By 2022, the market for vegan protein powder is projected to be worth USD 4,326.2 million, growing at a CAGR of 7.2% between 2022 and 2032. Sales of soy-based vegan protein powder are anticipated to make up about 26.8% of the market’s total demand in 2032 when it is expected to reach a value of USD 8,670.7 Mn.
Even though the coronavirus pandemic has only had a minor influence on the industry due to lockdown measures, the demand for vegan protein powders has increased significantly globally in 2020. According to a recent analysis by Future Market Insights (FMI), the business has promising potential through 2027. According to the report, the market would expand in the near future because to the pandemic’s demand for nutraceuticals and supplements.
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According to a report by FMI, vegan protein powders made from natural sources like soy and pea will continue to be in high demand for use in the food and beverage processing industry as well as in health and wellness goods. Consumers have chosen to use company websites for greater deals on purchases, making direct sales methods more successful.
Given the health risks associated with eating meat and the rising public consciousness regarding the morality of animal agriculture, the market for vegan protein powder is expanding rapidly. Additionally, investments in product functionality for muscle regeneration and maintenance for exercise enthusiasts as well as a broader variety of product flavours will support the industry for the foreseeable future.
While sales of vegan protein powders are gaining ground rapidly, consumer preference for animal-based products, lack of clean label certifications, and poor consumer awareness in developing countries are obstacles for players in the industry.
The report by FMI offers an exhaustive overview, covering critical market dynamics. Some of the major takeaways from the study include:
- The market is estimated at 4.7 billion in 2020, with demand rising steadily during the coronavirus pandemic
- Soy-based vegan protein powders remain highly sought after owing to higher product awareness and visibility
- Food processing applications of vegan protein powder witnessing strong demand owing to demand for functional foods and beverages
- Sales in North America are critical to market development, owing to extensive applications in sports nutrition applications. However, South Asia & Oceania is displaying lucrative growth opportunities for market players with a vast vegan and vegetarian population base
Covid-19 Impact on Vegan Protein Powder Market
The demand for vegan protein powders is expected to be marginally impacted by the coronavirus pandemic. The industry is likely to face minor supply chain interruptions during this period, owing to lockdown restrictions affecting transport and logistics.
On the other hand, the demand for functional foods and nutraceuticals during this period will positively affect the market. Online sales are likely to witness an increase, even as small retailers are forced to temporarily shut down operations.
On the other hand, the effects of the pandemic on the agriculture sector will have an important effect on market development, as viral transmission among farm laborers remains a concern.
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Who is Winning?
In the study, FMI has analyzed the various business strategies being used by major companies in the vegan protein powder market. Leading market players are emphasizing widening their product portfolio with product development products in addition to capacity expansion and geographic expansion through industry collaboration for stronger distribution networks.
Some of the key players in the market include Archer Daniels Midland Company, AGT Food and Ingredients, Cargill Inc., A&B Ingredients, Ingredion Inc., The Scoular Company, Green Lab LLC, Kerry Group, and Roquette Freres among others.
Vegan Protein Powder Market Segmentation
Source
- Soy
- Wheat
- Pea
- Others
Flavors
- Unflavored
- Chocolate
- Vanilla
- Strawberry
- Blueberry
- Others
Application
- Food Processing
- Nutritional Products
- Animal Feed
- Household (Retail)
- Others
Distribution Channel
- Direct Sales
- Hypermarkets/Supermarkets
- Specialty Stores
- Pharmacy & Drug Stores
- Online Stores
- Others
Regional Outlook
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Peru, Argentina, Chile, Rest of LATAM)
- Europe (EU-4, U.K., BENELUX, Nordics, Eastern Europe, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia & Oceania (India, Thailand, Indonesia, Malaysia, Australia, Rest of South Asia & Oceania)
- Middle East & Africa (GCC Countries, Northern Africa, South Africa, Turkey, Rest of MEA)
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Key Questions Answered in the Report
- What is the size of the vegan protein powder market?
The global vegan protein powder market is estimated to have reached a value of US$ 4.4 billion in 2020. The industry will rise at a 6.6% CAGR between 2019 and 2027.
- Which is the largest market for vegan protein powder?
North America is the leading market for vegan protein powders. Growing levels of health consciousness among consumers and the expansion of vegan populations aid market growth.
- Which are the top companies in vegan protein powder market?
Some of the leading companies operating in the market are Archer Daniels Midland Company, AGT Food and Ingredients, Cargill Inc., A&B Ingredients, Ingredion Inc., The Scoular Company, and The Kerry Group among others.
- What are the applications of vegan protein powder?
Vegan protein powders are finding use in the food and beverages sector, and is popular among people suffering from allergies. Vegan protein powders are also increasingly playing roles in animal feedstock formulations to keep up with consumer biases.
- From what materials are vegan protein powders sourced?
Vegan protein powders are extracted from three major plant sources. These include soy, wheat, and peas. Of these, soy protein powders are highly popular and are estimated to account for more than 50% of the overall market share by 2027.
- Will South Asia & Oceania exhibit higher demand for vegan protein powder?
Countries in South Asia and Oceania are potentially lucrative markets for vegan protein powder manufacturers. The rise in health awareness coupled with a substantial vegan and vegetarian population in the region drives growth.
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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