As the vegetarian population is increasing, we can assume that the plant-based protein supplements market is going to expand in the next few years. On the other hand, many people are preferring plant-based protein over animal protein.
According to some reliable reports, the size of the plant-based protein supplements market is estimated to reach around $5 billion by 2026. Plant-based protein supplements including chickpeas, peas, and brown rice have countless health benefits and are good immunity boosters.
Moreover, the awareness of natural products and increased health awareness have boosted the market growth of vegan supplements in Australia. Let’s find out how the market for vegan protein supplements is growing.
Plant-Based Protein Supplements Market Segment
The global plant-based protein supplements market is growing in many ways. In the following, we are covering four major segments of the vegan protein supplements market’s growth.
- By Application
The growth of the global plant-based protein supplements market can be based on application. For example, the sports nutrition segment had the highest market share in 2020. Many people including professional athletes and fitness enthusiasts are helping this segment to grow.
- By Region
The global vegan protein supplements market growth also depends on the geographical location. The increased awareness about the vegetarian diet is making an effect in many parts across the world. In 2020, North America had the largest market share for plant-based protein supplements.
- By Distribution Channel
The growth of the plant-based protein supplements market depends on the distribution channel. In simple words, people are getting influenced by various vegan protein supplement campaigns. For example, if a YouTuber is promoting a protein powder, some of his or her subscribers will buy it.
- By Product Type
Product type is another essential factor for plant-based protein supplements market growth. There are various types of plant-based protein supplements including ready-to-drink, protein bars, and protein powder. In this case, protein powder had the highest market share the last year.
Rising Preference for Plant-Based Diets
In the last few years, we have seen a rising preference for plant-based diets and awareness for animal welfare. So, it’s clear that we will see the expansion of the vegan population in near future. Plus, the nutrition benefits of plant-based protein are also effective for the growth of the market.
Additionally, people are making more health-conscious and looking for an all-natural source of diet. Most protein supplement providers are offering plant-based products.
Benefits of Plant-Based Protein
As we mentioned before, plant-based protein has countless benefits. Some essential benefits of plant-based protein are:
- Vegan protein is easily absorbed by your body.
- Plant-based protein can help you live longer.
- Vegan protein is a very good source of immunity booster food
- A great component to loss weight.
- Plant-based protein intake will help you reduce the consumption of injurious bacteria.
By reading this article, you know now how the plant-based protein supplements market is growing globally. However, the growth depends on different segments. Overall, the market share of vegan protein supplements is expanding day by day and we will see a successful outcome soon.