The rising trend of vegan diet is improving the dietary patterns, especially in developed regions. This has enabled the global plant-based protein supplements market establishing strong roots, observes Fortune Business Insights in a new study, titled “Plant-based Protein Supplements Market: Global Market Analysis, Insights and Forecast, 2018-2025.” The report foresees the global plant-based protein supplements market to expand at a CAGR of 7.46% during the forecast period, 2018-2025. The market was valued at US$4.16 Bn in 2017 and is anticipated to reach US$7.38 Bn by 2025.
The global plant-based supplements market is moderately consolidated in structure owing to the presence of several multinational companies. These companies are continuously focusing on geographical expansion to maintain their position and market share. Some of the key players operating in the global plant-based protein supplements market are Danone S.A., Roquette, Iovate Health Sciences International Inc., Transparent Labs, Amway, Glanbia plc, Blue Diamond Global Ingredients Division, BENEO GmbH, Kerry Group, and Nuzest.
Several portfolio expansions and mergers & acquisitions are on the way. For instance, a leading food company called Danone recently revealed its plans to triple the size of its plant-based business by 2025. The company will achieve this by combining its position in the dairy industry with the high plant-based growth potential. Another company called Roquette also made a significant investment recently in dedicated pea protein processing facilities in Canada and Europe. Companies are also capitalizing on M&As to gain a competitive edge in the plant-based protein supplements market. In April 2017, Danone acquired another company called The WhiteWave Foods Co. with an aim to be a global leader in the plant-based and organic products. FBI predicts such strategies are expected to strengthen the growth trajectory for the plant-based protein supplements market in the coming years.
Rising Demand for Innovation in Supplements Sector to Boost the Market
“Growing concerns regarding the consumption of animal-based products, that presents a growing risk for plethora of lifestyle disorders such as diabetes and Cardiovascular disease (CVD) – this trend is encouraging people to shift to vegan diet. Hence, the demand for plant-based protein supplements is expected to grow strongly in the coming years,” said a lead analyst at FBI. “The emergence of soy, pea, lentil, and ancient grains will make the dietary supplements space more vibrant and interesting,” he added. Rising demand for innovation among consumers in supplements sector and plant-proteins is boosting the plant-based protein supplements market. Superior nutrition, premium offerings, and sustainability factor of plant-based protein supplements are some of the future growth opportunities for the overall market. However, there are some organoleptic parameters such as flavor profiles of plant-based proteins which require serious improvements to increase the acceptability of the finished product.
In terms of source, soy protein segment is presently dominating the plant-based protein supplements market owing to the easy availability of raw materials. However, this segment is likely to exhibit a slowdown in it sales during the forecast period.
Rising Awareness Among Consumers to Promote Demand in Developed Nations
North America and Europe account for more than half of the global revenue from plant-based protein supplements. Heightened awareness among consumers regarding the ecological impact of animal-based proteins will create lucrative growth opportunities for the plant-based protein supplements market in North America. In addition to this, health benefits associated with the consumption of plant-based protein supplements will promote demand in this region. Other regions such as Asia Pacific and the Middle East & Africa are expected to witness considerable growth between 2018 and 2025. The sports nutrition sector is becoming increasingly mainstream with consumers gradually showing interests in the plant-based protein dietary supplements, driving the market in these regions.