Vegan Drink Mix Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

The Global Vegan Drink Mix Market reached USD 12.3 billion in 2023 and is projected to grow at a CAGR of 6.0% from 2024 to 2032. This growth is driven by increasing consumer demand for plant-based, health-conscious alternatives. Vegan drink mixes serve various purposes, including protein supplementation for athletes, meal replacements, energy boosts, and functional drinks targeting health benefits like digestion and immunity. The trend is fueled by rising awareness of environmental sustainability, ethical concerns, and the health advantages of plant-based diets. Innovations in flavors, formulations, and ingredient sources such as soy, pea, and almonds are expanding the market's appeal. The market's expansion is also attributed to a surge in health-conscious behaviors, the adoption of plant-based diets for ethical and environmental reasons, and growing awareness of vegan nutrition benefits. Product innovations, improved taste, and nutritional profiles, along with diverse sources like peas, almonds, and hemp, contribute to market growth. The convenience of vegan drink mixes aligns with busy lifestyles, and the growth of e-commerce platforms enhances accessibility.

The overall vegan drink mix industry is classified based on the type, form, source, distribution channel, and region.

By type, the protein drink mixes segment is projected to reach USD 9.5 billion with a CAGR of 6.1% by 2032. Protein drink mixes dominate the market due to their appeal among fitness enthusiasts, athletes, and health-conscious consumers seeking plant-based protein sources. They support muscle growth, recovery, and overall nutrition. The segment benefits from increased awareness of plant-based protein advantages and ongoing innovations in taste and texture. Their versatility for meal replacement, energy boosts, and post-workout recovery solidifies their leading position.

By form, the powder segment is set to grow to USD 15.8 billion with a CAGR of 6.1% by 2032. Powdered vegan drink mixes dominate due to their convenience, long shelf life, and cost-effectiveness. They are easy to store, transport, and prepare, appealing to busy consumers. Lower production costs compared to liquid formats allow for competitive pricing. Their versatility in formulations, from protein to meal replacements and functional blends, contributes to their popularity.

North America's vegan drink mix industry is projected to reach USD 7.3 billion, growing at a CAGR of 6.0% by 2032. North America leads the market due to its established consumer base, high health consciousness, and widespread adoption of plant-based diets. The U.S. and Canada drive market size, supported by a significant number of health-focused individuals and fitness enthusiasts. The region benefits from a mature retail infrastructure and advanced e-commerce platforms, enhancing product accessibility. Strong brand presence, innovative product offerings, and substantial investment in marketing and R&D contribute to North America's leading position.

Product Code: 10987

Chapter 1 Methodology and Scope

1.1 Market scope and definition
1.2 Base estimates and calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Data mining sources
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry 360° synopsis

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
- 3.1.1 Value chain
- 3.1.2 Key manufacturers
- 3.1.3 Go to market routes
- 3.1.4 Key distributors
  - 3.1.4.1 New distribution channels
- 3.1.5 Profit margins across the industry
3.2 Industry impact forces
- 3.2.1 Growth drivers
  - 3.2.1.1 Rising health-conscious consumer behavior
  - 3.2.1.2 Increased adoption of plant-based diets
  - 3.2.1.3 Advancements in product formulation and taste
- 3.2.2 Market challenges
  - 3.2.2.1 Higher production costs for premium ingredients
  - 3.2.2.2 Intense competition and market saturation
- 3.2.3 Market opportunities
  - 3.2.3.1 New markets/applications
  - 3.2.3.2 Growth potential analysis
3.3 Raw material landscape
- 3.3.1 Manufacturing trends
  - 3.3.1.1 Technology evolution
  - 3.3.1.2 Sustainable manufacturing
    - 3.3.1.2.1 Green practices
    - 3.3.1.2.2 Decarbonization
- 3.3.2 New raw materials
- 3.3.3 Raw material pricing trends (USD/Units)
  - 3.3.3.1 North America
  - 3.3.3.2 Europe
  - 3.3.3.3 Asia Pacific
  - 3.3.3.4 Latin America
  - 3.3.3.5 MEA
3.4 Regulations and market impact
3.5 Porter's analysis
3.6 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Company market share analysis
4.2 Competitive positioning matrix
4.3 Strategic outlook matrix

Chapter 5 Market Size and Forecast, By Type, 2021-2032 (USD Billion, Thousand Units)

5.1 Key trends
5.2 Protein drink mixes
5.3 Meal replacement mixes
5.4 Energy and sports drink mixes
5.5 Functional drink mixes

Chapter 6 Market Size and Forecast, By Form, 2021-2032 (USD Billion, Thousand Units)

6.1 Key trends
6.2 Powder
6.3 Liquid

Chapter 7 Market Size and Forecast, By Sources, 2021-2032 (USD Billion, Thousand Units)

7.1 Key trends
7.2 Soy-Based
7.3 Almond-Based
7.4 Pea-Based
7.5 Rice-Based
7.6 Hemp-Based
7.7 Mixed-Source
7.8 Coconut based
7.9 Fruit based

Chapter 8 Market Size and Forecast, By Distribution channel, 2021-2032 (USD Billion, Thousand Units)

8.1 Key trends
8.2 Online retail
8.3 Offline
- 8.3.1 Hypermarkets and supermarkets
- 8.3.2 Convenience stores
- 8.3.3 Specialty stores

Chapter 9 Market Size and Forecast, By Region, 2021-2032 (USD Billion, Thousand Units)

9.1 Key trends
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Rest of Europe
9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 Australia
- 9.4.6 Rest of Asia Pacific
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.5.4 Rest of Latin America
9.6 MEA
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 South Africa
- 9.6.4 Rest of MEA

Chapter 10 Company Profiles

10.1 True Nutrition
10.2 Plant fusion
10.3 Glanbia Nutritionals
10.4 Vegan Drink Company
10.5 Garden of life
10.6 Vega
10.7 Sunwarrior
10.8 Nuzest
10.9 Orgain
10.10 Strive