According to the research report titled, ‘Global Plant-Based Protein Supplements Market Size study, By Raw Material (Soy, Spirulina, Pumpkin Seed, Hemp, Rice, Pea, Others), By Product (Protein Powder, Protein Bars, Ready-to-Drink, Others), By Distribution Channel (Supermarkets/Hypermarkets, Online Stores, Chemist/Drugstores, Specialty Stores Others), By Application (Sports Nutrition, Functional Food) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global plant-based protein supplement market was valued at USD 5.35 billion in 2020 and is estimated to reach USD 9.5 billion by 2027, expanding at a CAGR of 8.6% over the study period.
 

Global plant-based protein supplements market is expected to see significant growth due to increased demand for healthy and nutrient-rich plant-based foods. As the demand for vegan products continues to grow, several restaurants have also begun experimenting with more vegan options such as exotic seed, banana blossoms, nut butter, and so on.
 

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For those unaware, plant-based protein supplements are made from various nutrient-rich plant sources like brown rice, soy, and pea. They are known to be 100% vegan and quite beneficial to health.
 

Focus towards minimizing meat consumption in tandem with rising prevalence of food allergies are also stimulating the worldwide plant-based protein supplements industry outlook. Apart from this, government regulations against animal cruelty and growing adoption of eco-friendly products are aiding towards the overall market expansion.
 

On the contrary, changing pricing patterns due to a lack of supply chain and poor production as well as management may hamper the overall market expansion in the ensuing years.
 

The geographical analysis of the industry extends to Latin America, Asia Pacific, Europe, North America, and the rest of the world. As per the report, North America is expected to capture a majority market share by the end of the forecast period, primarily due to the increase in public awareness towards a healthy lifestyle and growing acceptance of nutrient-rich food products.
 

On the other end, Asia-Pacific market is also expected to see significant growth in the upcoming years. Factors including growing focus on ending animal cruelty, ethical attitudes about meat-eating, and a large consumer base for vegan products are expected to contribute towards Asia-Pacific plant-based protein supplements market growth.
 

The competitive landscape of the global plant-based protein supplements market is Woodbolt Distribution LLC, Transparent Labs, Iovate Health Sciences Inc., Abbott Laboratories, Musclepharm Corp., The Bountiful Company, NOW Foods, Quest Nutrition LLC, AMCO Proteins, and Glanbia plc.