Rise in demand of meat alternatives, increased vegan population and increased awareness around the benefits of proteins, and protein rich diet has been aiding in the increasing demand of Plant Based Supplements in recent years.
Plant Based Supplements are made from fruits, vegetables, nuts, seeds, spices, bark, flowers, leaves and other botanical ingredients.
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Manufacturers, generally, use variety of methods to extract Plant Based Supplements. While as synthetic or non-plant based supplements are created in laboratories or animal based supplements are derived from animal source.
Some of the examples of the Plant Based Supplements are Vitamin C, Vitamin D, and Omega 3, iron. These supplements can be extracted by plant-based sources and non-plant based sources e.g. synthetic sources or animal-based supplements sources also.
Generally fruits and berries are taken as the source of Vitamin C for Plant Based Supplement, while acetone is used to extract vitamin C from non-plant based-source. Mushrooms are a great source of Vitamin D and are used in Plant Based Supplement extraction, while lanolin is a non-plant based source for vitamin D.
Fish is great source of omega 3 from animal-based supplement, in comparison to Algae, which is used as a Plant Based Supplement source. Iron is extracted from Curry leaves plant or Murraya Koenigii Leaves in plant based supplement extraction, while Sulphuric Acid is non plant based source of iron.
Various benefits are associated with Plant Based Supplements such as better bioavailability, lower toxicity rates, plant based supplements have natural smell & taste and vegan is new trend in the market which is expected to push plant based supplements.
Plant Based Supplements Market Dynamics:
Much of the world is moving towards eating vegetarian food so it is estimated to be a major driver for adoption of Plant Based Supplements. Plant Based Supplements are the alternative choice for meat consumers for their dose of protein. People adopting vegan diet are expected to adopt Plant Based Supplements. Plant Based Supplements have major advantages over its counterpart, synthetic or animal based-supplements, which could be a driver for majority of population.
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There is also a growing demand from Food and Beverage Industry for Plant Based Supplements. Synthetic supplements are easily available and at competitive price when compared to plant based supplements, it is expected to be restrain factor for plant based supplements.
Synthetic supplements are available at very economical alternative option for Plant Based Supplements as this could be a challenge for Plant Based Supplements in the market.
Developing Economies Asia, Latin America, Middle East & Africa and their inclination towards vegan diets is expected to create opportunities. Stringent regulation could act as a threat for expanding market of Plant Based Supplements.
Market segmentation for Plant Based Supplement
Global Plant Based Supplements can be segmented by product category like, antioxidants, multivitamins, protein powders, sports supplements, age based nutrition’s, products for healthy weight and blood sugar management.
Plant Based Supplement can be segmented by applications, food and beverages, nutrition & health supplements, pharmaceuticals.
Plant Based Supplements can segmented by the materials used for manufacturing like, fruits, vegetables, nuts, seeds, spices, bark, flowers, leaves and other botanical ingredients.
Plant Based Supplements can be segmented by use by targeted organs health like, bone health, brain health, eye health, heart health, joints health.
Regional Outlook for plant based supplements:
The global Plant Based Supplement market is segmented into five major regions, namely North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America has major share in the global plant based Supplement market, followed by Europe, and Asia-Pacific.
Food and beverage industry is growing rapidly in North American region, which is expected to be a major market for plant based supplement. The increasing concerns over animal products and protein, increasing vegan population, growing preference for meat alternatives, increasing demand for healthy & nutritional products has made it popular in various regions of the world.
However, Asia-Pacific region is expected to grow at a fast pace mainly due to large base of vegan population, increasing protein rich diet awareness, increasing health consciousness, booming food & beverages industry and growing economy. Global plant-based protein market is expected to reach USD 10,892.3 million by 2022.
Market players in plant based supplements:
Some of the players in the plant based supplements are Ora organic, Pranin Organic, Vitamer Laboratory, Orgenetics, Ion labs, Cargill Incorporated, Now foods and Dupont.
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