In terms of revenue, the Global Vegan Protein Powder Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 7.5% from 2023 to 2030.
The increasing adoption of veganism and vegetarianism as lifestyle choices drive the demand for Vegan Protein Powder in the market. Concerns over environmental sustainability, animal welfare, and health issues have led to the growing popularity of plant-based diets, and Vegan Protein Powder provides a convenient and cost-effective source of protein for consumers following such diets. Moreover, the rising trend of clean labels and organic ingredients in dietary supplements is further driving the demand for Vegan Protein Powder, typically made from non-GMO, organic, and sustainable sources such as peas, soy, and rice. Additionally, the growing awareness of the benefits of plant-based protein powders over animal-based protein powders, including the avoidance of common allergens and lower carbon footprint, is fueling the growth of the Vegan Protein Powder market.
Key Highlights from the Report
· Among Type, the soy market segment is anticipated to dominate the Vegan Protein Powder market with the largest market share in the forecast period considering the increasing demand for vegan products, easy availability, and affordability of soy, and the health benefits associated with soy protein.
· By Source, the Plant-based market segment accounted for the maximum CAGR during the forecast period because of the increase in vegan and vegetarianism and consumers seeking plant-based alternatives for health and environmental reasons.
· Based on Distribution Channels, the E-Commerce segment dominated the Vegan Protein Powder market, which is anticipated to continue. The growing popularity of online shopping and its convenience is responsible for its rapid rise.
· Regarding Region, North America held the major market share in 2022 and is likely to be the most gainful market. Elements including increasing awareness about the health benefits of plant-based diets, growing vegan population, and availability and variety of Vegan Protein Powders in the market are aiding this expansion.
Vegan Protein Powder is a dietary supplement that provides a source of protein for those who follow a vegan or vegetarian diet. Vegan Protein Powders offer a low-calorie, cholesterol-free, and lactose-free alternative to traditional whey protein powders from plant-based sources such as peas, hemp, and brown rice. These powders are easy to mix, making them a convenient post-workout shake or a quick snack throughout the day. They are also rich in essential amino acids aiding muscle recovery and growth. They 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. Overall, Vegan Protein Powder can be an excellent way to support a healthy, plant-based lifestyle and meet daily protein needs.
The COVID-19 outbreak has significantly impacted the Vegan Protein Powder market as the pandemic has disrupted the supply chain, production, and distribution channels. The closure of gyms, health stores, and other retail outlets has affected the sales and revenue of Vegan Protein Powder manufacturers. Consumers have also become more cautious about spending and are reducing non-essential purchases. However, with more people focusing on health and fitness during the pandemic, the demand for Vegan Protein Powder will gradually increase. Companies have also started focusing on e-commerce to increase their sales and reach out to customers.
However, 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.
North America Vegan Protein Powder market is expected to witness a noteworthy development with a significant growth rate over the analysis period. Notable industry participants like Garden of Life LLC (U.S.), Vega (Danone S.A.) (France), Sunwarrior LLC (U.S.), and Orgain Inc. (U.S.) are anticipated to accelerate market growth in the area. Additionally, the growing health consciousness, coupled with the rising demand for clean-label and organic products, has led to increased consumption of Vegan Protein Powder in the region. The increasing trend of incorporatingVegan Protein Powder in various food and beverage products, including snacks, nutrition bars, and smoothies, is further driving the market growth in the region. The availability of a wide range of flavors and packaging options, along with innovative marketing strategies, will likely boost Vegan Protein Powder sales in the coming years. Overall, the North American region is expected to dominate the Vegan Protein Powder market during the forecast period.
The Global Vegan Protein Powder Market is Segmented as follows
- Other Types
- Distribution Channel
- Hypermarket & Supermarket
- Pharmacy & Drug Store
- Other Distribution Channels
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Vegan Protein Powder Market is
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 Global Vegan Protein Powder Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|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|