Vegan Protein Powder Market to Reach $7.3 Billion by 2031, Says Allied Market Research Report

Allied Market Research published a report titled "Vegan Protein Powder Market by Nature (Organic, Conventional), by Product Type (Soy, Spirulina, Pumpkin, Pea, Rice, Hemp, Others), by Age Group (Millennials, Generation X, Baby Boomers), by Packaging Type (Jar, Box, Bucket, Bags/Pouch, Others), by Distribution Channel (Modern Trade, E-commerce, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global vegan protein powder industry generated $3.5 billion in 2021 and is anticipated to generate $7.3 billion by 2031, witnessing a CAGR of 7.8% from 2022 to 2031.

𝐅𝐨𝐫 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐄𝐧𝐪𝐮𝐢𝐫𝐲:
https://www.alliedmarketresearch.com/purchase-enquiry/17274

𝐩𝐫𝐢𝐦𝐞 𝐝𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐧𝐭𝐬 𝐨𝐟 𝐠𝐫𝐨𝐰𝐭𝐡

A significant rise in the vegan population across the globe and rising consumer awareness regarding the benefits of vegan protein over animal protein drive the growth of the global vegan protein powder market. However, high manufacturing costs and decline in sales of vegan protein powders in developing and weaker economic countries restrict market growth. Moreover, the use of social media, strong branding and advertisement tactics help increase the popularity and sale of products, which, in turn, presents new opportunities in the coming years.

On the other hand, consumers have started recognizing the value of protein-rich diet to maintain their health. Thus aiding market growth in the protein supplement sector.
The conventional segment will maintain its leadership status throughout the forecast period

Based on nature, the conventional segment held the highest market share in 2021, accounting for nearly 90% of the global vegan protein powder market, and is estimated to maintain its leadership status throughout the forecast period. This is due to the easy availability of the product at affordable prices for target customers. However, the organic segment is projected to manifest the highest CAGR of 9.6% from 2022 to 2031. The surge in demand for organic products due to the rise in awareness about the health benefits associated with the consumption of the product among the target customers has been one of the key reasons behind the overall growth of the organic segment.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝟒𝟑𝟎-𝐩𝐚𝐠𝐞 𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬): https://www.alliedmarketresearch.com/request-sample/17274

𝐓𝐡𝐞 𝐣𝐚𝐫 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐰𝐢𝐥𝐥 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on packaging type, the jar segment held the highest market share in 2021, accounting for more than two-fifths of the global vegan protein powder market, and is estimated to maintain its leadership status throughout the forecast period. The oversized jars used to market vegan protein powder products always feature graphics depicting toned and rippling musculature, highlighting the benefits that will entice consumers. Other segments discussed in the report include boxes, buckets, bags, and others.

𝐓𝐡𝐞 𝐦𝐢𝐥𝐥𝐞𝐧𝐧𝐢𝐚𝐥 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐰𝐢𝐥𝐥 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on age group, the millennial segment accounted for the largest share in 2021, contributing to more than half of the global vegan protein powder market, and is projected to maintain its lead position during the forecast period. This is due to lactose intolerance and change in dietary preferences in millennials. However, the baby boomers segment is expected to portray the largest CAGR of 8.5% from 2022 to 2031. This is because the need for protein and other nutrients is high among baby boomers. The manufacturing companies are coming up with different nutritional supplements on the market that are specially targeted for baby boomers and are creating awareness of the importance of consuming daily requirement of protein.

𝐄𝐮𝐫𝐨𝐩𝐞 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐛𝐲 𝟐𝟎𝟑𝟏

Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for nearly one-third of the global vegan protein powder market, and is likely to dominate the market during the forecast period. over the past couple of years, there has been a surge in demand for different types of vegan food products among consumers. The rise in the number of health-conscious consumers in these regions paves way for a growth opportunity for the vegan protein supplement market to gain traction among its target customers. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.3% from 2022 to 2031, attributed to the rapid penetration of plant-based protein foods and supplements in the market in India.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐏𝐫𝐢𝐜𝐢𝐧𝐠 𝐃𝐞𝐭𝐚𝐢𝐥𝐬 :
https://www.alliedmarketresearch.com/vegan-protein-powder-market/purchase-options

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

Archon Vitamin LLC.,
Sequel Natural Ltd.,
Hormel Foods Corporation,
Vital Amine, Inc.,
NOW Health Group, Inc.,
Nutiva Inc.,
General Nutrition Centers, Inc.,
True Nutrition,
MusclePharm Corporation,
Glanbia plc,
Abbott Laboratories,
Glaxosmithkline plc,
ABH Pharma Inc.,
Suppleform and Vitaco Health,
Amway Corporation
Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://bit.ly/3FWmKN3

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