PUBLISHER: The Business Research Company | PRODUCT CODE: 1428391
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428391
Vegan protein powders are plant-based dietary supplements that support hormone and enzyme production, muscular growth, and tissue repair. These dairy-free options provide essential amino acids, promoting weight loss and muscle building.
The main types of vegan protein powders include soy protein, spirulina protein, wheat protein, pumpkin seed protein, hemp protein, pea protein, rice protein, and others. Soy protein is the primary protein found in soy products, serving as a key ingredient in dairy alternatives and meat substitutes made from soy. It fulfills the essential amino acid requirements for proper growth and development, especially in newborns and children. These products cater to various age groups, including millennials, generation X, and baby boomers, and are available in both organic and conventional forms. The distribution channels include modern groceries, online retail or e-commerce, natural and specialty retail, pharmacies and drug stores, health food stores, convenience stores, and others. Vegan protein powders find applications in sports nutrition and additional nutrition.
The vegan protein powder market research report is one of a series of new reports from The Business Research Company that provides vegan protein powder market statistics, including vegan protein powder industry global market size, regional shares, competitors with a vegan protein powder market share, detailed vegan protein powder market segments, market trends and opportunities, and any further data you may need to thrive in the vegan protein powder industry. This vegan protein powder market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The vegan protein powder market size has grown strongly in recent years. It will grow from $4.51 billion in 2023 to $4.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period of vegan protein powders can be attributed to several factors, including the rising awareness of health and fitness, the popularity of vegetarian and vegan lifestyle trends, increasing concern for animal welfare, growth in the plant-based food industry, and the expanding availability of vegan products. As consumers became more conscious of their health and ethical considerations, there was a growing demand for plant-based alternatives, leading to the increased adoption of vegan protein powders.
The vegan protein powder market size is expected to see strong growth in the next few years. It will grow to $6.66 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The forecasted growth in the vegan protein powder market can be attributed to various factors, including the increasing population of health-conscious consumers, a growing demand for sustainable and eco-friendly products, the expansion of the vegan food market, increased adoption of plant-based diets, and government initiatives promoting healthy eating. Additionally, major trends in the forecast period include technological advancements in plant-based protein extraction, innovation in flavor profiles and formulations, the development of novel plant protein sources, increased focus on organic and non-GMO certifications, and the emergence of personalized nutrition in vegan products. These trends reflect the ongoing shift toward plant-based and sustainable dietary choices.
The anticipated increase in the vegan population is poised to drive the growth of the vegan protein powder market. The term 'vegan population' refers to individuals strictly adhering to vegetarianism by abstaining from all animal products, including meat, eggs, and dairy. This demographic relies on vegan protein powder to conveniently meet their daily protein requirements. For instance, according to the U.S. Department of Agriculture's Foreign Agricultural Service in January 2023, Germany exhibited the highest rate of vegetarianism, with over 1.5 million vegans, representing a substantial increase from a decade ago when only 0.1 million individuals identified as vegans. This significant rise in the vegan population is a pivotal factor propelling the growth of the vegan protein powder market.
The expanding fitness industry is also expected to contribute to the growth of the vegan protein powder market. Comprising businesses and activities related to physical exercise, health, and wellness, the fitness industry widely embraces vegan protein powders as plant-based supplements. These powders cater to the nutritional needs of individuals adhering to vegan or vegetarian lifestyles, supporting muscle building, recovery, and overall fitness. For example, as reported by Made in CA in December 2023, the Canadian gym, health, and fitness industry was estimated to be worth $6.2 billion in 2022, with expectations of a 171% growth by 2028. This surge in the fitness industry is a driving force behind the growth of the vegan protein powder market.
An innovative trend in the vegan protein powder market involves the introduction of plant-based protein sources. Major companies in the market are incorporating innovative plant-based protein sources to maintain their market position. For instance, Dymatize Enterprises LLC, a U.S.-based bodybuilding and nutritional supplement company, launched Dymatize Complete Plant Protein in July 2022. This product is fueled by five plant-based protein sources, offering a vegan and plant-based solution with a complete amino acid profile, suitable for consumption before or after exercise. The blend is versatile, easily mixing in water, smoothies, and other macro-friendly meals, and stands out for being free of artificial colors, sweeteners, soy, or dairy ingredients.
Companies in the vegan protein powder market are strategically focused on developing nutritionally complete powders, such as plant-based protein powder, for snacking, to gain a competitive advantage. Plant-based protein powder, a dietary supplement sourced from plant proteins, offers a vegan-friendly alternative to traditional animal-based protein supplements. For example, in July 2021, Huel, a UK-based brand of nutritional powdered food, introduced Huel Complete Protein, the first nutritionally complete plant-based protein powder designed for snacking. This product contains more essential amino acids per gram than whey protein, featuring a blend of hemp, faba, and pea proteins, providing 20g of protein, 9g of essential amino acids, and 5g of branch-chain amino acids per 110-calorie serving, along with all 27 essential vitamins and minerals.
In November 2021, Archer-Daniels-Midland Company, a U.S.-based food and beverage manufacturing company, acquired Sojaprotein for an undisclosed amount. This acquisition is expected to significantly enhance ADM's ability to meet the rising demand for plant-based foods and drinks, leveraging Sojaprotein's global alternative protein capabilities. Sojaprotein, based in Serbia, is a soybean processing company producing various soy-based products, including flour, grits, and vegetable protein ingredients.
Major companies operating in the vegan protein powder market report are Cargill Incorporated., Archer-Daniels-Midland Company, Abbott Laboratories Ltd., Kerry Group plc, Amway Corporation, Ingredion Incorporated, Glanbia plc, GNC Holdings LLC, The Scoular Company, Now Health Group Inc., Farbest-Tallman Foods Corp, MusclePharm Corp, Nutiva Inc., Nutrivo LLC, True Nutrition, Transparent Labs LLC, Nutrex Research Inc., Optimum Nutrition Inc., Sunwarrior LLC., Garden of Life LLC, Supplement Manufacturing Partners (SMP Nutra), Archon Vitamin LLC, A&B Ingredients Inc., The Green Lab LLC, Naked Nutrition International, Orgain Inc., AGT Food and Ingredients Inc., Zywie Ventures Private Limited, Nuzest IP Pty Limited, GlobalRidge LLC
North America was the largest region in the vegan protein powder market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vegan protein powder market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the vegan protein powder market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The vegan protein powder market consists of sales of no cow chocolate protein powder, ghost vegan protein, and sprout living epic protein. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Vegan Protein Powder Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on vegan protein powder market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for vegan protein powder ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The vegan protein powder market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.