The North America Plant-based Protein Supplements Market would witness market growth of 7.2% CAGR during the forecast period (2021-2027).
The demand for the plant-based protein supplement products market is driven by the growing awareness regarding the advantages of healthy food products and the surge in the number of people adopting vegan diets. In addition to it, some of the catalysts for the market growth include growing health consciousness, a surge in disposable income, and awareness toward chemical-free products. Conversely, one of the major challenges for the market players operating in this market is the huge cost in comparison to traditional milk/milk-based products and the popularity of low-cholesterol, and low-fat traditional milk/milk-based products. The market would witness new growth avenues due to the increasing lactose intolerance and surge in demand for soy, almond, and rice proteins for the plant-based protein supplement market.
The demand in the U.S. would grow at a gradual rate during the forecast period due to the growing consumption of sports nutrition supplements. Moreover, increasing concerns about weight management along with the rising consumer awareness regarding the consumption of a nutritious diet and keeping up a healthy lifestyle would fuel the growth of the regional market during the forecast period.
Due to the heavy investments in the market by product makers in enhancing the capability of processing units, the North American region is boosting the growth of the plant-based protein market. The region is popular for being a major producer of various sources such as wheat, soy, and pea, with the total production of the region leading the worldwide export market. In addition to it, the rising adoption of veganism in the region would further propel the growth and demand for the plant-based protein supplements market. Moreover, the consumers are highly willing to adopt vegan diets due to the growing cases of obesity, cardiovascular disorders, and diabetes among the regional population.
Also, the region is home to some of the leading market players which would further augment the growth of the market during the forecast period. Additionally, the demand for plant proteins is increasing at a rapid pace, due to the shifting lifestyles, low consumption of balanced diet, and surge in the number of R&D activities to create new types of plant-protein products.
The US market dominated the North America Plant Based Protein Supplements Additional Nutrition Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $825.8 million by 2027. The Canada market is experiencing a CAGR of 12.3% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 11.4% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Plant Based Protein Supplements Market is Estimated 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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