Global Vegan Protein Powder Market: Overview
Protein is an important macronutrient vital for building mass. It is commonly found in dairy, poultry, and many other products. Vegan protein products are derived from plant and are also known as plant-based protein. The common sources of vegan protein are green peas, quinoa, vegetables, green leaves, and oats. The vegan protein market is expected to witness a high growth rate during the forecast period.
Global Vegan Protein Powder Market: Growth Factors
The foremost factor to drive the global vegan protein powder market is the growing awareness of consumers regarding their health. People are adopting healthy lifestyles like regular workout sessions, clean & digestible organic foods, and various others to enhance their health and productivity. The increasing awareness has led people to switch to a healthy diet and hence resulted in increased consumption of vegan protein globally. Furthermore, people are becoming more aware of the fact that plant-based proteins are healthier and efficiently absorbed by the human body than the animal-based protein and hence fueling the growth of the global vegan protein powder market.
The growing interest of people in vegan food is inducing the manufacturers to launch distinct food options to the consumer in the foodservice space.
The on-going studies are concluding vegan food as the more viable and beneficial diet. The facts backed by science are inducing people to switch from animal-based products and adopt vegan foods. The changing scenario and the mindset of people for vegan food are anticipating the market to show positive trends during the forecast years.
The increasing media campaigns by vegan groups to grow consumer awareness especially against the ailments such as cardiovascular and type 2 diabetes from meat consumption has opened doors to many lucrative growth opportunities in the global vegan protein powder market.
Global Vegan Protein Powder Market: Segmentation
The global vegan protein powder market can be segmented into the source, flavors, application, distribution channel, and region.
By source, the market can be segmented into pea, soy, wheat, and others. Of these, the soy source holds the largest market share owing to the benefits of soy and its cost-effectiveness.
By flavors, the market can be segmented into blueberry, strawberry, vanilla, chocolate, unflavored, and others. The unflavored segment holds the largest share in the global vegan protein powder market owing to the broad spectrum of application in end products.
By application, the market can be segmented into household, animal feed, nutritional products, food processing, and others. Of these, the household application is likely to dominate the global vegan protein powder market during the forecast period due to the growing awareness of vegan foods in recent years.
By distribution channel, the market can be segmented into online stores, pharmacy & drug stores, specialty stores, supermarkets, direct sales, and others. The direct sales segment holds the largest market share owing to the growing digitalization and user-friendly websites.
Global Vegan Protein Powder Market: Regional analysis
North America holds the largest share in the global vegan protein powder market. The growth can be attributed to the rapidly growing awareness about veganism amongst consumers and vigorous promotional campaigns on various media platforms. An increase in investment activities from athletes for boosting sports nutrition bolsters the regional growth of the vegan protein powder market.
Europe is likely to witness a significant growth rate in the global vegan protein powder market during the forecast period owing to the growing awareness about the sustainability of plant-based food. Germany is among the fast-growing countries and is likely to become a potential regional market for vegan foods.
South Asia and Oceania are anticipated to grow significantly during the forecast period owing to the increased investment in vegan protein powder products and rise in health & fitness centers with rapid urbanization in the region.
Global Vegan Protein Powder Market: Competitive Players
Some of the significant players in the global vegan protein powder market are Glanbia plc, Farbest Brands, Hill Pharma Inc., Gemef Industries, Vestkorn Milling AS, The Kerry Group, The Green Lab LLC, The Scoular Company, Ingredion Inc., A&B Ingredients, AGT Food and Ingredients, ALOHA, Puris, Reliance Private Label Supplements, Hammer Nutrition Direct, Manitoba Harvest Hemp Foods, LLC’s Bioriginal Food & Science Corp, Vitamer Laboratories, Garden of Life, Genuine Health, Inc., The Greenland LLC, Wilmar International, Batory Foods, Australian Natural Protein Company, Sequel Natural Ltd., and Archer Daniels Midland Company.
Global Vegan Protein Powder Market: Regional Segment Analysis
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