USD 4036.2 million
Report ID:
SQMIG30C2083 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
9
|Figures:
73
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.
Global Market Size
USD 4036.2 million
Largest Segment
Sports nutrition
Fastest Growth
Sports nutrition
Growth Rate
7.2% CAGR
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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.
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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.
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Vegan Protein Powder Market Drivers
Growing Awareness about Healthy Wellbeing to Boost Market Growth
Vegan Protein Powder Market Restraints
Lower Adoption Rate to Hinder Market Growth
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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
Vegan Protein Powder Market Recent Developments
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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the 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 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the 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 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.
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REQUEST FREE CUSTOMIZATIONVegan 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).
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Report ID: SQMIG30C2083