Plant Based Protein Supplement Market to Observe Strong Growth $7.03 Billion by 2026: CAGR 6.7%

Global plant-based protein supplement market is expected to reach $7.03 billion by 2026, growing at a CAGR of 6.7% from 2019 to 2026

WILMINGTON, DE, UNITED STATES, November 15, 2024 /EINPresswire.com/ -- The global plant based protein supplement Market size is done by nature, Product Type, Form, Application and Distribution Channel. Protein is an essential nutrient and second most abundant substance present in the body after water. Protein supplements are concentrated sources of protein obtained from animals or plants that include dairy, eggs, wheat, soybean, pea, and others. However, due to rise in number vegan population has eventually triggered demand for plant-based protein supplement products. They are present in three common forms, that is, powders, bars, and ready to drink (RTD) liquids. Protein powder is one of the most common protein supplements, available in the market as protein concentrates, protein isolates, and protein hydrolysates. The concentrates consist of 60%-80% protein and 20%-30% fat & carbs; the isolates contain 90%-95% protein; and hydrolysates boost the absorption of protein subsequently enhancing the muscle growth response to exercise. These products are consumed by individuals who strive to build muscle, increase & maintain body mass, or lose weight. Also, people take protein supplements to fulfill the necessary energy and vitamins needed through strenuous workouts as well as to compensate the nutrients & vitamins loss during reduction of food intake. Health benefits associated with consuming protein supplements and rise in fitness concerns among people in different regions drive the plant based protein supplement market. In addition, increase in number of fitness & training centers, surge in disposable income, and alarming rise in obesity rates also fuel the plant based protein supplement market growth.

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Rise in number of vegan populations, significant rise in obesity rates, and surge in awareness among people for health & fitness fuel the growth of the global plant-based protein supplement market. On the other hand, presence of cheaper substitutes and their substitutes restrain the growth to some extent. Nevertheless, increase in number of millennial populations and rise of social media marketing are projected to usher in a number of opportunities in the market.

Frontrunners in the industry-
The key players analyzed in the report include Sequel Natural Ltd., Hormel Foods Corporation, Glanbia plc, Vital Amine, Inc.True Nutrition, MusclePharm Corporation, Archon Vitamin LLC., Nutiva Inc., NOW Health Group, Inc., and General Nutrition Centers, Inc. These players have incorporated a number of exclusive strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to retain their strong hold in the market.

The conventional segment generated the largest share in 2018-
Based on nature, the conventional segment contributed to more than four-fifths of the total market share in 2018, and is expected to dominate by the end of 2026. The same segment is also expected to grow at the fastest CAGR of 6.9% throughout the forecast period. The research also analyzes the organic segment.

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The soy segment to retain the lion’s share by 2026-
Based on product type, the soy segment accounted for nearly two-thirds of the total market revenue in 2018, and is projected to retain its top status during the study period. The pumpkin seed segment, on the other hand, would manifest the fastest CAGR of 11.4% during the forecast period, 2019–2026. Spirulina and pea are the two other segments assessed in the market report.

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Europe to rule the roost-
Based on geography, Europe held the largest share in 2018, generating nearly one-third of the total market. At the same time, the Asia-Pacific region would register the fastest CAGR of 7.8% during the estimated period. The other two regions analyzed in the report include LAMEA and North America.

David Correa
Allied Market Research
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