Plant-based protein supplement sales top $1bn globally

The latest industry analysis found that as of 2024, the global plant-based protein supplement market is valued at $1.12bn and is projected to witness a steady growth trajectory with a projected Compound Annual Growth Rate (CAGR) of 5.7% between now and 2034.

If correct, this would see the market valued at just under $2bn in 2034.

Meanwhile, Fact.MR forecasts that demand for soy protein will increase at a CAGR of 6% from 2024 to 2034.

Analysts at Fact.MR believe the growing demand for plant-based protein supplements around the world is being primarily propelled by two key factors – the expanding global vegan population and heightened awareness regarding the health benefits offered by these nutritional dietary products.

Currently, plant-based protein supplements are sourced from ingredients such as soy, brown rice, peas, wheat and chickpeas, while their popularity is attributed to their rich amino acid profile and low sodium content.

“Growing health consciousness amid rising prevalence of lactose intolerance are primary factors influencing sales of plant-based protein products​,” a Fact.MR analyst said in response to the findings.

“Demand for soy, rice, and almond proteins is rising as consumers shift toward healthy, cruelty-free food and supplement choices.”​

Meanwhile, according to research conducted by Finder, more than 1m people in the UK adopted a vegan diet during 2023​​, putting the country’s total vegan population at 2.5m.

Commenting on the growth of veganism in the UK specifically, Vegan Society spokesperson Maisie Stedman told Food Manufacture: “The reasons behind the rise of veganism are numerous: the increasingly positive portrayal in the media and the popularity of campaigns such as Veganuary and World Vegan Month have contributed to its changing image; documentaries on the shocking realities of animal agriculture have gained prominence; peaceful activists are educating the public about veganism on the streets and in schools; supermarkets and restaurants launch convenient, tasty vegan food options; delicious vegan recipes have multiplied online and on social media as society becomes increasingly health-conscious; and top vegan athletes keep proving that you can be fit and healthy on a plant based diet.”​

In other news, drinks giant Diageo is reportedly looking into the sale of three brands including Pimm’s.​​