Portland, OR—The global plant-based protein supplement industry generated $4.2 billion in 2018, and is expected to hit $7 billion by 2026, according to a report by Allied Market Research titled “Plant Based Protein Supplement Market,” analyzed by product type, form, application, and distribution channel.
A press release on the topic notes that an exploding vegan population, increase in obesity rate, and rising awareness regarding health and fitness are all driving the growth of the market. However, negative publicity, the availability of cheaper substitutes, and side effects are hindering the growth of the industry.
The conventional segment held nearly 86% of the total share of the global plant-based protein supplement market in 2018, and is expected to hold its position during the forecast period. It is expected to have the fastest CAGR of 6.9% from 2019 to 2026.
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By type, soy contributed to the highest market share, holding nearly two-thirds of the total share, and is expected to maintain its position through 2026, thanks to the use of soy to make infant soy formula. However, the pumpkin seed segment is projected to see the highest CAGR of 11.4%—pumpkin seeds, the release notes, are a good source of healthy oils, magnesium, and other nutrients.
Europe accounted for nearly one-third of the market, and is expected to continue to lead in terms of region. North America is expected to maintain the second-highest consumption during the forecast period. However, Asia-Pacific is expected to show the largest CAGR of 7.8%.
Leading market players include Glanbia plc, Nutiva Inc, NOW Health Group Inc, Hormel Foods Corporation, Sequel Natural Ltd., and Vital Amine.
The report can be purchased here.