Vegan Protein Powder Market Worth $8.03 Billion by 2029

Plant-based protein powders are suitable for mixing in drinks, health supplements, and food. Factors such as convenience, ease of use, mixability, bioavailability (the fraction of the dose that reaches the system), and high dosages offered by powdered supplements drive the growth of this market. Powdered nutrient premixes are the most widely used and preferred due to their benefits, such as ease of handling & transport, low costs, minimal to zero formulation errors, increased shelf life, and the stability of ingredient functionality.

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According to a new market research report titled, 'Vegan Protein Powder Market by Type (Soy Protein, Rice Protein), Application (Sports Nutrition, Additional Nutrition), and Distribution Channel (Hypermarket/Supermarket, E-Commerce, Pharmacies) - Global Forecast to 2029,' the vegan protein powder market is expected to reach $8.03 billion by 2029, at a CAGR of 7.3% from 2022 to 2029.

Based on type, the vegan protein powder market is segmented into soy protein, rice protein, pea protein, spirulina protein, pumpkin seed protein, hemp protein, and other vegan protein powders. 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 rapid growth of this segment is driven by the rising demand for pea protein powder worldwide due to its growing popularity among the vegetarian and vegan population, high nutritional content, and allergen-free, gluten-free, and lactose-free properties.

Based on application, 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 vegan protein powder market. The large market share of this segment is mainly attributed to the increasing product development by market players, the increasing number of people choosing sports as a career, and the rise in national and international sports events. This segment is also expected to grow at a higher CAGR during the forecast period.

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Based on distribution channel, the vegan protein powder market is segmented into modern groceries, natural & specialty retail, online retail/e-commerce, health food stores, pharmacies & drug stores, convenience stores, and other distribution channels. In 2022, the modern groceries segment is expected to account for the largest share of the vegan protein powder market. The large market share of this segment is attributed to the huge base of supermarkets and hypermarkets and significant consumer preference for shopping from these outlets. However, the online retail/e-commerce segment is expected to grow at the highest CAGR during the forecast period. Online plant-based protein powder sales are growing faster than other offline distribution channels due to the benefits offered by online retailers, such as doorstep delivery, attractive discounts, greater product selection experience, and price comparison availability.

Based on geography, in 2022, North America is estimated to account for the largest share of the vegan protein powder market. North America's large market share is attributed to factors such as the high demand for nutritional supplements, the increasing health awareness among consumers, the well-established nutraceutical & functional food industry, highly established gyms and sports clubs, and growing health & wellness and clean label trends.

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However, the market in Asia-Pacific is expected to register the highest growth rate during the forecast period. The high market growth in Asia-Pacific is attributed to the increasing number of people participating in recreational activities, the rising living standards in developing countries, such as China and India, the increasing number of fitness centers and sports clubs, the growing vegetarian population, and the rapid growth in population and urbanization

Some of the key players operating in the vegan protein powder market include Glanbia plc. (Ireland), Now Health Group, Inc. (U.S.), Nutiva Inc (U.S.), The Simply Good Food Co (U.S.), Iovate Health Sciences International Inc. (Canada), MusclePharm Corporation (U.S.), Kerry Group Plc (Ireland), CytoSport, Inc. (U.S.), The Nature's Bounty Co. (U.S.), Reliance Vitamin Company, Inc. (U.S.), Herbalife Nutrition, Inc. (U.S.), Danone SA (France), General Nutrition Centers (GNC) Holdings, Inc. (U.S.), Orgain Inc. (U.S.), and True Nutrition (U.S.).

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Impact of COVID-19 on the Vegan Protein Powder Market Market

The outbreak of the COVID-19 pandemic significantly impacted the functional food and nutraceutical industries. The outbreak of the COVID-19 pandemic highlighted the importance of consuming healthy diets, resulting in the increased demand for plant-based protein powders to enable good health and optimum functioning of the body. Plant-based protein powders provide essential proteins for the growth and repair of cells and tissues. In addition, plant-based proteins are also beneficial for weight management. Furthermore, plant-based proteins provide lower calories and fats compared to animal proteins but are higher in fiber and essential nutrients.

According to The Good Food Institute, the plant-based protein products market witnessed a spike in sales during the first quarter of 2020. Furthermore, according to an article published by Nutrition Outlook, supplement sales increased significantly during the COVID-19 pandemic. In the U.S, the sales growth for overall supplements skyrocketed to more than 35.0% during the last week of March 2020.

The vegan protein powder market is segmented based on type, application, distribution channel, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

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