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Vegan Protein Powder Market 2023 - By Size, Share, Trends Analysis, By Product, By Application, By Distribution Channel And Forecast 2032
Vegan Protein Powder Market
The Business Research Company's Vegan Protein Powder Global Market Report 2023 identifies rise in the vegan population as the major driver for the Vegan Protein Powder market's growth in the forecast period. The term vegan population refers to the group of strict vegetarians who abstain from eating any animal products, including meat, eggs, and dairy. The vegan population uses vegan protein powder, which makes it easier and more convenient for them to meet their daily protein needs.
The global vegan protein powder market is expected to grow from $4.18 billion in 2022 to $4.51 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The vegan protein powder market is expected to reach $6.09 billion in 2027 at a CAGR of 7.8%.
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Major competitors in the Vegan Protein Powder market are Cargill Incorporated., Archer-Daniels-Midland Company, Abbott Laboratories Ltd., Kerry Group plc, Amway Corporation.
A key trend in the Vegan Protein Powder market includes innovation in plant-based protein sources. Major companies operating in the vegan protein powder market are introducing innovative plant-based protein sources to sustain their position in the market. For instance, in July 2022, Dymatize Enterprises LLC, a US-based bodybuilding and nutritional supplement company, launched Dymatize Complete Plant Protein, powered by five plant-based protein sources. The product is a vegan and plant-based powerhouse with a complete amino acid profile that ensures maximum high-quality protein delivery before or after exercise. This new plant-based protein blend is delectably distinctive and adaptable, combining effortlessly in water, smoothies, and other macro-friendly meals without artificial colors, sweeteners, soy, or dairy ingredients.
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The Vegan Protein Powder market is segmented -
• By Type: Soy Protein, Spirulina Protein, Wheat Protein, Pumpkin Seed Protein, Hemp Protein, Pea Protein, Rice Protein, Other Types
• By Age Group: Millennials, Generation X, Baby Boomers
• By Nature: Organic, Conventional
• By Distribution Channel: Modern Groceries, Online Retail Or E-Commerce, Natural And Specialty Retail, Pharmacies And Drug Stores, Health Food Stores, Convenience Stores, Other Distribution Channels
• By Application: Sports Nutrition, Additional Nutrition
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Vegan Protein Powder market.
The Business Research Company's "Global Vegan Protein Powder Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Vegan Protein Powder Market Include:
1. Executive Summary
2. Vegan Protein Powder Market Characteristics
3. Vegan Protein Powder Market Trends And Strategies
4. Vegan Protein Powder Market - Macro Economic Scenario
5. Global Vegan Protein Powder Market Size and Growth
…………………………………
32. Global Vegan Protein Powder Market Competitive Benchmarking
33. Global Vegan Protein Powder Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Vegan Protein Powder Market
35. Vegan Protein Powder Market Future Outlook and Potential Analysis
36. Appendix
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