Market Research Future (MRFR) has published a cooked research report on the “Vegan Protein Powder Market” that contains information from 2018 to 2032. The Vegan Protein Powder Market is estimated to register a CAGR of 8.20% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Vegan Protein Powder Market— Archon Vitamin LLC., Sequel Natural Ltd., Amway Corporation, Hormel Foods Corporation, True Nutrition, GlaxoSmithKline plc, Glanbia plc, NOW Health Group, Inc., Abbott Laboratories, ABH Pharma Inc., Vital Amine, Inc., MusclePharm Corporation, Suppleform and Vitaco Health, General Nutrition Centers, Inc., Nutiva Inc.
The global Vegan Protein Powder Market is accounted to register a CAGR of 8.20% during the forecast period and is estimated to reach USD 8.53 billion by 2032.
The substantial growth in the global vegan population has become a pivotal driver for the increasing demand in the vegan protein powder market. Additionally, the growing awareness of zoonotic diseases among humans has become a significant factor propelling the adoption of vegan protein products among consumers.
The global Vegan Protein Powder Market has been segmented based on Product, Nature, Flavor, Application, and Distribution Channel.
Based on Product, the market is segmented into Hemp protein, Soy protein isolate, Rice protein concentrate, Pea protein isolate, Rice protein isolate, Pea protein concentrate, Spirulina protein, Quinoa protein, and Protein blends. The Soy protein isolate segment was attributed to holding the largest market share in 2022. As per data from the United Soybean Board, approximately 35% of Americans incorporate soy-based foods and beverages into their diets at least once a week. This trend indicates a steady increase in the demand for soy-based products, driven by the numerous health benefits associated with their consumption.
Based on Nature, the Vegan Protein Powder Market has been segmented into Organic and Conventional. The conventional segment was expected to hold the largest market share in 2022. The growing population of health-conscious consumers in both developed and crucial emerging markets plays a pivotal role in propelling the demand for traditional vegan protein powder products. In response, manufacturers operating in the global vegan protein powder market are devising strategies to expand their product portfolios, focusing on conventional formats tailored to meet the specific needs of health-conscious customers.
Based on the Flavor, the Vegan Protein Powder Market has been segmented into Unflavoured, Chocolate, Vanilla, Strawberry, and Others. The unflavoured segment was expected to hold the largest market share in 2022. Unflavored vegan protein powder offers versatility, as it can be easily incorporated into a wide range of recipes and beverages without altering their taste. This appeals to consumers who want the benefits of plant-based protein without the influence of a specific flavor. Unflavored options allow consumers to customize their protein intake. They can add the powder to smoothies, shakes, baked goods, or savory dishes while controlling the flavor profile by adding ingredients of their choice.
Based on the Application, the Vegan Protein Powder Market has been segmented into Sports Nutrition, Beverages, Functional Food, and Others. The sports nutrition segment was expected to hold the largest market share in 2022. This growth is primarily driven by several key factors, including the introduction of new product offerings, a growing influx of young individuals choosing careers in sports, and the proliferation of both domestic and international sporting events. In February 2021, Clif Bar & Company expanded Luna Bar's product portfolio by launching snack bars with prebiotics to support digestive health. It serves as a meal replacement or a healthy snacking alternative. The segment is poised to experience significant expansion, particularly due to increased demand from strength, core, and endurance athletes, as well as professional athletes seeking sports nutritional supplements.
Based on the Distribution Channel, the Vegan Protein Powder Market has been segmented into Hypermarkets and supermarkets, Specialty Stores, Online Retail, and Others. The specialty stores segment was expected to hold the largest market share in 2022. Specialty stores and supermarkets provide consumers with a convenient one-stop shopping experience, offering a wide range of products under a single roof. Specialty stores, in particular, offer a premium advantage, including increased availability of tennis shoe products at discounted prices, the support of knowledgeable sales representatives, and seamless checkout processes. These advantages are anticipated to be key drivers of growth in the vegan protein powder market during the forecast period.
The global Vegan Protein Powder Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Vegan Protein Powder Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Vegan Protein Powder Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Vegan Protein Powder Market comprises of Middle East, Africa, and Latin America.
The largest market share for the Vegan Protein Powder Market was maintained by the North American regional sector. The growth of the market can be attributed to the substantial demand for sports nutrition products, particularly in countries such as the United States and Canada. Furthermore, the market is poised for growth due to the strong presence of key industry players and the ready availability of essential raw materials. Notably, the Canadian federal government proposed a significant investment of USD 74 million in Merit Functional Foods, a domestic firm specializing in plant-based protein production, in June 2020. This strategic move aimed to address the increasing demand for such products within the country and enhance their market penetration.
Moreover, the Europe market has been persistently growing over the forecast period. The region is expected to experience increased demand for these products in the coming years. This growth is attributed to several key factors, including a rising trend toward preventive healthcare, a growing emphasis on healthy living, and heightened demand from countries such as Germany and the UK. Since 2020, there has been a notable uptick in plant-based food sales in Europe, with a substantial increase of 22%, as reported by The Good Food Institute. Additionally, the Smart Protein Project's findings in 2020 revealed a significant 21% growth in the sales value of plant-based food in France between 2018 and 2020. This growth was particularly pronounced in the plant milk segment. These dynamics are primarily driven by the expanding vegan population within the region.
The surge in health-conscious consumers within developing nations in the Asia Pacific region has resulted in a notable uptick in product consumption. As per a study conducted by FMCG Gurus, over 55% of individuals in the Asia Pacific region have shown a heightened awareness of the importance of enhancing their immune health during the COVID-19 pandemic. Specifically, countries like Indonesia, India, and China have witnessed a significant increase in the consumption of these products, driving market expansion in the forecasted period. The growing purchasing power of consumers and the increased availability of diverse brands are expected to further bolster the popularity of plant-based supplements in these markets.
Furthermore, the rest of the world's Vegan Protein Powder Market is divided into the Middle East, Africa, and Latin America. While traditional diets have long been dominant in this region, there's an emerging shift towards healthier and more plant-based eating patterns. According to a report from Retail Brief Africa, South Africa witnessed a remarkable 71% increase in vegan takeaway orders during the 2020 lockdown, solidifying its position as the leading country for such orders on the African continent. The report indicates that vegan orders had doubled between 2019 and 2020 and have tripled since 2018. Additionally, there was a notable 56% rise in the sales of vegan cookbooks in South Africa from 2018 to 2019, as reported by Jonathan Ball Publishers. Health-conscious consumers are increasingly exploring vegan and vegetarian diets as they become more aware of the associated health benefits.
Key Findings of the Study