Home > Pressrelease > Vegan Protein Powder Market size to surpass $8.8 Bn by 2032
Vegan Protein Powder Market size to surpass $8.8 Bn by 2032
- Published Date: March 31, 2023
Vegan Protein Powder Market size is poised to cross USD 8.8 billion by 2032, according to a new research report by Global Market Insights Inc.
The rising levels of consumer consciousness pertaining to the consumption of nutritional foods will positively influence the market growth. Lately, due to the surging need for maintaining good health, consumers are largely focusing on nutritive and healthy diets. This has, in turn, resulted in the trend of healthy foods that constitute natural ingredients. Hence, the increasing shift towards functional foods on account of their high protein content will compliment the demand for vegan protein powder.
Robust health benefits of soy protein concentrate to fuel market revenue
In terms of revenue, the vegan protein powder market share from the soy protein concentrate product segment will reach USD 900 million by 2032, attributed to the increasing popularity of functional or nutritional ingredients. The changing consumer perceptions about health and improved lifestyles has stirred the higher demand for healthy food items. The growing emphasis on product differentiation led by prominent food manufacturers to cater to the rising consumer protein requirements will also make way for the increased adoption of soy protein concentrate in food products.
Increasing interest for healthy beverages to augment vegan protein powder demand
Vegan protein powder market size from the beverage applications is slated to observe more than 7.5% CAGR from 2023 to 2032. The rising shift towards good nutrition has increased the preference for protein-rich juices and shakes. Vegan beverages are not only easy to make but are also wholesome and flavourful. They are also increasingly preferred as they come in a variety of flavours, such as strawberry, and chocolate among others. Hence, the surging penetration of vegan protein powder in beverages will propel the industry trends.
Browse key industry insights spread across 315 pages with 443 market data tables and 22 figures & charts from the report, “Vegan Protein Powder Market Size 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), By Nature, By Flavor, Distribution channel & Forecast, 2023 – 2032” in detail along with the table of contents:
Increasing innovations in vanilla-based protein powders to drive product uptake
In terms of revenue, the vanilla vegan protein powder industry share is expected to be valued at USD 1.8 billion by 2032. In addition to providing easy use and the benefits of blending with variety of other flavours, vanilla protein powder is largely favoured as it sweetened without the addition of sugar, stevia, or sugar alcohols. The introduction of delicious flavours, including French Vanilla Wafer Sundae, by leading beverage manufacturers will also play a key role in the industry expansion.
Rising count of online sales to influence vegan protein powder market expansion
Vegan protein powder industry size from online retail distribution channels segment held over USD 400 million in 2022. Lately, consumers are largely opting for online shopping channels as they facilitate easily assessable services. The rising rate of product purchasing through online channels specifically in the pandemic and post-pandemic era will add to the market demand.
Growing protein intake to compliment North America industry development
North America vegan protein powder market is projected to exceed 8.5% CAGR by 2032, owing to the rising competitiveness of the food industry. The growing consumer awareness regarding the health benefits of protein powder has led to the increased demand for high-performance protein solutions. The burgeoning vegan population and the subsequently flourishing vegan-diet based lifestyle in the region will anchor the product preference.
Inorganic expansion and strategic initiatives to boost vegan protein powder industry trends
Some of the leading companies operating in the vegan protein powder market include Archer-Daniels-Midland Company (ADM), Abott Laboratories, Cargill Inc., Farbest Brands, The Scoular Company, Glanbia Group., Vitaco Health, Ingredion Incorporated, Makers Nutrition, and Kerry Group. These companies are constantly implementing several marketing measures and new product developments to attract a larger customer base. For instance, in April 2022, Cargill expanded its RadiPure pea protein portfolio, that has extensive application in vegan diets, across META (the Middle East, Turkey, Africa) as well as India to meet the thriving consumer demand.