Vegan Protein Powder Market Size, Share, Growth Report 2032

Vegan Protein Powder Market Overview

The global vegan protein powder market accounted for USD 6032.7 Million in 2020 and is expected to reach USD 19,672.2 Million by 2028, growing at a CAGR of 16.5% from 2021 to 2028.

Protein powder is a widely used dietary supplement. Protein is required for muscle growth, tissue repair, and the production of enzymes and hormones. Protein powder can help people lose weight while also strengthening their muscles. Protein powder is a simple, no-prep way to increase your daily protein intake. Vegan protein powder is derived from plant sources such as nuts, seeds, grains, and legumes rather than animal products such as dairy, meat, and eggs. Vegan protein powders include soy, hemp, pea, rice, and peanuts.

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COVID-19 Impact Analysis

Due to the unpredictability of the coronavirus pandemic that has swept the globe, the global market for Vegan Protein Powder has been severely impacted. COVID-19 has an impact on both the finished product supply chain and the raw material ingredients. Because of the concentration of several key players operating in these areas, North America, followed by Europe and Asia Pacific, plays a critical role in the Vegan Protein Powder market. As a result, the market for Vegan Protein Powder is expected to face some challenges in terms of supply, as many key players in these regions supply end-users all over the world. Consumers are increasingly focused on maintaining their weight and following various diets to stay healthy, so regional consumption is likely to rise in the respective market. Overall, demand for Vegan Protein Powder should increase as a result of this.

Vegan Protein Powder Market Growth Factors

Growing awareness of the importance of healthy eating is one of the main drivers of the global vegan protein powder market. People are also making changes to incorporate healthy lifestyle habits, which has resulted in an increase in vegan protein product consumption. Vegan protein powder is becoming more popular as people become more aware of the health benefits and the fact that it is more digestible. In the long run, demand will be driven by the demand for clean foods and the transition from synthetic to organic and natural ingredients. Due to an increase in the number of consumers suffering from allergies such as lactose intolerance and increased production of new plant protein sources such as rice and almonds, the market is expected to see increased profitability opportunities.

Food allergies affect one out of every thirteen children, according to research. This issue has an impact on people's balanced diets, particularly in terms of protein. Furthermore, allergies to animal products are difficult to overcome, presenting opportunities for vegan protein powder manufacturers. The industry's growth is being fueled by versatile products for muscle repair, satiety, weight loss, and energy support, which are popular among athletes and fitness enthusiasts. The vegan plant protein powder market, on the other hand, has hit some roadblocks in recent years.

Type Segment Analysis Preview

With a market share of 39.92 %, the vegetable segment dominated the global vegan protein powder market. Most vegetables are high in fiber, which aids digestion and absorption, improves motility, and reduces symptoms of gas and bloating, all of which contribute to this increase. Nuts and others form the type segment.

Application Segment Analysis Preview

Over the forecast period, the adult male segment is expected to grow at the fastest rate of 16.15%. Adult males' preference for buying protein powders for various purposes, such as weight management, improving muscle mass, and increasing energy, can be attributed to this increased growth rate. Youth, Adult Females and others form the application segment.

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Vegan Protein Powder Market: Report Scope

Vegan Protein Powder Market Regional Analysis

The North America region dominated the global vegan protein powder market in 2020, thanks to increased awareness about vegan diets and a changing trend towards vegetarianism as a result of new product promotions on social media and television channels in the region. Demand for sports nutrition supplements is expected to rise steadily in the United States over the next few years, thanks to rising consumption. Furthermore, the rising concern in the United States about obesity and weight management, as well as consumer demands to better manage their hectic lifestyles, has created a favorable environment for the sale of vegan protein powder. Additionally, investments in sports nutrition research, as well as demand from athletes and the health and wellness sector, boost overall demand. Vegan protein powder's potential applications are expected to grow in the long run as consumers shift away from mass-produced processed foods and toward health products and functional foods.

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In the Asia Pacific region had the highest CAGR growth of 18.4% during the forecast period. This is due to rising disposable income and urbanization are expected to play a key role in promoting vegan protein powder consumption, particularly among the vegan population, which will fuel regional market growth in the coming years. Growing inclination toward vegan diets, functional efficiency, cost competitiveness offered by such plant protein products, and their increasing utilization in a wide variety of processed foods, especially in the ready-to-eat products category, are driving the Asia-Pacific plant protein market. Because of the rising prevalence of health disorders such as obesity in China, which is attributed to changing consumption patterns, it is one of the region's most important markets.

Vegan Protein Powder Market Key Market Players & Competitive Landscape

Some of key players in vegan protein powder market include

• Health Warrior
• Garden of Life
• WhiteWave Foods
• Private Label Superfoods
• Australian Sports Nutrition
• Glanbia plc
• Hammer Nutrition 
• MRM

The key players are now focusing on strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations, and partnerships to improve their market position in the global vegan protein powder market. For example, Glanbia Nutritionals, a wholly-owned subsidiary of Glanbia P.L.C., agreed to purchase Watson Inc., a manufacturer and supplier of custom nutrient premix, bakery ingredient, edible film, and material conditioning solutions for the nutrition, food and beverage, personal care, and supplement industries, in February 2019. Watson is a third-generation family business with three facilities in West Haven and Orange, Conn., and Taylorville, Ill. The company specializes in microencapsulation, agglomeration, micronizing, spray drying and film technology.

The global vegan protein powder market is segmented as follows:

By Type

• Nuts
• Vegetable
• Others

By Application

• Youth
• Adult Female
• Adult Male
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa