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Vegan Protein Powder Market Size By Product (Hemp protein, Soy protein isolate, Soy protein concentrate, Rice protein isolate, Rice protein concentrate, Pea protein isolate, Others), By Nature, Flavor, Distribution Channel & Forecast, 2023 - 2032
- Report ID: GMI5524
- Published Date: Mar 2023
- Report Format: PDF
Industry Drivers
Vegan Protein Powder Market size valued at USD 4 billion in 2022 and is anticipated to exhibit over 7.5% CAGR from 2023 to 2032.
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The rapidly expanding vegan population worldwide and the consequently rising inclination to plant-based food & beverages will anchor the market demand. According to Vegetarian Times, about one million Americans are vegan. Of late, the growing awareness regarding the potential health and environmental advantages of plant-based foods has led to rapid strides in their production process. The fast-food restaurant industry is thus witnessing the introduction of vegan foods/beverages, ranging from plant-based burgers to dairy. The growing burden of lifestyle disorders has also shifted the attention of consumers towards the maintenance of healthy lifestyles and food habits.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 4 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 7.5% |
| 2032 Value Projection: | USD 8.8 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 315 |
| Tables, Charts & Figures: | 433 |
| Segments covered: | Product, Nature, Flavor, Application, Distribution channel |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Rising costs associated with production to impede product demand
The escalating production costs of vegan protein powder will negatively influence the industry outlook to some extent. In comparison to their traditional counterparts, such as milk-based products, plant-based protein powders are more expensive as they are difficult to harvest. Varieties, including pea protein and hemp protein constitute ingredients that go through extra processing to be useful sources of vegan protein.
Increasing need for pea protein concentrates for enhanced health to fuel industry expansion
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Based on product, the vegan protein powder market share from pea protein concentrate segment is poised to reach USD 2 billion by 2032. Pea protein concentrates assist in reinforcing muscle growth and heart health whilst facilitating weight loss. Considering their high-quality protein and iron content, they are increasingly favoured for their varied health benefits as well as nutritional value. The growing preference for pea protein powders for meal replacement to offer additional calories and good source of nutrition will augment the industry demand.
Rising incorporation in sports nutrition to accelerate the industry trends
With respect to application, the vegan protein powder market size from the sports nutrition segment will record more than 8.5% CAGR up to 2032. The rising consumer preference for healthy food preparations has spurred the surging demand for high-quality plant proteins for meeting their daily needs. Vegan protein powder, on account of its complete amino acid profile, supports performance and decreases exercise-induced muscle soreness.
Growing preference for unflavoured vegan protein powder to foster the market expansion
The unflavoured vegan protein powder market accounted for USD 1.1 billion revenue in 2022. In recent years, the demand for unflavoured plant-based protein has substantially increased as it offers the daily recommended protein with the help of organic ingredients. It is easy to digest, delicious and acts as a complete protein comprising nine essential amino acids. Unflavoured vegan protein powder also offers flexibility as it can be mixed with a variety of flavors.
Burgeoning popularity of natural food products to drive organic vegan protein powder demand
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Vegan protein powder market valuation from the organic nature segment is set to cross USD 5.9 billion by 2032, due to the increasing awareness pertaining to benefits offered by natural ingredients across the world. Organic protein powders have a distinct gut profile comprising fewer disease-causing organisms as well as irritants, and thus prevent inflammation. The surging government and regulatory support, including the U.S. Department of Agriculture (USDA) along with the growing penetration of natural food products across the health industry will also boost the industry trends.
Increasing consumer health consciousness to stimulate the industry growth in Europe
Europe vegan protein powder market size is slated to witness 8% CAGR through 2032, on account of the higher disposable incomes. The rising consumer spending capacities in the region along with the changing perceptions towards health measures has ramped up the demand for protein rich diets. The fast-growing vegan population is also influencing the product adoption. As per GreenQueen.com, the vegan population in Europe is estimated at 2.6 million. The rising intake of healthy foods & beverages will further anchor the regional market revenue.
Partnership-oriented measures to favor the market development
Prominent participants operating across the vegan protein powder market include Archer-Daniels-Midland Company (ADM), Cargill Inc., Farbest Brands, Abott Laboratories, The Scoular Company, Glanbia Group., Makers Nutrition, Vitaco Health, Ingredion Incorporated, and Kerry Group. These companies are focusing on strategic collaborations, including acquisitions and partnerships, to expand their business footprint. For instance, Archer Daniel Midlands, in June 2021, acquired Sojaprotein, a well-known Non-GMO soy ingredients company, to enhance its global presence while widening its market penetration and customer base.
Impact of the COVID-19 pandemic on vegan protein powder market trends
The COVID-19 outbreak positively influenced the vegan protein powder industry outlook driven by the rising intake of plant-based foods and beverages to limit the severity of the infection. According to a BMJ Nutrition Prevention & Health study, plant-based diets contributed to 73% lower odds for moderate to severe COVID-19 infection. The increasing consumption of vegan protein powder supplements and the surging preference for protein-rich diets, mainly in the post-pandemic era are other factors complimenting the market growth.
The vegan protein powder market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2018 to 2032 for the following segments:
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Market, By Product
- Hemp protein
- Soy protein isolate
- Soy protein concentrate
- Rice protein isolate
- Rice protein concentrate
- Pea protein isolate
- Pea protein concentrate
- Spirulina protein
- Quinoa protein
- Protein blends
Market, By Nature
- Organic
- Conventional
Market, By Flavor
- Unflavoured
- Chocolate
- Vanilla
- Strawberry
- Others
Market, By Application
- Sports Nutrition
- Beverages
- Functional food
- Others
Market, By Distribution Channel
- Hypermarkets & Supermarkets
- Specialty Stores
- Online Retail
- Others
The above information has been provided for the following regions and countries:
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
Asia Pacific
- China
- India
- Japan
- South Korea
- Thailand
- Malaysia
- Australia
- Indonesia
Latin America
- Brazil
- Argentina
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE