Press release
Vegan Protein Powder Market: A Projection of Strong Growth and Key Dynamics for 2024-2029
Vegan Protein Powder Market Share
What Is The Projected Market Size Of The Global Vegan Protein Powder Market And Its Growth Rate?
Statistics supporting the relentless growth in the vegan protein powder market are eye-opening:
• The market size that was $4.87 billion in 2024 will amount to $5.24 billion in 2025 with a CAGR of 7.7%.
• By 2029, the market size is expected to be $7.31 billion with a CAGR of 8.7%.
The peak in market growth is attributed to rising health and fitness awareness, expanding availability of vegan products, and increased adoption of plant-based diets.
What Is Driving The Growth In The Vegan Protein Powder Market?
The expanding vegan population plays a crucial role in triggering growth in the vegan protein powder market. There is a propensity amongst this population towards vegan protein powder to meet their daily protein requirements. An illustrative example is the growing rates of veganism in Germany. There were over 1.5 million vegans in 2022, a stark contrast to the 0.1 million individuals who identified as vegans a decade ago.
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Who Are the Key Players Driving Vegan Protein Powder Market Growth?
The robust expansion of the vegan protein powder market encompasses major players such as:
• Cargill Incorporated.
• Archer-Daniels-Midland Company
• Abbott Laboratories Ltd.
• Kerry Group plc
• Amway Corporation
• Ingredion Incorporated
• Glanbia plc
• GNC Holdings LLC
• The Scoular Company
What Are The Key Trends In The Vegan Protein Powder Market?
Significant trends delineating the growth projections of the vegan protein powder market:
• Technological advancements in plant-based protein extraction
• Flavor profiles and formulations innovation
• Development of novel plant protein sources
• Increased focus on organic and non-GMO certifications
• Personalized nutrition in vegan products
What Are The Segments Of The Global Vegan Protein Powder Market?
The vegan protein powder market segmentation includes:
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, Natural And Specialty Retail, Pharmacies And Drug Stores, Health Food Stores, Convenience Stores, Other Distribution Channels
5. By Application: Sports Nutrition, Additional Nutrition
Which Region Leads The Vegan Protein Powder Market?
North America is the forerunner in the vegan protein powder market as of 2024. However, the Asian-Pacific region is anticipated to be the fastest-growing region going forward.
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What Is Covered In The Vegan Protein Powder Market Global Market Report?
- Market Size Analysis: Analyze the Vegan Protein Powder Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Vegan Protein Powder Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Vegan Protein Powder Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Vegan Protein Powder Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market
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