USD 4036.2 million
Global Vegan Protein Powder Market Size, Share, Growth Analysis - Industry Forecast 2024-2031
Report ID:
SQMIG30C2083 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
9 |
Figures:
73
Global Vegan Protein Powder Market Insights
Vegan Protein Powder Market size was valued at USD 4036.2 million in 2019 and is poised to grow from USD 4326.2 million in 2023 to USD 7239.8 million by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).
Numerous brands are introducing products that are suitable for the retail and hospitality industries, bringing attention to plant-based protein products. Vegan protein powder can now be sold in stores thanks to the expanding vegan and vegetarian population worldwide. Plant-based protein kits have been used by individuals who don't eat meat or dairy. Applications for vegan protein powder are anticipated to be positive over the forecast period due to the expansion of vegan diet options and the application of vegan trends as a viable diet option, supported by science like the Nutrients Journal.
The Vegan Group's extensive media campaign to raise consumer awareness has created favorable growth opportunities in addition to the risk of cardiovascular disease and type 2 diabetes from meat consumption.
A report from Future Market Insights says that protein powders made from soy will be in more demand, and flavorless options will get more attention in more applications. Mixing plant-based protein powders into drinks, food, and health supplements is a good idea.
This market is growing because powdered supplements offer high dosages and are convenient, easy to use, mixable, and bioavailable—the percentage of the dose that reaches the body. The advantages of powdered nutrient premixes include their low costs, low handling and transportation requirements, low or no formulation errors, extended shelf life, and stability of ingredient functionality.
US Vegan Protein Powder Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Sports nutrition
Fastest Growth
Sports nutrition
Growth Rate
7.2% CAGR
Global Vegan Protein Powder Market ($ Bn)
Country Share for North America Region (%)
Global Vegan Protein Powder Market By Application ($ Bn)
Global Vegan Protein Powder Market By Application (%)
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Global Vegan Protein Powder Market Segmental Analysis
The Vegan Protein Powder Market is segmented on the basis of Type, Application, By Distribution channel and by Region. Whereas, By Type is sub segmented into the soy protein, rice protein, pea protein, spirulina protein, pumpkin seed protein, hemp protein, and other vegan protein powders. By Application is sub segmented into sports nutrition and additional nutrition. By Distribution channel is sub segmented into the modern groceries, natural & specialty retail, online retail/e-commerce, health food stores, pharmacies & drug stores, convenience stores, and other distribution channels. By region is segmented on the basis of North America, Europe, Asia Pacific, Latin America. Middle East and Africa.
Vegan Protein Powder Market Analysis by Type
Based on the type, In 2022, the soy protein segment is expected to account for the largest share of the vegan protein powder market. However, the pea protein segment is expected to grow at the highest CAGR during the forecast period. The growing demand for pea protein powder worldwide is fueled by its high nutritional content, allergen-free, gluten-free, and lactose-free properties, as well as its growing popularity among vegetarians and vegans.
Vegan Protein Powder Market Analysis by Application
On the basis of application, In 2022, the sports nutrition segment is estimated to account for a larger share of the vegan protein powder market. The growing number of people choosing sports as a career, the rise in national and international sports events, and the expanding number of market players are primarily responsible for this segment's substantial market share. During the forecast period, this segment is also expected to expand at a higher CAGR.
Global Vegan Protein Powder Market By Application, 2023 (%)
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Global Vegan Protein Powder Market Regional Insights
In 2022, North America is estimated to account for the largest share of the vegan protein powder market. The well-established nutraceutical and functional food industry, highly established gyms and sports clubs, growing health & wellness and clean label trends, and the high demand for nutritional supplements are some of the factors that contribute to North America's substantial market share.
The market in Asia-Pacific is expected to register the highest growth rate during the forecast period. The increasing number of people participating in recreational activities, rising living standards in developing countries like China and India, the rising number of fitness centers and sports clubs, the growing vegetarian population, and the rapid growth in population and urbanization are all contributing factors to the high market growth in Asia-Pacific.
Global Vegan Protein Powder Market By Region, 2024-2031
- Largest
- Fastest
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Global Vegan Protein Powder Market Dynamics
Vegan Protein Powder Market Drivers
Growing Awareness about Healthy Wellbeing to Boost Market Growth
- The main driver of the vegan protein powder market is the growing awareness and importance of a healthy diet. Adoption and consumption are being driven by vegan protein powder's health benefits and increased awareness of its higher digestibility. In the long run, demand will also continue to be driven by the shift from synthetic to organic and natural ingredients and the demand for clean-label foods. Due to an increase in the production of new plasmas from protein sources like rice and almonds and an increase in the production of allergies like lactose intolerance, the market has seen an increase in the number of consumers. As a result, it is possible to increase the number of profitable opportunities.
Vegan Protein Powder Market Restraints
Lower Adoption Rate to Hinder Market Growth
- The lack of consumer awareness and acceptance of vegetable protein powders other than soy-based is a major obstacle for the industry. Additionally, vegan alternatives are still less popular than animal protein powders. In developing nations around the world, a high level of meat consumption and a lack of awareness regarding veganism will likely impede overall growth. Additionally, there are issues with texture, flavor, and digestibility, as well as a poor balance of nutrient profiles provided by existing formulations. Additionally, some vegan protein powders are subjected to ultra-refined processing, which prevents them from complying with clean labeling requirements and lowers adoption chances.
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Global Vegan Protein Powder Market Competitive Landscape
Product development strategies and capacity expansion are becoming increasingly important to vegan protein powder producers. Partnerships within the industry are gaining traction to enhance distribution networks. The industry's supply chain is expected to be disrupted by an ongoing coronavirus pandemic. Despite this, it is anticipated that the crisis will have little effect on the market because consumers will still want dietary supplements and the food and beverage industry will continue to demand them.
Vegan Protein Powder Market Top Players Company Profiles
- Garden of Life
- Vega
- Sunwarrior
- Orgain
- Nutiva
- PlantFusion
- Amazing Grass
- Nuzest
- Optimum Nutrition
- NOW Foods
- Bob's Red Mill
- Manitoba Harvest
- Purely Inspired
- Aloha
- PEScience
- BSN
- MusclePharm
- Naked Nutrition
- Jarrow Formulas
- Biochem
Vegan Protein Powder Market Recent Developments
- In 2022, DMK Group presented new vegan cheese alternatives for industry and gastronomy professionals. In addition to its recently launched “Velander” browning and melting cheese, the company has developed two newer vegan cheese alternatives, which will be launched at the beginning of 2023.
Global Vegan Protein Powder Key Market Trends
- The vegan plant protein powder market faces numerous challenges despite the industry's recent steady expansion.The lack of consumer awareness and acceptance of plant-based protein powders other than soy-based ones is a major obstacle for the industry. When compared to vegan alternatives, animal protein-based powders continue to be popular.
Global Vegan Protein Powder Market SkyQuest Analysis
Sky Quest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our global vegan protein powder market analysis, Vegan protein powders have the largest market share in North America. Market expansion is aided by consumers' rising health consciousness and vegan population growth. The vegan protein powder market is segmented into sports nutrition and additional nutrition. In 2022, the sports nutrition segment is estimated to account for a larger share of the plant-based protein powders market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4036.2 million |
| Market size value in 2031 | USD 7239.8 million |
| Growth Rate | 7.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Vegan Protein Powder Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Vegan Protein Powder Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Vegan Protein Powder Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Vegan Protein Powder Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Vegan Protein Powder Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Vegan Protein Powder Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Vegan Protein Powder Market Report Snapshots
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