PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606481
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606481
The market for Vegan Protein Concentrate was projected to reach USD 3,101.32 million in 2023 and expand at a CAGR of 11.50% between 2024 - 2032.
A plant-based protein product called vegan protein concentrate was created to satisfy the nutritional requirements of people looking for substitutes for proteins produced by animals. Depending on the blend, it provides a complete or almost complete amino acid profile and comes from various sources, including peas, brown rice, soy, hemp, and pumpkin seeds. It is well-known for having a high protein content and for offering vital nutrients that promote muscular growth, recovery, and general health. To meet the rising demand for clean-label, sustainable, and allergy-free products, vegan protein concentrates are frequently utilized in protein shakes, smoothies, baked goods, and nutritional supplements. The market for vegan protein concentrate is expanding significantly due to growing consumer awareness of plant-based diets, environmental sustainability, and the health advantages of vegan goods. The rising prevalence of lactose intolerance and the trend toward plant-based diets are pushing consumers to look for plant-based protein substitutes.
Vegan Protein Concentrate Market- Market Dynamics
Growing Demand for Plant-based Diet
The market for vegan protein concentrate is significantly influenced by consumers' increasing knowledge of plant-based diets. More people are adopting plant-based eating habits as a result of growing concerns about sustainability, ethical food use, and health. The health advantages of plant-based diets, including better digestion, a low risk of chronic diseases, and lowered cholesterol, have been highlighted by public awareness campaigns, films, and celebrity and nutritionist endorsements. Customers are also becoming more environmentally aware as they realize that plant-based diets have a lower carbon footprint than those that contain animal products. The growing demand for vegan, vegetarian, and flexitarian diets is contributing to this change by boosting demand for premium plant-based protein sources.
Vegan Protein Concentrate Market- Key Insights
According to our research analyst's analysis, the global market is projected to expand at a CAGR of approximately 11.50% during the forecast period of 2024-2032.
The soy protein concentrate category was predicted to hold the largest market share in 2023 based on product.
The organic category was predicted to hold the largest market share in 2023 based on nature.
In 2023, the sports nutrition category emerged as the top segment based on application.
North America held the largest revenue share by region in 2023.
The Global Vegan Protein Concentrate Market is segmented into Product, Flavor, Nature, Application, and Region.
Based on the product, the vegan protein concentrate market is categorized into Soy protein concentrate, Hemp protein, Spirulina protein, Rice protein concentrate, Quinoa protein, Pea protein concentrate, and Others. Multiple causes are driving the expansion of the soy protein concentrate category in the vegan protein concentrate industry. The high protein content, well-balanced amino acid profile, and adaptability in culinary applications make soy protein concentrate highly prized. Customers are looking for sustainable protein sources as plant-based diets become more popular, which is driving up demand even more. Furthermore, because soy protein concentrate works well to improve texture and boost nutritional content, it is frequently utilized in a variety of goods, such as dairy substitutes, meat substitutes, and nutritional supplements. This category has grown as a result of increased health consciousness and worries about the effects of animal agriculture on the environment.
On the basis of application, the vegan protein concentrate market is segmented into Beverages, Sports Nutrition, Functional food, and Others. The market for vegan protein concentrates is seeing tremendous expansion in the sports nutrition sector due to rising health consciousness and the growing inclination of athletes and fitness enthusiasts towards plant-based diets. Because they are sustainable, clean-label, and less likely to cause allergies than animal-based proteins like whey, consumers are turning to vegan protein sources like peas, rice, and hemp. Further driving demand is the increased emphasis on endurance, performance improvement, and muscle recovery; many athletes are looking for alternatives that are consistent with moral and environmental principles.
Vegan Protein Concentrate Market- Geographical Insights
The Vegan Protein Concentrate market is widely distributed geographically in North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. These areas are further separated based on the countries that provide business.
In 2023, North America held the largest revenue share in the vegan protein concentrate market. This dominance can be linked to the region's notable increase in the number of people following vegetarian and vegan diets. Concerns about environmental sustainability, health conscience, and animal welfare are driving this change in diet. Vegan protein powders are, therefore, in high demand as a practical and easily available form of plant-based protein.
Throughout the projection period, the Asia Pacific region is anticipated to have the fastest growing CAGR in the vegan protein concentrate market. The region's increased focus on health and wellness, together with customers' need for items that suit their dietary and lifestyle choices, is the main driver of this expansion. Since vegan protein powders are free of lactose, cholesterol, and other allergies, they are thought to be healthier than conventional animal-based protein powders.
Leading companies in the vegan protein concentrate industry are Farbest Brands, Archer-Daniels-Midland Company (ADM), Cargill Inc., Glanbia Group, and Kerry Group, among others. In order to increase their corporate presence, these organizations are concentrating on strategic partnerships and acquisitions. To obtain a competitive edge, businesses have also been putting several expansion plans into practice, such as launching new products, increasing capacity, and bolstering their internet presence.