The Latin America, Middle East and Africa Plant-based Protein Supplements Market would witness market growth of 13.1% CAGR during the forecast period (2021-2027).
Factors such as the high requirement for protein, the massive growth of the population, booming economy, and rising health concern among consumers are expected to boost the demand for plant proteins in the African region. In addition to it, many research & development activities are taking place in the plant-based protein market in order to bring innovation. This factor is acting as a key catalyst for the growth of the regional market.
The major consumers of plant-based protein are sportspersons, weight-conscious and health-conscious individuals, and other adult age groups. These consumers comprise of a major portion of the population of this region which would boost the demand & growth of the plant-based protein market during the forecast period.
Central and South America obtained a prominent revenue share of the global plant-based protein supplements market in 2020. The market would witness a substantial growth rate during the forecast period due to the increasing number of health clubs and fitness centers in economies such as Argentina and Brazil. Moreover, the growth of the regional market would be fueled by the existence of various key players along with the high accessibility of raw materials such as soybean.
The Brazil market dominated the LAMEA Ready-to-Drink (RTD) Plant Based Protein Supplements Market by Country 2020, thereby, achieving a market value of $24.2 million by 2027. The Argentina market would witness a CAGR of 14.9% during (2021 - 2027). Additionally, The UAE market is expected to witness a CAGR of 13.9% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Plant Based Protein Supplements Market is Predict to reach $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.
By Product
By Raw Material
By Distribution Channel
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