Although protein supplements are commonly associated with animal products, they don’t necessarily have to be animal-based. Many plants are rich sources of proteins and can be used for supplement production suitable for vegetarians and vegans.
In recent years, net purchases of plant-based food and beverage products have outpaced other grocery sales. The increased popularity of plant-based and vegan diets led to an increased demand for plant-based protein supplements containing the essential macronutrients that support muscle and bone health and strengthen the immune system.
The general shift in diets is not the only reason for the growing interest in these supplements. There’s also an increasing demand for protein supplements in the sport and health nutrition sector since they promote muscle development, proper growth, etc.
Certain sources claim that the ongoing pandemic could also be the reason for the surge in sales. Namely, dietary supplements claim to be an effective tool for improving the immune system against COVID-19. For this reason, during the last week of March 2020, average dietary supplement revenues increased by more than 35% in the US.
What’s more, the experts expect the market to grow further. They project that the plant-based protein supplements market will grow at a 7.8% CAGR, hitting $9.57 billion in 2027. Developing economies in Asia-Pacific, Latin America, Middle East, and Africa provide additional opportunities for the growth of this market.
Currently, The Simply Good Food Co (US), Nutiva Inc (US), Iovate Health Sciences International Inc. (Canada), etc., are only some of the many well-established players in the plant-based protein supplements sector.
However, it’s important to mention that the general preference for whey-based protein supplements and soy- and gluten-free products could impede the expansion of the plant-based protein supplements market.
All in all, since the interest in vegan and vegetarian diets, doesn’t seem to wane, and the experts forecast steady growth of plant-based protein sales, it’s safe to assume that this market will only continue to expand in the future.