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Vegan Protein Powder Market

Vegan Protein Powder Market

Vegan Protein Powder Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

142

Base Year:

2022

Date

Aug - 2023

Format:

PDF XLS PPT

Report Code:

VMR-2232

Segments Covered
  • By Type By Type Soy, Wheat, Pea, Other Types
  • By Distribution Channel By Distribution Channel E-Commerce, Hypermarket & Supermarket, Pharmacy & Drug Store, Other Distribution Channels
  • By Source By Source Plant-based, Algae-based
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 4.1 Billion
Revenue 2030Revenue 2030: USD 6.8 Billion
Revenue CAGRRevenue CAGR (2023 - 2030): 7.5%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Vegan Protein Powder Market Share

The global Vegan Protein Powder Market is valued at USD 4.1 Billion in 2022 and is projected to reach a value of USD 6.8 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.5% between 2023 and 2030.

Premium Insights

The Vegan Society estimates that 79 million people were vegans worldwide in 2022. About 63% of the local population, according to the Global Agriculture Information Network, tries to limit their meat intake, and many choose for veganism as a lifestyle choice rather than dietary constraints. Vegan Protein Powder can help supplement daily protein intake for vegans and vegetarians who may struggle to consume enough protein from their diet alone. When shopping for Vegan Protein Powders, it's essential to look for ones free from artificial sweeteners and fillers and to consider the product's protein content and overall nutrition profile. Additionally, consumers are participating in more and more fitness-related sports and activities. The Physical Activity Council estimates that in 2018, nearly 64% of Americans aged six and older participated in physical activity, such as running and jogging. As a result, consumers are leading more active and healthier lifestyles, driving demand for protein supplements. The market is also being propelled by the growing prevalence of lactose intolerance, allergies, and other health conditions that restrict the consumption of animal-based protein powders. Moreover, the rising trend of clean labels and organic ingredients in dietary supplements further drives the demand for Vegan Protein Powder, typically made from non-GMO, organic, and sustainable sources such as peas, soy, and rice.

Vegan Protein Powder Market Size, 2022 To 2030 (USD Billion)

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According to Green Planet, children frequently have food allergies, which makes it difficult to maintain a balanced diet, especially in terms of protein. People with allergies to animal products find it difficult to consume conventional protein sources, which presents an opportunity for producers of alternative protein powder.

Key Highlights:

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  • 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 across the globe in the forecast period 2023 to 2030
  • In 2022, North America dominated the market with the highest revenue share of 38.2%

The increasing adoption of veganism and vegetarianism as lifestyle choices drive the demand for Vegan Protein Powder in the market. According to the United States Census Bureau, millennials are about to surpass baby boomers in the country. The rise in popularity and commercial expansion of Vegan Protein Powder is driven by the demographic shift toward millennials as the predominant customer segment. Most millennials are concerned about their health and frequently purchase products that do so. The market is expected to grow as a result of this factor.

Economic Insights

Government policies promoting sustainability, animal welfare, and healthier dietary choices can also contribute to the growth of the Vegan Protein Powder industry. The United States government has supported plant-based products through various initiatives. For example, in 2023, the government launched the Support Innovation program, which includes Standards of Identity and Plant-based Labelling. Also, it issued draft guidance regarding the labeling of plant-based milk alternatives. The number of people following a vegan lifestyle is on the rise globally. Compared to other European nations, Germany has the highest percentage of vegetarians. According to a survey by the United States Department of Agriculture, there were more than 1.5 million vegans in the nation in 2022. The growing vegan population provides a significant customer base for the Vegan Protein Powder products.

Top Market Trends

  1. Increasing Demand for Plant-based Protein Products: The Vegan Protein Powder market is seeing a surge in demand, driven by the growing popularity of plant-based protein products. As more consumers opt for vegan diets for health, ethical or environmental reasons, there has been a corresponding increase in the demand for plant-based alternatives to traditional animal-derived proteins. Vegan Protein Powders are one such product that has gained significant traction in the market. These powders can be made from various plant sources such as peas, rice, hemp, and soy and provide a convenient and versatile way for vegans to meet their daily protein requirements. They are also free from animal products or by-products, making them ideal for those with dietary restrictions or allergies. The trend of plant-based protein consumption is expected to continue growing in the coming years, and the Vegan Protein Powder market is expected to follow suit. With increasing consumer awareness of the health benefits of plant-based diets, the market is expected to witness significant growth in the forecast period.
  2. Increase in Health-Conscious Population to Augment Growth: Many health-conscious consumers, especially millennials, have shifted their focus toward plant-based protein sources. The inclination towards Vegan Protein Powders is driven by their health benefits, including reducing the risk of heart diseases, improving digestive health, and weight management. The rise in the vegan population has also contributed to the market's growth. Moreover, the increasing demand for organic, gluten-free, and non-GMO products has further boosted the sales of Vegan Protein Powders. The growing awareness regarding the impact of animal-based protein powders on the environment has led people to opt for plant-based protein sources as they are eco-friendly. The Vegan Protein Powder market is expected to grow as consumers opt for healthy and sustainable choices. The key players in the market are continuously innovating and introducing new products to cater to the rising demand.

Market Segmentation

The global Vegan Protein Powder market can be categorized into Type, Distribution Channel, Source, Region. The Vegan Protein Powder market can be categorized into Soy, Wheat, Pea, Other Types based on Type. The Vegan Protein Powder market can be categorized into E-Commerce, Hypermarket & Supermarket, Pharmacy & Drug Store, Other Distribution Channels based on Distribution Channel. The Vegan Protein Powder market can be categorized into Plant-based, Algae-based based on Source. The Vegan Protein Powder market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Below tree is interactive. You can click the nodes to get more information.

Based on Type

Soy to Accommodate Maximum Market Share due to its Numerous Health Benefits and Versatility in Various Forms of Vegan Protein Powder

In 2022, soy dominated the market. Soy protein powder is a plant-based protein supplement that offers a complete protein source for people following vegan and vegetarian diets. Soy protein is extracted from soybeans and contains all nine essential amino acids for muscle growth and repair. It is also affordable, widely available, and has been extensively researched for its numerous health benefits. With the growing demand for plant-based products and the need for sustainable and ethical sourcing of ingredients, soy protein is the perfect ingredient to cater to the needs of the vegan market and capture maximum market share.

Based on Source

Plant-based to Express Dominion Owing to the Rising Popularity of Plant-based Diets

Between 2023 and 2030, the Plant-based category is anticipated to grow fastest. The global Vegan Protein Powder market is witnessing significant growth, focusing on plant-based options. This is driven by increasing demand for vegan and vegetarian diets and concerns around animal welfare and environmental sustainability. Plant-based protein powders, made from sources such as peas, soy, rice, and hemp, are becoming increasingly popular due to their high nutritional content and suitability for various dietary requirements. Furthermore, plant-based protein powders are often free from common allergens, making them a popular option for those with food allergies or intolerances.

Based on Distribution Channel

E-commerce to Accommodate Maximum Market Share Due to the Growing Popularity of Online Shopping and Its Convenience

The Vegan Protein Powder market is rising with the increasing popularity of plant-based diets, conscious consumerism, and wellness trends. As a result, e-commerce platforms have become a crucial channel for retailers to reach a wider audience and accommodate maximum market share in the Vegan Protein Powder market. E-commerce platforms offer numerous benefits, such as easy accessibility, convenience, and a broader reach at lower costs. Online purchases of Vegan Protein Powders are prevalent as customers can easily compare prices and read reviews of different products before purchasing. Moreover, e-commerce platforms allow retailers to gather data on consumer preferences and tailor their marketing strategies accordingly to capture more market share. In summary, the growing demand for Vegan Protein Powders, combined with the ease and accessibility of e-commerce, allows retailers to maximize their market share.

Based on Region

North America to Lead Global Sales Owing to Changing Lifestyles and Increasing Popularity

The growing trend of health awareness, fitness, and clean eating habits has fueled the demand for Vegan Protein Powders in North America. Additionally, the region has a well-established vegan and vegetarian population, driving demand for Vegan Protein Powder products. The increasing popularity of plant-based diets and increasing awareness of the benefits of veganism for health and the environment are also contributing to the growth of this market in North America. The presence of some of the leading manufacturers in the region has also positively impacted the market's growth trajectory. The market is expected to grow in the coming years due to the rising awareness of the benefits of veganism and plant-based products.

In 2022, the market in the Asia Pacific was growing rapidly. This region is witnessing substantial growth due to increased disposable income, a rise in the vegan population, and a growing interest in health and wellness. The increased awareness of the benefits of vegan protein supplements among athletes and fitness enthusiasts is also driving the demand for Vegan Protein Powders in this region. Additionally, the popularity of plant-based foods and the growing trend of veganism in countries like India and China are generating significant opportunities for market players in the region. The presence of numerous manufacturers of Vegan Protein Powder in the Asia-Pacific region is expected to fuel market growth further.

Competitive Landscape

The Vegan Protein Powder market is highly competitive, with key players holding a significant market share. Some prominent players in the market include Garden of Life, Vega, Sunwarrior, Orgain, and NOW Foods. These companies continuously introduce new products and expand their market presence through strategic partnerships, collaborations, mergers, and acquisitions. The market is driven by increasing consumer interest in plant-based diets, health and wellness trends, and growing awareness about the environmental benefits of vegan products. The key market players are focusing on product innovation and expansion of their distribution channels to tap into the growing demand and gain a competitive advantage.

The key players in the global Vegan Protein Powder market include - 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.) among others.

Recent Market Developments

  • 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 part of the recently introduced ChangingPRO range. These innovative products incorporate the new protein Kluvy with specifically selected plant-based constituents.
  • 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 several superfoods to make the powder. Its distinctive formulation differs from other Vegan Protein Powder products.
  • April 2022: To fulfill the increased demand for pea protein as a substitute source of protein from these countries, Cargill (US) announced the expansion of its Radipure pea protein product portfolio to the Middle East, Turkey, Africa, and Indian markets.

Segmentation of the Global Vegan Protein Powder Market

Parameter Details
Segments Covered

By Type

  • Soy
  • Wheat
  • Pea
  • Other Types

By Distribution Channel

  • E-Commerce
  • Hypermarket & Supermarket
  • Pharmacy & Drug Store
  • Other Distribution Channels

By Source

  • Plant-based
  • Algae-based

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • 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.)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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FAQ
Frequently Asked Question
  • The global Vegan Protein Powder valued at USD 4.1 Billion in 2022 and is expected to reach USD 6.8 Billion in 2030 growing at a CAGR of 7.5%.

  • The prominent players in the market are 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.).

  • The market is project to grow at a CAGR of 7.5% between 2023 and 2030.

  • The driving factors of the Vegan Protein Powder include

    • Rising Interest in Plant-Based Nutrition

  • North America was the leading regional segment of the Vegan Protein Powder in 2022.