Vegan Protein Powder Market Forecast : Surpass USD 7.3 Billion by 2031, with a CAGR of 7.8%

Vegan protein powder market size was 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.

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 the market growth. Moreover, the use of social media, strong branding and advertisement tactics help in increasing the popularity and the sale of products, which, in turn, presents new opportunities in the coming years.

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Protein is an essential nutrient and the second most abundant substance present in the body after water. Protein supplements are concentrated sources of protein obtained from animals or plants that include dairy, eggs, wheat, soybean, pea, and others. However, the rise in the vegan population has eventually triggered demand for plant-based protein supplement products. Vegan protein powder is one of the most common protein supplements available in the market as protein concentrates, protein isolates, and protein hydrolysates. The concentrates consist of 60%-80% protein and 20%-30% fat & carbs; the isolates contain 90%-95% protein, and hydrolysates boost the absorption of protein subsequently enhancing the muscle growth response to exercise. These products are consumed by individuals who strive to build muscle, increase & maintain body mass, or lose weight. Moreover, people take protein supplements to fulfill the necessary energy and vitamins needed through strenuous workouts as well as to compensate for the nutrients & vitamins lost during the reduction of food intake. Health benefits associated with consuming vegan protein powder and the rise in fitness concerns among people in different regions drive the market growth. In addition, an increase in the number of fitness & training centers, a surge in disposable income, and an alarming rise in obesity rates fuel the market growth.

An increase in the incidence of health problems such as edematous malnutrition, increase in infections, slow healing of muscles, and others boosts health and fitness consciousness among consumers. The adoption of vegetarian foods is on a consistent increase across the world. According to recent studies, 30% of Americans are not only leaving meat off their plates but also seeking out plant-based meat alternatives. Consumers are expected to become selective in their food habits to avoid severe health issues. This in turn is anticipated to drive the vegan protein powder market demand.

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However, the presence of cheap replacements and false claims coupled with negative publicity is expected to hamper the Vegan Protein Powder Market trends during the forecast period. The rise in protein supplement demand from the health-conscious young population of developing nations as well as the strengthening of distribution channels in untapped regions is expected to provide numerous opportunities for the global Vegan Protein Powder Market Growth.

The rise in awareness about the health benefits associated with the consumption of vegan food products has led the majority of the population to adopt a vegan diet. This has led to burgeon demand for different types of vegan food products from its health-conscious target customers. This similar kind of trend has been enduring even in the sports segments. Professional sports personnel and athletes are now adopting vegan diet owing to an increase in awareness about the associated benefits. This consumer perception altogether has triggered demand for vegan protein supplement products.

The vegan protein powder market is segmented into nature, product type, age group, packaging type, distribution channel, and region. By nature, the market is bifurcated into organic and conventional. By product type, the market is classified into soy, spirulina, pumpkin, pea, rice, hemp, and others. Depending on age group, Vegan Protein Powder Market Share is segregated into Millennials, Generation X, and Baby Boomers. By distribution channel, it is categorized into modern trade and e-commerce. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (France, Germany, Italy, Spain, the UK, Russia, Benelux, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, Malaysia, Indonesia, Thailand, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina and rest of LAMEA).

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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 industry, 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.

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

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