The global plant based protein supplements market size is projected to USD 7.84 billion by 2028, exhibiting a compound annual growth rate (CAGR) of 5.5 percent during the forecast period. Potential long-term benefits of switching to plant-based diets will play a major role in fueling the adoption of plant proteins, shared Fortune Business Insights in its report, titled “Plant Based Protein Supplements Market, 2021-2028.” The market size stood at USD 5.11 billion in 2020.
A research study conducted by the Oxford Martin School under the University of Oxford in 2016 revealed that if the majority of the global population switched to fruit- and-vegetable-based diets by 2050, it could reduce greenhouse gas emissions by 67 percent.
Moreover, the world could save USD 1.5 trillion in climate-related health care costs. Empirical evidence supporting vegetarianism will prove instrumental in promoting the adoption of plant based protein supplements, as protein supplements are usually derived from animal-based products.
Rapid Shift Toward Healthy Food Products to Boost Market Amid COVID-19 Impact
The market has experienced substantial growth due to the demand for plant-based foods amid the COVID-19 pandemic. According to a survey conducted by the Plant Based Foods Association, the U.S. retail plant-based foods sale was 35 percent higher than total retail food amid the panic buying period around March and April 2020. The pandemic has significantly altered consumer buying patterns due to the shift for organic food products.
Increasing Incidence of Diabetes Worldwide to Boost the Market
A key factor driving the plant based protein supplements market growth is the rising prevalence of diabetes across the globe. In 2019, according to the International Diabetes Foundation (IDF), 463 million people were living with diabetes, and by 2045, this number will rise to 700 million. In addition, the IDF estimates approximately 374 million people are at a heightened risk of developing type 2 diabetes. Proteins are essential in controlling and managing diabetes and plant based proteins are proving to be highly potent in performing these tasks.
North America to Emerge as the Largest Regional Market; Asia Pacific to Register Phenomenal Growth
North America, whose market size in 2020 stood at USD 2.41 billion, is expected to dominate the plant based protein supplements market share during the forecast period. This is mainly attributable to the high awareness among consumers about the extensive environmental and health benefits of adopting a vegetarian diet regime. Similar trends will be observed in Europe, where countries such as the UK and France are swiftly pursuing vegan lifestyles.
Asia Pacific, on the other hand, is anticipated to showcase an excellent growth trajectory on account of increasing prevalence of lifestyle-related disorders, mainly diabetes and cardiovascular diseases. Besides this, rapid urbanization is making people more health-conscious and pushing them toward adopting diets consisting of fruits and vegetables and even vegan proteins.
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