Nov 26, 2020: The global plant-based protein powder market is set to grow at a higher CAGR by 2023 owing to rise in geriatric population and simultaneous need for nutritional supplement. Population in developed countries is now shifting to vegan diet from pills and capsules. Rather, vegetable based protein pills and capsules are gaining a wider attention and is popular among all age groups.
Factors such as rise in consumer awareness for vegan diet and rising incidences of cardiovascular diseases and diabetes owing to over consumption of meat products is likely to propel the commercial growth. Rise in concerns pertaining to lactose intolerance and glutamic disorders in the developed economies is more likely to supplement the vertical growth. Rise in popularity of soy products and soy supplements are gaining a heavy traction leading to rise in demand.
Product segmentation comprises protein bar and protein powder. Plant-based protein powder market accounts for a significant share owing to rise in gym professionals and the prevalence of social media.
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North America dominates the international scenario owing to rise in awareness for vegan diet and consumer shift towards vegetarian diet. Apart, mass campaign on social and electronic media triggers the regional growth. Asia Pacific regions account for a significant share owing to consumer preference for nutraceuticals and increase in urbanization leading to plant-based protein powder market growth.
Mergers, acquisitions, expansions, and new product development are some of the most widely adopted strategies by industry players, both large and small. There has been a constant rise in consumer demand for nutraceuticals, according to the Wright Group. It further adds that the demand for nutrient premixes is witnessing a surge in Asian counterparts. Along with protein trends, the vegan trends are gaining a higher traction. There has been a substantial rise in the demand for pea, seed protein and pumpkin. Manufacturers and companies are keen with offering vegan products. A product such as clean cream is one of the vegan product offered by Prinova.
The key players in the plant-based protein powder market are NOW Foods, Quest, CytoSport Inc, Muscle Pharm Corporation and NBTY.
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Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Plant-Based Protein Powder in these regions, from 2012 to 2023 (forecast), covering
- North America (United States, Canada and Mexico)
- Europe (Germany, France, UK, Russia and Italy)
- Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
- South America (Brazil, Argentina, Columbia)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Global Plant-Based Protein Powder market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including
- Makers Nutrition
- AMCO Proteins
- Axiom Foods
- Carbery Group
- Optimum Nutrition
- Transparent Labs
- Nature Power
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