The Asia Pacific Plant-based Protein Supplements Market would witness market growth of 10.5% CAGR during the forecast period (2021-2027).
Numerous retail chains such as mass merchandisers, grocery retail outlets, and pharmacies are willing to leveraging the massive popularity of sports nutrition among consumers. Pharmacies or drugstores have appeared as a major retail segment and they currently obtain a major share of consumer health expenditure. The growth of this market would be hampered by the fact that a major portion of the population still prefers animal-based proteins and volatile raw material costs. However, rising gluten-free and soy-free trends are the key hurdles to market growth.
The Ready-to-Drink (RTD) segment would showcase a major growth rate during the forecast years. RTD supplements refer to pre-formulated drinks that can be easily consumed without the need for further mixing or preparation. RTDs provide a high dose of nutrients and can be consumed pre-workout, post-workout, or on the go. The nutrients in these beverages are easily digested by the body and they support muscle recovery and help in lean muscle development.
Factors like a surge in food sensitivities, regional dietary habits, an upsurge in the diagnosis of coeliac disease, and the notion of utilizing food as medicine are expected to surge the usage of soy-free and gluten-free food products. Moreover, the prominent countries of the region like India have a significant portion of the population that strictly follows a vegetarian diet. Due to this, the demand for plant-based protein supplements has increased in these countries, thereby propelling the demand & growth of the regional plant-based supplement market.
In addition, regional consumers are more inclined towards vegetarian food and products because of the rising awareness about the health benefits of the vegetarian way of life. Additionally, the growing demand for low-cholesterol and processed foods have created a massive demand for plant-based protein in this region. Therefore, these aspects would fuel the regional plant-based protein market.
The China market dominated the Asia Pacific Plant Based Protein Supplements Supermarket Market by Country 2020, thereby, achieving a market value of $113.4 million by 2027. The Japan market is showcasing a CAGR of 11.4% during (2021 - 2027). Additionally, The India market is anticipated to witness a CAGR of 12.7% during (2021 - 2027).
Based on Product, the market is segmented into Protein Powder, Protein Bars, Ready-to-Drink (RTD) and Others. Based on Raw Material, the market is segmented into Soy, Pea, Rice, Hemp, Spirulina, Pumpkin Seeds and Others. Based on Distribution Channel, the market is segmented into Online Stores, Supermarket and DTC & Others. Based on Application, the market is segmented into Sports Nutrition and Additional Nutrition. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Plant Based Protein Supplements Market is Projected to reach USD 9.2 Billion by 2027, at a CAGR of 8.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Glanbia PLC, AMCO Proteins, Quest Nutrition LLC (Atkins Nutritionals Holdings, Inc.), NOW Foods, Inc., Danone S.A., MusclePharm Corporation, Abbott Laboratories, PepsiCo, Inc., Alticor Inc. (Amway Corporation), and Kerry Group PLC.
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