The size of the North American Vegan Protein Powder Market was worth USD XX million in 2020, so it is estimated to reach USD XX million by 2026, growing at a CAGR of XX%. Protein is a macronutrient essential for tissue regeneration, muscle growth, and the generation of enzymes and hormones. Protein powder also promotes weight loss and improves muscle strength. It is a simple and effective way to increase your protein intake during the day. The growing desire for vegetarian diets attributed to the concerns of heart type-2 diabetes is likely to drive market expansion shortly. Moreover, fluctuating prices might stifle industry growth.
Recent Developments
Merit Functional Foods Corp. announced plans to establish a new 94,000-square-foot facility for vegan protein products by the end of 2020, sourcing its plant-based offerings mostly from canola and peas. The project will be completed with the assistance of the federal government of Canada.
Roquette Freres and Sotexpro cooperated to create a new pea-based protein texturing solution to develop and manufacture meat products and ready meals in the processed food market.
Cargill Inc. has made a $ 75 million investment in Puris for vegan pea protein products, allowing it to treble production at its Minnesota plant. Following Cargill's $ 25 million investment in meat alternatives, the two firms have collaborated since January 2018.
Market Growth
Drivers
The increased awareness and importance placed on healthy diets are critical drivers for the vegan protein powder market. People are also making changes to integrate healthier lifestyle choices, which has led to a growth in the consumption of vegan protein products. Growing knowledge of the health benefits of vegan protein powder and improved levels of digestibility encourages acceptance and usage. Demand for clean label goods and the move from synthetic to organic and natural ingredients will also fuel demand in the long run. The industry is also expected to see an increase in profit potential as the number of consumers with allergies such as lactose intolerance grows, as does the manufacturing of novel plant-based protein sources such as rice and almonds. Concerns about lactose intolerance and glutamic problems increase the demand for alternate protein sources such as soy and pea protein powders. Hemp, Chia, Pea, Spirulina, and ancient grain strains are popular allergen-free protein powder sources. Multipurpose goods for muscle regeneration, satiety, weight loss, and energy sustenance, notably among athletes and fitness enthusiasts, contribute to the industry's growth.
Restraints
Despite the industry's steady growth over the last few years, the vegan protein powder market faces several challenges. A significant difficulty is a lack of consumer understanding and acceptance of plant-based protein powders other than soy-derived. Furthermore, animal protein powders continue to be more popular than vegan alternatives. Therefore, a lack of understanding about veganism and a high meat consumption rate will likely hamper overall expansion. Also problematic is the inadequate nutritional profile balance supplied by conventional formulations and texture, taste, and digestion issues. Furthermore, many vegan protein powders are ultra-refined, detracting from clean label requirements and reducing adoption chances.
Market Segmentation
The North American Vegan Protein Powder Market is segmented by Type and application.
By Type
The market is segmented into vegetables, nuts, and others. In 2018, the vegetable sector dominated the vegan protein powder market, accounting for the lion's share of the market. Most vegetables are high in fiber, which naturally improves digestion and absorption, increases motility, and alleviates gas and bloating symptoms; these characteristics drive the growth in demand.
By Application
The market is segmented into adult men, adult women, youth, and others. Over the projected period, the adult male sector is expected to increase at the fastest CAGR. Adults choose to buy protein powders for various reasons, including weight management, muscle mass improvement, and increased energy, which is projected to fuel future demand.
Regional Analysis
The United States dominates the North American market for vegan protein powders. Higher veganism awareness and a rising vegetarian population, combined with targeted broadcast and social media promotional initiatives, are boosting the industry through 2026. Furthermore, the growing concern in the United States about obesity and weight management and consumer expectations to better manage hectic lifestyles have produced a favorable atmosphere for the selling of vegan protein powder. In addition, expenditures in sports nutrition research and demand from athletes and the health and wellness sector boost total demand. As consumers shift away from surplus refined foods to healthy and nutritional foods, the possible applications for vegan protein powder are projected to expand in the long run.
Impact of COVID-19 on North America Vegan Protein Powder Market
As the world fears coronavirus, there is an increasing demand for traditional protein supplement solutions. As a result, North America is expected to account for the highest share of the plant-based protein supplements market over the next few years. As a result, the North American region, particularly the United States, sees positive COVID-19 outcomes for the plant-based protein business. In addition, to meet rising demand, retail chains have increased shelf and storage space for vegan protein powder. As a result, there is a growing veganism trend in North America, which has fueled the expansion of the vegan protein powder market in the region.
Key Players
Major Players in the North America Vegan Protein Powder Market are
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