A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global plant-based protein supplements market. Presenting exclusive insights into the market from 2019 to 2027, the report projects that the market will witness significant growth during the forecast period. Plant-based protein supplements are derived from plant sources with high nutritional value. Some of the most prominent plant-based protein supplements, which find high adoption are soy, pea, chickpea, and brown rice, among others. The growth of the market is predominantly attributed to the growing number of vegan consumers, coupled with increasing awareness regarding the health benefits of chemical-free food products. High incidence of conditions such as heart diseases, high blood pressure, and diabetes is also causing a paradigm shift in food intake and diets among consumers across the world. Moreover, rising disposable incomes are also expected to complement consumption among emerging economies.
Inclination Towards Healthier Lifestyles in Developed Economies Shapes Growth Trajectory
Rising incidence of cardiovascular diseases and type 2 diabetes pushed consumers to reduce meat intake and increase the consumption of healthy, plant-based food products. Moreover, the growing incidence of lactose intolerance and glutamic disorders among young-adults of developed economies is propelling the demand for plant-based protein supplements. Furthermore, an increasing number of flexitarians in the U.S. and Canada as a result of promotional campaigns of veganism is also contributing to the progress of the market. To cater to the increasing demand, players in the plant-based protein supplements are channeling sales of products through various distribution channels including direct selling contracts, retail stores, e-commerce portals, and supermarkets. Growing rates of obesity, heart diseases, high blood pressure, diabetes, and asthma, are boosting the consumption of food products with high nutritional value, thus further impelling the revenue of the plant-based protein supplements market. However, the higher cost of the plant-based protein supplements as compared to traditional milk-based products is acting as a primary restraint to the market growth. Furthermore, the presence of low-cholesterol and low-fat milk is also posing a challenge to sales. On a positive note, the demand for soy, rice, and almond proteins from the lactose-intolerant population is expected to outweigh the shortcomings.
North Holds Strong Foothold while Economic Factors Invigorate Asia Pacific
North America is among one of the most prominent regional markets for plant-based protein supplements. The revenue of the market is driven by high awareness regarding the health benefits of a vegan diet coupled which is subsequently increasing the adoption of veganism among the population. The high obesity rate in the region is asserting consumers to opt for a nutritious diet, and hence will continue to drive the market growth through the forecast period. On the other hand, increasing the production of nutraceuticals in the Asia Pacific is anticipated to propel the adoption of plant-based protein supplements in the region. The region is also invigorated by rising levels of disposable income, which are increasing the purchasing power of consumers.