The global Plant-Based Protein Supplement market is anticipated to grow at a significant CAGR of around 8.1% during the forecast period. Increasing awareness of the benefits associated with plant-based protein supplements daily consumption of concentrated nutrients due to ti this there is growing dietary supplements demand. Several hectic lifestyles and urbanization is propelling the prevalence of lifestyle-related severe health conditions. As per the information provided by Global Diabetes Community UK, it has stated that in 2018, across the globe there were 415 million diabetic patients and by 2040, it will reach 642 million people in the globe. Moreover, the increasing prevalence of obesity, diabetes, and CVD is also propelling the market to grow. Several studies have proved that minimum consumption of proteins daily basis will help in the prevention of various lifestyle-related diseases. Furthermore, in the current time, there is wider acceptance among consumers about the importance of the intake of protein supplements that prevent deteriorating health conditions. These are factors that are helping the growth of the plant-based protein supplements market. Lack of awareness regarding plant-based protein supplement products and various challenges faced in the improvement of palatability of plant-based protein are factors that are restraining the market to grow.
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Impact Of COVID-19 Pandemic On Global Plant-Based Protein Supplement Market
In COVID-19, due to demand for high immunity-boosting products people were more relying on plant-based protein supplements, and owing to the high consumption of plant-based protein supplements sales were increased and the demand was also increased. As per the information provided by the Plant-Based Foods Association (PBFA) and SPINS in May 2020, stated that in US retail sales of plant-based foods have considerably outpaced total food sales during COVID-19, total plant-based foods sales grew by 27%, which is 35% faster than total retail food. In COVID-19 were more focused on the products that help in immune-boosting and goos for health hence, they were buying more vegan supplements due to their properties such as healthier and safer in Comparision to animal-based proteins. However, the increasing concerns that surround food safety are expected to boost the demand for this supplement after the pandemic also.
Segmental Outlook
The global plant-based protein supplement market is segmented based on the type, form, application, and distribution channel. On the basis of type, the market is segmented into soy protein, rice protein, pea protein, wheat protein, and others. Based on the form the market is sub-divided into powder and RTD. On the basis of application, the market is sub-segmented into sports nutrition and additional nutrition. Based on the distribution channel, the market is sub-classified into hyper/supermarket. E-commerce and pharmacies. Among the form segment, the RTD sub-segment is dominating, attributed to fast-paced and busy lifestyle and the rising increase in the number of gym and fitness centers is augmenting market growth due to the consumer are serving to switch to quick and healthy beverages. Moreover, the piercing of RTD plant-based protein offers nutrients and promotes active lifestyles in taste-enhancing flavors, that includes chocolate, coffee, vanilla-infused with organic ingredients, veggies, maple syrups, and others. Moreover, the increase in demand for RTD sports nutrition by fitness enthusiasts and athletes is propelling the market to the fastest growth.
by Type (Soy Protein, Rice Protein, Pea Protein, Wheat Protein, And Others),
By Form (Powder and Ready-To-Drink (RTD)), By Application (Sports Nutrition and Additional Nutrition), and
by Distribution Channel (Hyper/Supermarkets, E-Commerce, and Pharmacies)
Market Players Outlook
The major companies serving the global Plant-Based Protein Supplement market include Abbott, AMCO Proteins, Glanbia plc., MusclePharm, NOW Health Group, Inc., The Bountiful Co., True Nutrition, WOODBOLT DISTRIBUTION LLC, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2022, Ginsters launched a Vegan creamy garlic mushroom slice that is aimed at flexitarians that are interested in trying a vegan diet. Moreover, LoveRaw launched three new products such as Smooth Choc, Caramel, and Orange bars to help meet demand during Veganuary 2022, this is gluten-free and free from palm oil and artificial ingredients. Candy Kitten has also launched Etom Mess flavored sweets with its the company is changing to a fully vegan company.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global Plant-Based Protein Supplement market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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