy protein account for the biggest share. However, pea protein is expected to surpass soy protein in terms of popularity during the forecast period.
- The online retail segment is anticipated to be the fastest-growing segment among all the existing sales channels in the global plant-based protein supplements market, while mass merchandisers are expected to account for the largest share during the forecast period.
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Global Plant-based Protein Supplements Market: Competitive Landscape
- Players in the global plant-based protein supplements market are striving to increase the penetration of their products. Acquisitions and mergers are the key strategies being used by major players in the global plant-based protein supplements market to increase their production capacities. This strategy is expected to enable them to cater to the increasing demand for plant-based protein supplements, worldwide.
- For instance, in April 2017, Danone S.A. acquired WhiteWave Food Co. and formed DanoneWave, a new entity that became a part of a newly created plant-based business unit within Danone.
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