Global Stevia Protein Powder Market - 2024-2031

Overview

Global Stevia Protein Powder Market reached US$ 167.2 million in 2023 and is expected to reach US$ 304.9 million by 2031, growing with a CAGR of 7.8% during the forecast period 2024-2031.

The growing consumer desire for natural and plant-based protein supplements is fueling the market for stevia protein powder, which is expanding significantly globally. Consumers who are health-conscious and looking for low-calorie, clean-label substitutes for conventional protein supplements have been drawn to stevia protein powder, which is made from plant sources and naturally sweetened with stevia extracts.

For consumers seeking to support their active lifestyles, stevia protein powder presents a sustainable and nutrient-dense option. This is in line with growing concerns about artificial additives and preservatives in food products, as well as the importance of protein intake for general health and fitness, which is driving the market growth.

The flavored segment in stevia protein powder market accounts for over one-third of the share. Similarly, Asia-Pacific dominates the stevia protein powder market, capturing the largest market share of over 1/3rd. Furthermore, the Asia-Pacific region is home to some of the largest markets for functional foods and dietary supplements globally. Countries such as China, Japan, and India are witnessing a rapid expansion of the health and wellness industry, driven by urbanization and increased awareness of preventive healthcare.

Dynamics

Increasing Demand for Plant-Based Protein Supplements

The market for stevia protein powder is expanding due in large part to the growing demand for plant-based protein supplements. A discernible trend towards plant-based diets and alternative protein sources has occurred as people get more ecologically conscious and health conscious. Concerns about animal welfare, sustainability, and the alleged health advantages of plant-based diets are some of the elements driving this trend.

According to World Animal Foundation Report 2023, There are about 88 million vegans worldwide, with women making up three-quarters of this population. 13% of People in India Are Vegans. In the UK, there are about two million vegans. Over 13.4 million people in the US identify as vegans. Approximately 1-2% of the global population is vegan, while 48% of consumers use dairy substitutes. This rising trend of vegans is increasing the market demand.

Stevia protein powder is becoming increasingly common due to the adaptability and nutritional advantages of plant-based proteins as well as consumer preferences for sustainable and clean-label products. Stevia protein powder is a natural and healthy option for those who prefer protein supplements free of artificial ingredients, genetically modified organisms, and allergies.

Product Innovation and Flavor Diversity

Two important factors propelling the stevia protein powder market's expansion are product innovation and flavor variety. To satisfy a wide range of consumer tastes, manufacturers are always working to differentiate their products by providing a wide range of creative formulations and flavor alternatives. The market for protein powder is changing as a result of this focus on innovation and flavor diversity, which is also promoting customer engagement and market expansion.

Research indicates that in the protein powder industry, product innovation is a key factor in generating consumer interest and brand loyalty. 72% of consumers are more likely to buy a new product if it has an original flavor or composition, according to a NielsenIQ survey. This emphasizes how crucial product innovation and distinctiveness are to drawing in and keeping customers.

In November 2023, Steris Pharma launched sterimmune diabetic protein powder is specifically formulated to meet the dietary needs of individuals with diabetes. These products are designed with stevia to provide protein without causing significant spikes in blood sugar levels. Consumers opt for protein powders that contain high-quality sources of protein, such as whey protein isolate, casein, or plant-based proteins like pea protein. These sources are often better tolerated and have a minimal impact on blood sugar levels.

Limited Awareness and Availability in Emerging Markets

The market expansion for stevia protein powder is severely hampered by the lack of availability and awareness in emerging areas. Although there is a growing global demand for plant-based protein supplements, there are some areas with restricted availability of these goods and poor knowledge of stevia protein powder as a dietary supplement alternative. This restriction is caused by some things, such as cultural preferences, a dearth of distribution channels, and a lack of marketing initiatives aimed at emerging regions.

Additionally, issues with distribution and retail infrastructure frequently restrict the availability of stevia protein powder products in emerging regions. Many times, there aren't enough specialty health food stores or internet sites that provide a large range of protein supplements-including stevia-sweetened ones. This restricts consumer access to these goods and makes it more difficult for rising economies to enter the market.

Segment Analysis

The global stevia protein powder market is segmented based on protein type, formulation, application, distribution channel, end-user and region.

The Surging Demand for Flavored Protein Powders

Some factors are driving the huge increase in the global market for flavored stevia protein powder. Customers may meet their taste preferences and add protein to their diets in a convenient and fun way with flavored stevia protein powder. Flavored stevia protein powder has become a popular option for people looking for healthier alternatives to regular protein supplements because of its wide variety of flavor options and natural sweetening qualities.

According to a consumer preferences survey conducted by Mintel, 65% of respondents expressed a preference for flavored protein powders over unflavored options. Among flavored protein powders, chocolate was identified as the most popular flavor, followed by vanilla and strawberry. Euromonitor International's market trends report on the sports nutrition industry highlighted a growing demand for natural and plant-based protein supplements.

The report noted that flavored stevia protein powders are gaining traction among health-conscious consumers seeking convenient and enjoyable ways to meet their nutritional needs. For instance, according to a study published by Food Science and Nutrition Technology, in Malaysia, around 73.7% of the consumers preferred flavored protein shakes, and 68.3% desired whey protein among supplement users exercising in the gym in 2021.

Geographical Penetration

Increasing Trend of Overall Well-being among Asia-Pacific

The Asia-Pacific stevia protein powder market is expanding significantly due to some factors. Asia-Pacific customers are looking for natural, plant-based protein supplement substitutes as a result of a growing trend toward health and wellness. This trend is well-suited to stevia protein powder, which is made from plant sources and sweetened with real stevia extracts. It provides a clean-label, low-calorie, and sustainable protein option.

The growing health consciousness of consumers is driving up demand for stevia protein powder in the Asia-Pacific area. There is a growing consciousness of the significance of protein intake for general health and fitness due to the growing middle-class population, increased disposable incomes, and shifting dietary preferences toward better lifestyles. Consequently, customers are actively seeking out protein supplements that offer both nutritional benefits and natural ingredients.

China retained its position in 2022 due to the rising usage of protein in specialized products, such as infant nutrition, clinical diets, sports, and weight training. High-protein products have garnered considerable interest in China, and as of December 2022, 36% of Chinese citizens were interested in buying stevia-based high-protein powders. The growth will likely be driven by the increasing consumption of protein-fortified milkshakes and meal-replacement beverages.

COVID-19 Impact Analysis

The market for stevia protein powder has seen conflicting effects from the COVID-19 epidemic. On the one side, the epidemic has raised consumer consciousness about wellness and health, which has raised the market for functional foods and dietary supplements like stevia protein powders. Plant-based protein products with natural sweeteners like stevia saw a spike in demand during the pandemic as customers looked to support their immune systems and preserve general well-being.

However, the pandemic's effects on supply chains, logistics, and economic uncertainty have presented difficulties for suppliers and producers in the stevia protein powder business. Production and distribution have been impacted, resulting in supply shortages and price volatility in some places. These factors have also changed customer purchase behavior, delayed transportation, and fluctuated the availability of raw materials.

Russia-Ukraine War Impact Analysis

The global supply chain, including the market for stevia protein powder, is now significantly more uncertain and disrupted as a result of the ongoing conflict between Russia and Ukraine. Since Ukraine is a significant producer of stevia, any interruptions to the plant's growth, harvesting, or exportation from the area may have an effect on the cost and accessibility of stevia-based protein powder ingredients.

Furthermore, changes in import-export laws and currency exchange rates may result from geopolitical unrest and trade interruptions, which would have an impact on the international commerce of stevia protein powders and associated goods. Furthermore, the region's economic instability brought on by the war may have an effect on consumer spending power and the demand for high-end plant-based protein goods like stevia protein powders.

By Protein Type

• Whey Protein Isolate (WPI)
• Whey Protein Concentrate (WPC)
• Casein Protein
• Soy Protein
• Pea Protein
• Rice Protein
• Hemp Protein
• Others

By Formulation

• Unflavored
• Flavored
  • Chocolate
  • Vanilla
  • Strawberry
  • Others
• Low-Calorie
• High-Protein
• Vegan
• Organic
• Non-GMO
• Others

By Application

• Sports Nutrition
• Dietary Supplements
• Weight Management Products
• Meal Replacements
• Infant Nutrition
• Others

By Distribution Channel

• Supermarkets/Hypermarkets
• Online Retail
• Specialty Stores
• Others

By End-User

• Athletes
• Bodybuilders
• Weight Management Seekers
• Geriatric Population
• Infants and Children
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In March 2022, Sunwarrior launched a new stevia-infused plant protein powder formulated with a blend of pea protein, brown rice protein, and stevia leaf extract. This product was introduced to cater to consumers seeking a natural and low-calorie sweetener option in their protein supplements.
• In June 2022, PlantFusion, a leading plant-based nutrition brand, announced a collaboration with Stevia Group, a global provider of stevia-based sweeteners. This partnership aimed to develop a new line of stevia-sweetened protein powders formulated with PlantFusion's proprietary blend of plant proteins, catering to consumers seeking natural and low-calorie options in their protein supplements.
• In August 2021, Orgain, Inc., a leading manufacturer of organic protein products, announced a partnership with PureCircle, a global producer of stevia sweeteners. Under this partnership, Orgain utilized PureCircle's high-purity stevia extracts in its protein powder formulations, aiming to offer consumers a natural and healthier alternative to traditional sweeteners.

Competitive Landscape

The major global players in the market include NOW Foods, Garden of Life, Orgain, Inc., RITS Lifesciences Private Limited., Sunwarrior, FoodStrong, Purely Inspired, Nutrova, Bodylogix and Kiwla.

Why Purchase the Report?

• To visualize the global stevia protein powder market segmentation based on protein type, formulation, application, distribution channel, end-user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of stevia protein powder market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global stevia protein powder market report would provide approximately 78 tables, 90 figures, and 209 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies