What is the global market size of Vegan Protein Powder Market?

Global Vegan Protein Powder Market size was valued at USD 4036.2 million in 2021 and is poised to grow from USD 4326.2 million in 2022 to USD 7239.8 million by 2030, growing at a CAGR of 7.2% in the forecast period (2023-2030).

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 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.

Global Vegan Protein Powder Market Report Snapshots

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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).

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. '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'

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.

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.

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.

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Global Vegan Protein Powder Market Size, Share, Growth Analysis - Industry Forecast 2024-2031

Global Vegan Protein Powder Market Dynamics

Global Vegan Protein Powder Market Report Snapshots

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What is the global market size of Vegan Protein Powder Market?

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