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Vegan Protein Powder Global Market Analysis, Trends, Growth, Research And Forecast 2033
Vegan Protein Powder Global Market
The Business Research Company offers in-depth market insights through Vegan Protein Powder Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The vegan protein powder market size has grown strongly in recent years. It will grow from $4.51 billion in 2023 to $4.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to rising awareness of health and fitness, vegetarian and vegan lifestyle trends, increasing concern for animal welfare, growth in the plant-based food industry, expanding vegan product availability.
The vegan protein powder market size is expected to see strong growth in the next few years. It will grow to $6.66 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to growing population of health-conscious consumers, demand for sustainable and eco-friendly products, expansion of the vegan food market, increased adoption of plant-based diets, government initiatives promoting healthy eating. Major trends in the forecast period include technological advancements in plant-based protein extraction, innovation in flavor profiles and formulations, development of novel plant protein sources, increased focus on organic and non-gmo certifications, personalized nutrition in vegan products.
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Market Segmentation:
The vegan protein powder market covered in this report is segmented -
1) By Type: Soy Protein, Spirulina Protein, Wheat Protein, Pumpkin Seed Protein, Hemp Protein, Pea Protein, Rice Protein, Other Types
2) By Age Group: Millennials, Generation X, Baby Boomers
3) By Nature: Organic, Conventional
4) 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
5) By Application: Sports Nutrition, Additional Nutrition
Major Driver - Surging Vegan Population Fuels Growth In The Vegan Protein Powder Market
The rise in the vegan population is expected to propel the growth of the vegan protein powder market going forward. 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. For instance, in January 2023, according to U.S. Department of Agriculture's Foreign Agricultural Service, a US-based government agency, Germany had the highest rate of vegetarianism, and in 2022, over 1.5 million vegans were living there, 1.58 million people claimed to be vegans, and nearly 8 million people consumed vegetarian food. Whereas 10 years ago, 0.1 million individuals were identified as vegans. Therefore, the rise in the vegan population is driving the growth of the vegan protein powder market.
Competitive Landscape:
Major companies operating in the vegan protein powder market report are Cargill Incorporated., Archer-Daniels-Midland Company, Abbott Laboratories Ltd., Kerry Group plc, Amway Corporation, Ingredion Incorporated, Glanbia plc, GNC Holdings LLC, The Scoular Company, Now Health Group Inc., Farbest-Tallman Foods Corp, MusclePharm Corp, Nutiva Inc., Nutrivo LLC, True Nutrition, Transparent Labs LLC, Nutrex Research Inc., Optimum Nutrition Inc., Sunwarrior LLC., Garden of Life LLC, Supplement Manufacturing Partners (SMP Nutra), Archon Vitamin LLC, A&B Ingredients Inc., The Green Lab LLC, Naked Nutrition International, Orgain Inc., AGT Food and Ingredients Inc., Zywie Ventures Private Limited, Nuzest IP Pty Limited, GlobalRidge LLC
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Top Trend - Innovative Plant-Based Protein Sources Drive Evolution In The Vegan Protein Powder Market
Innovation in plant-based protein sources is a key trend gaining popularity in the vegan protein powder market. 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.
The Table Of Content For The Market Report 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. Vegan Protein Powder Market Size And Growth
…..
27. Vegan Protein Powder Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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