“An increase in the number of vegan populations, rise in obesity rate, and increase in awareness regarding health and fitness amongst people drive the growth of the global plant-based protein supplement market. The market across Europe held the largest share in 2018, accounting for nearly one-third of the market. On the other hand, the convention segment dominated the market, accounting for more than four-fifths of the market.”
According to the report published by Allied Market Research, the global plant-based protein supplement market accounted for $4.2 billion in 2018 and is expected to reach $7.0 billion by 2026, growing at a CAGR of 6.7% from 2019 to 2026.
Increase in number of vegan populations, rise in obesity rate, and increase in awareness regarding health and fitness amongst people drive the growth of the global plant-based protein supplement market. However, the presence of less expensive substitutes, side-effects and negative publicity & claim and impact analysis hamper the market. On the contrary, surge in number of millennial population and increase in social media marketing are expected to create lucrative opportunities in the near future.
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The global plant-based supplement market is divided on the basis of nature, product type, form, application, distribution channel, and geography. Based on nature, the market is divided into organic and conventional. The convention segment dominated the market, accounting for more than four-fifths of the market. However, the segment is expected to manifest the fastest CAGR of 6.9% from 2019 to 2026.
On the basis of product type, the market is divided into soy, spirulina, pumpkin seed, pea, and others. The pumpkin seed segment is expected to register the fastest CAGR of 11.4% during the forecast period. However, the soy segment dominated the market in 2018, contributing to two-thirds of the market.
The global plant-based protein supplement market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the largest share in 2018, accounting for nearly one-third of the market. However, the market across Asia-Pacific is expected to manifest the fastest CAGR of 7.8% during the study period.
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The global plant-based protein supplement market report includes an in-depth analysis of the major market players such as Glanbia plc., Sequel Natural Ltd., General Nutrition Centers, MusclePharm Corporation, True Nutrition, Nutiva Inc., NOW Health Group, Inc., Archon Vitamin LLC., Hormel Foods Corporation, and Vital Amine.
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