Vegan Protein Powder Market: Driving Factors, Challenges, and Future Prospects

According to a new report published by Allied Market Research, titled, "Vegan Protein Powder Market," The vegan protein powder market size was valued at $3.5 billion in 2021, and is estimated to reach $7.3 billion by 2031, growing at a CAGR of 7.8% from 2022 to 2031.

Vegan Protein Powder Market Overview

Protein is an essential nutrient crucial for various bodily functions, making protein supplements a popular choice for individuals looking to meet their nutritional needs. Vegan protein powder, derived from plant-based sources, has gained significant traction in the market, driven by the rising vegan population and health-conscious consumer trends. These supplements come in various forms, including concentrates, isolates, and hydrolysates, each offering different protein concentrations and absorption rates.

Market Drivers:

Rise in Vegan Population: The increasing adoption of veganism has fueled demand for plant-based protein supplements, driving the growth of the market.
Health Benefits: Vegan protein powders offer health benefits such as muscle growth support, weight management, and nutrient replenishment post-workout, attracting consumers focused on fitness and wellness.

Fitness Consciousness: Growing fitness concerns among individuals, coupled with a surge in the number of fitness centers and training facilities, have boosted the demand for protein supplements, including vegan options.
Obesity Awareness: Rising obesity rates and health problems have prompted consumers to seek healthier dietary alternatives, leading to increased interest in plant-based protein supplements.

Challenges:

Competition from Substitutes: The market faces competition from cheaper alternatives and products making false claims, which may challenge market growth.

Negative Publicity: Negative publicity surrounding vegan protein powders, such as concerns about taste, texture, or effectiveness, could hinder market expansion.

Opportunities:

Emerging Markets: Growing demand for protein supplements in developing nations, along with expanding distribution channels, presents opportunities for market growth.

Selective Food Habits: Consumer preference for vegetarian and plant-based diets is on the rise globally, creating a favorable environment for vegan protein powder market expansion.

Market Segmentation:

Nature: organic and conventional.

Product Type: Soy, spirulina, pumpkin, pea, rice, hemp, and others.

Age Group: Millennials, Generation X, and Baby Boomers.

Packaging Type: Various packaging options cater to different consumer preferences.

Distribution Channel: Modern trade and e-commerce.

Regional Analysis:

North America: significant market share due to the increasing adoption of veganism and health-conscious consumer trends.

Europe: Growing demand for plant-based protein supplements is driven by rising health awareness and vegetarianism.

Asia-Pacific: an emerging market with increasing fitness consciousness and a growing vegan population.

LAMEA: Opportunities for market expansion are driven by rising health concerns and the adoption of plant-based diets.

Key Players:

Leading companies in the global vegan protein powder market include Archon Vitamin LLC, Sequel Natural Ltd., Hormel Foods Corporation, NOW Health Group Inc., Nutiva Inc., Glanbia plc, Abbott Laboratories, and Herbalife International of America Inc., among others.

The global vegan protein powder market is experiencing significant growth driven by factors such as the rise in veganism, health consciousness, and fitness trends. While challenges such as competition from substitutes and negative publicity exist, opportunities in emerging markets and shifting consumer food preferences present avenues for market expansion. Key players continue to innovate and expand their product offerings to capitalize on the growing demand for plant-based protein supplements worldwide.

The conventional segment was the highest revenue contributor to the market, with $3,027.7 million in 2021
The soy and pea segments collectively accounted for around 67.3% of the market share in 2021, with the former constituting around 53.3%.

The baby boomers and generation X segments are expected to witness considerable CAGRs of 8.5% and 8.2%, respectively, during the forecast period. The cumulative share of these two segments was 46.1% in 2021.

The jar and bag/pouch segments collectively accounted for around 64.1% of the market share in 2021.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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