WASHINGTON, Aug. 29, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the Global Vegan Protein Powder Market has been rapidly growing due to the increased awareness about the benefits of plant-based diets, growing health concerns, and the rising number of vegans and vegetarians worldwide.
According to Vantage Market Research, the global Vegan Protein Powder Market is estimated to be valued at USD 6.8 Billion by 2030 and is expected to exhibit a CAGR of 7.5% from 2023 to 2030. The global Vegan Protein Powder market grew to USD 4.1 billion in 2022.
Vegan protein powder is a plant-based alternative to traditional whey protein powder derived from dairy products. It is made from various plant sources such as soy, peas, brown rice, hemp, and quinoa. Vegan protein powder provides a convenient and effective way to supplement your protein intake if you follow a vegan or vegetarian diet or if you have lactose intolerance or dairy allergies. They are also often rich in essential amino acids and can provide a complete source of protein, just like whey protein.
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Key Highlights
- By Type, the high demand for the Soy segment will increase in the Vegan Protein Powder Market from 2023 to 2030.
- By Source, the Plant-based segment dominated the largest market share globally from 2023 to 2030.
- By Distribution Channel, the E-Commerce segment holds the largest share globally from 2023 to 2030.
- In 2022, North America dominated the market with the highest revenue share of 38.2%.
- The Asia Pacific will grow at a high CAGR from 2023-2030.
Vegan protein powders are often considered a healthier alternative to animal-based ones. They are generally lower in saturated fats and cholesterol and may have higher fiber content. The market for vegan protein powders is highly competitive, with numerous brands and products available. Companies continuously launch new flavors, ingredients, and formulations to cater to consumer preferences. The market also offers a wide range of products targeting different segments, such as athletes, fitness enthusiasts, and individuals seeking weight management solutions.
Top Companies in The Global Vegan Protein Powder Market
- Garden of Life LLC (U.S.)
- Vega (Danone S.A.) (France)
- Sunwarrior LLC (U.S.)
- PlantFusion Inc. (U.S.)
- Orgain Inc. (U.S.)
- Growing Naturals LLC (U.S.)
- Purely Inspired (Canada)
- NOW Foods (U.S.)
- Nutiva Inc. (U.S.)
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Factors affecting the Growth of the Vegan Protein Powder Industry
Several factors can affect the growth of the Vegan Protein Powder industry. Some of these factors include:
- Increasing awareness and adoption of plant-based diets: As more people become conscious of animal-based protein sources' environmental and health impacts, the demand for vegan protein powder is expected to increase.
- Government regulations and support: Government policies promoting sustainability, animal welfare, and healthier dietary choices can also contribute to the growth of the vegan protein powder industry.
- Health and wellness trends: Vegan protein powders are perceived as healthier alternatives to traditional protein powders due to their plant-based ingredients and absence of animal products.
- Rising vegan population: People following a vegan lifestyle are rising globally. This is driven by various factors, including ethical concerns, environmental consciousness, and health benefits associated with a plant-based diet.
Top Trends in Global Vegan Protein Powder Market
The global vegan protein powder market is witnessing a significant trend toward plant-based protein sources. Traditional protein powders often contained animal-based ingredients, which limited the options for individuals following a vegan lifestyle. However, the advent of vegan protein powders has changed the game. These powders provide essential amino acids and nutrients, just like their animal-based counterparts, but without ethical and environmental concerns. This trend towards vegan protein powders is driven by the increasing number of people adopting vegan diets and the growing awareness about sustainable living. Moreover, with improved taste and texture, vegan protein powders are becoming more widely accepted and consumed, providing a viable alternative for consumers seeking plant-based protein options.
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Recent Development of the Global Vegan Protein Powder Market
- In May 2023, the first ever range of dairy substitutes made with microbial protein was introduced in China by Changing Bio. A low-fat parmesan powder and protein-rich, probiotic-infused whipped cream are both part of the recently introduced Changing PRO range. These innovative products incorporate the new protein Kluvy with specifically selected plant-based constituents.
- In May 2022, A ground-breaking vegan protein powder was introduced by Vegan Way, a brand of Supercluster Pi (House of Brands). Pea and brown rice protein are combined with a number of superfoods to make the powder. It differs from other vegan protein powder products on the market because to its distinctive formulation.
Market Drivers
The vegan protein powder market is a growing industry that offers plant-based protein powders as an alternative to traditional animal-based protein powders. Vegan protein powders are made from various sources such as peas, soy, rice, hemp, etc. The market dynamics will be affected by these types of high dominance of growth rates during the forecast period.
The market for vegan protein powders is driven by several factors. Firstly, the increasing number of people adopting vegan and vegetarian diets has fueled the demand for plant-based protein sources. These diets are often chosen for ethical, environmental, or health reasons. Another factor driving the market growth is the rising awareness of the negative environmental impact of animal agriculture. People are becoming more conscious of the carbon footprint associated with meat production and are looking for sustainable and eco-friendly protein sources.
Market Restraints
One major restraint in the vegan protein powder market is the limited availability of ingredients required to produce high-quality protein powders. This is because most plant-based protein sources are less concentrated than animal-based sources. However, one solution to this issue is using textured vegetable proteins (TVPs) as key ingredients in Vegan Protein Powders. TVPs are made from soybeans and are a reliable plant-based protein source that offers a complete and balanced amino acid profile.
Market Opportunities
The growing demand for plant-based diets and the increasing awareness about the health benefits of veganism have created a favorable market opportunity for vegan protein powder. An upsurge in research and development activities aimed at improving the taste and texture of vegan protein powders is expected to drive market growth. Additionally, the rising number of product clearances and releases will contribute to the expansion of the vegan protein powder market. Increased investments in advanced technologies and the exploration of untapped markets are also expected to present a plethora of opportunities for market expansion in the projected period.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Vegan Protein Powder Market Forecast Report (2023-2030).
Report Segmentation of the Global Vegan Protein Powder Market
Type Analysis
Soy dominated the market with the largest market share because of the increasing demand for vegan products, easy availability and affordability of soy and health benefits associated with soy protein. The global vegan protein powder market is based on types segmented into soy, pea, wheat, and other types. Furthermore, soy protein is considered a complete protein, containing all essential amino acids necessary for muscle growth and repair. With consumers increasingly opting for vegan and plant-based protein alternatives, soy has positioned itself as the go-to choice in the market.
Source Analysis
The plant-based segment dominated the largest market share and will dominate in the forecast period because of the increase in vegan and vegetarianism and consumers seeking plant-based alternatives for health and environmental reasons. Plant-based protein powders, derived from sources like peas, hemp, and rice, offer a sustainable and ethical alternative to animal-based products, attracting a wide consumer base. Their nutritional benefits, such as high protein content and low saturated fats, further enhance their market appeal. The global vegan protein powder market is based on the source analysis segmented into Plant-Based, and Algae-Based. The growing popularity of plant-based diets and the rising demand for vegan-friendly protein sources have significantly contributed to its dominance.
Distribution Channel Analysis
E-commerce dominated the largest share due to the growing popularity of online shopping and its convenience. The global vegan protein powder market is based on distribution channel analysis segmented into E-commerce, Hypermarkets and Supermarkets, Pharmacy & Drug Stores, and Other Distribution Channels. The convenience and accessibility offered by online platforms have resonated with consumers, allowing them to easily purchase vegan protein powders from the comfort of their own homes. Furthermore, E-commerce platforms also provide a wider range of product options and competitive pricing, further driving their dominance in the market. This trend is expected to continue as more consumers embrace online shopping for their dietary needs.
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Global Vegan Protein Powder Market Segmentation
By Type
- Soy
- Pea
- Wheat
- Other Types
By Source
- Plant-Based
- Algae-Based
By Distribution Channel
- E-commerce
- Hypermarket & Supermarket
- Pharmacy & Drug Store
- Other Distribution Channels
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 4.1 Billion |
| Revenue Forecast by 2030 | USD 6.8 Billion |
| CAGR | 7.5% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Garden of Life LLC, Vega (Danone S.A.), Sunwarrior LLC, PlantFusion Inc., Orgain Inc., Growing Naturals LLC, Purely Inspired, NOW Foods, Nutiva Inc. |
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Regional Analysis
Due to the growing trend of health awareness, fitness, and clean eating habits, North America dominated the global market share for vegan protein powder, with a market share of 38.20% in 2022. The region has witnessed a surge in demand for vegan protein powders due to the rising number of vegan and vegetarian consumers. Furthermore, the presence of key players in the market, continuous product innovations, and effective marketing strategies have also contributed to the dominance of North America in the vegan protein powder market. The region is expected to maintain its leading position in the market in the coming years.
The Asia Pacific market is the most lucrative due to several possible areas for future enlargement. Increased awareness about the benefits of a vegan lifestyle, rising health consciousness, and growing demand for plant-based alternatives are driving market growth in this region. Moreover, the growing vegan population, especially in countries like China and India, is contributing to the surge in demand for vegan protein powder. The market is witnessing the entrance of various international and local players, who are expanding their product portfolios to cater to the diverse consumer preferences in the region.
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