Press release
Global Vegan Protein Powder Market estimated to reached a value of US$ 4.4 billion by 2019 - 2027
Vegan Protein Powder Market
Plant based protein products have attracted the spotlight with numerous brands launching offerings suited for food service and retail distribution. The growth in the global population of vegans and vegetarians also has made vegan protein powders viable for commercialization. Even people who eat meat or dairy products are showing willingness to adopt plant-based protein kits.
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The global demand for vegan protein powders has risen strongly in 2020, even though the coronavirus pandemic has impacted the market marginally owing to lockdown measures. The prospects of the industry are positive through 2027 as per a recent study by Future Market Insights (FMI). The report has indicated that the market will witness promising growth in the near future, with demand for nutraceutical and supplements during the pandemic.
Covid-19 Impact on Vegan Protein Powder Market
The demand for vegan protein powders is expected to be marginally impacted by the coronavirus pandemic. The industry is likely to face minor supply chain interruptions during this period, owing to lockdown restrictions affecting transport and logistics.
“Vegan protein powder sales have been reliant on the consumption among gym professionals. The growth in market visibility of protein powders elite athletes, and casual fitness enthusiasts with easy miscibility in water is expected to result in higher penetration in the years to come,” said a lead analyst at FMI.
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Key Takeaways from the Study:
• Market is estimated at 4.7 billion in 2020, with demand rising steadily during the coronavirus pandemic
• Soy-based vegan protein powders remain highly sought after owing to higher product awareness and visibility
• Food processing applications of vegan protein powder witnessing strong demand owing to demand for functional foods and beverages
• Sales in the North America are critical to market development, owing to extensive applications in sports nutrition applications. However, South Asia & Oceania is displaying lucrative growth opportunities for market players with a vast vegan and vegetarian population base
Competitive Landscape
In the study, FMI has analyzed the various business strategies being used by major companies in the vegan protein powder market. Leading market players are emphasizing widening their product portfolio with product development products in addition to capacity expansion and geographic expansion through industry collaboration for stronger distribution networks.
Some of the key players in the market include Archer Daniels Midland Company, AGT Food and Ingredients, Cargill Inc., A&B Ingredients, Ingredion Inc., The Scoular Company, Green Lab LLC, Kerry Group, and Roquette Freres among others.
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Website: https://www.futuremarketinsights.com
Contact Us:
Mr. Debashish Roy
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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