The plant-based protein supplements market is anticipated to grow from a valuation of US$ 1.02 billion in 2022 to US$ 1.77 billion by the end of 2032, expanding at a CAGR of 5.6%. Consumption of plant-based protein supplements makes up 1% to 3% of the global market for dietary supplements, measured in terms of value. With a value share of over 40%, the North American market for plant-based protein supplements currently leads the world. More than 60% of the market in North America is dominated by soy protein.
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From 2017 to 2021, plant-based protein supplements market grew at a CAGR of 4.4%. The most prevalent and well-liked dietary supplements on the market are protein supplements. With the rise of veganism and increased awareness of ethical and environmental issues, plant-based protein supplements are becoming more and more popular. Soy, wheat, and pea plants are the primary sources of plant-based protein supplements.
According to industry analysis, the market for plant-based protein supplement products is anticipated to grow at a CAGR of 5.6% between 2022 and 2032.
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Country-wise Insights
Why is Chile Witnessing High Value CAGR in Latin America?
The market for plant-based protein supplements is set to witness significant growth in Chile at a value CAGR 7.1%.
Since over half of the population in the country is overweight, nutritional recommendations in Latin American countries have shifted substantially away from addressing malnutrition and toward obesity prevention. Value of the Latin America plant-based protein supplements market is expected to increase at a CAGR of 6.3% through 2032.
Why is India Leading the South Asia & Pacific Plant-based Protein Supplements Market?
The India plant-based protein supplements market is currently valued at US$ 40.7 Mn. India holds the highest share in the South Asia & Pacific market for plant-based protein supplements. The country is set to experience a value CAGR of 6.8% and hold a market value share of 38.8%.
India is the biggest market in the region because it has the largest vegetarian population in the world, which drives high sales of plant-based healthcare products.
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Plant-based Protein Supplements Industry Research by Category
Plant-based Protein Supplements Market by Product Type:
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- Soy Protein
- Wheat Protein
- Pea Protein
- Others
Plant-based Protein Supplements Market by Sales Channel:
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- Hypermarkets/Supermarkets
- Specialty Stores
- Pharmacies & Drug Stores
- Online Retail
Plant-based Protein Supplements Market by Region:
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- North America Plant-based Protein Supplements Market
- Latin America Plant-based Protein Supplements Market
- Europe Plant-based Protein Supplements Market
- South Asia and Pacific Plant-based Protein Supplements Market
- East Asia Plant-based Protein Supplements Market
- Middle East & Africa Plant-based Protein Supplements Market
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