Vegan Protein Powder Market

Global Vegan Protein Powder Market Size (2024 to 2029)

Global Vegan Protein Powder Market is anticipated to reach USD 6.45 billion by 2029, and USD 4.48 billion by 2029. The market is also estimated to experience reasonable growth to record a CAGR of 7.50% 

Protein powder is a common nutritional supplement. Protein is an essential macronutrient for building muscle, repairing tissue, and producing enzymes and hormones. Using protein powder can also promote weight loss and help people build muscle. Protein Powder is an easy, no-preparation way to boost your protein content for the day. Vegan protein powder simply means that the protein comes from plant sources like nuts, seeds, grains, and legumes rather than animal products like dairy, meat, and eggs. Soybeans, hemp, peas, rice, and peanuts are examples of vegan protein powders.

Global Vegan Protein Powder Market Drivers and Restraints:

One of the main drivers of the global vegan protein powder market is the growing awareness and importance given to healthy eating. Additionally, people are also making changes to incorporate healthy lifestyle habits, which has resulted in increased consumption of vegan protein products. Growing awareness of the health benefits of vegan protein powder and higher levels of digestibility are driving adoption and consumption. Also, the demand for clean foods and the transition from synthetic to organic and natural ingredients will continue to drive demand in the long term. The market is also expected to see increased profitability opportunities due to the increasing number of consumers suffering from allergies such as lactose intolerance and increased production of new plant protein sources such as rice and almonds. It was studied that one in 13 children suffers from food allergies. This problem affects a balanced diet of people, especially in terms of protein. Additionally, allergies to animal products are difficult to overcome, creating opportunities for manufacturers of vegan protein powder. Versatile products for muscle repair, satiety, weight loss, and energy support, especially among athletes and fitness enthusiasts, are supporting the growth of the industry. On the contrary, the vegan plant protein powder market is facing some hurdles in last few years.

A major challenge for the industry is the low level of consumer awareness and acceptance of vegetable protein powders, other than soy-based. Additionally, animal protein powders are still more popular than vegan alternatives. Lack of awareness about veganism in developing countries around the world and high consumption of meat will likely hamper overall growth. Also, the poor balance of nutrient profiles offered by existing formulations, along with texture, flavor and digestibility issues, are issues. Additionally, a number of vegan protein powders undergo ultra-refined processing, which diverts these products from clean labeling requirements, reducing the chances of adoption.

Impact of COVID-19 on Vegan Protein Powder Market:

The global market for Vegan Protein Powder is severely affected due to the uncertain circumstances of the coronavirus pandemic that have occurred around the world. The effects of COVID-19 affect the supply chain of finished products, as well as the ingredients of raw materials. The North America region, followed by the Europe and Asia Pacific region, plays a critical role in the Vegan Protein Powder market due to the concentration of several key players operating in these areas. Therefore, the market in terms of supply is supposed to experience some hurdles, as Vegan Protein Powder produced by many key players in these regions supply end-users around the world. However, regional consumption is likely to see an increase in the respective market, as consumers increasingly focus on maintaining their weight and following different diets to stay healthy. Overall, this should boost the demand for Vegan Protein Powder.

REPORT COVERAGE: 

This research report on Global Vegan Protein Powder Market has been segmented and sub-segmented based on type, application, and region.

Global Vegan Protein Powder Market – By Type:  

The type of segment is divided

• vegetables
• nuts
• others

The vegetable segment dominated the global vegan protein powder market with a 39.92% market share in 2018. Most vegetables are loaded with healthy fiber that naturally improves digestion and absorption, increases motility, and reduces symptoms of gas and bloating, which are causing this increase.

Global Vegan Protein Powder Market – By Application:

• Youth,
• Adult Female,
• Adult Male,
• Others

The applications segment includes adult men, adult women, youth and others. The adult male segment is predicted to increase at the highest CAGR during the outlook period. Adults prefer to purchase protein powders for a variety of purposes, such as weight management, muscle building, and energy gain, which are expected to fuel this future demand.

Global Vegan Protein Powder Market – By Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

North America, with the United States, dominated the market for vegan protein powders. Increased awareness of veganism and a growing population of vegetarians, along with targeted promotional campaigns on television and social media, propels the market through 2027. Additionally, the growing concern in the United States in terms of obesity and weight management, and Consumer demands to better manage hectic lifestyles have created an environment conducive to vegan protein powder sales. Also, investments in research for sports nutrition and demand from athletes and the health and wellness sector are driving overall demand. After North America, the demand for vegan protein powder remains high in Europe, accounting for almost 30% of the global market share during the forecast period. Increased consumer awareness of the environmental impact of animal products and the health benefits of a plant-based diet contributes to the long-term growth of the region. Overall, the sustainability trend associated with vegan foods is a key influencer that is accelerating the growth of the market. Germany, in particular, is expected to experience relatively higher demand. According to the Global Agricultural Information Network, around 63% of the local population strive to minimize their meat consumption, with many opting for veganism as a lifestyle choice rather than a dietary restriction. The Asia Pacific has proven to be a very lucrative market for vegan protein powders.

KEY MARKET PLAYERS:

The Key market players of Vegan Protein Powder Market are MRM, Hammer Nutrition, Archer Daniels Midland Company, Glanbia plc, Australian Sports Nutrition, Private Label Superfoods, WhiteWave Foods, Garden of Life, Health Warrior.

RECENT HAPPENINGS IN THE MARKET:

• Merit Functional Foods Corp. announced plans to open a new 94,000-square-foot facility for vegan protein products by the end of 2020, using primarily canola and peas as a source for its plant-based offerings. The project will be completed with the help of the Canadian federal government.
• Roquette Freres collaborated with Sotexpro to develop a new pea-based protein texturing solution for the development and production of meat products and ready meals in the processed food sector.
• Cargill Inc. has invested $ 75 million in Puris for vegan pea protein products, allowing the company to double production at its Minnesota plant. The two companies have been working together since January 2018 following Cargill's $ 25 million investment in meat substitutes.