According to Future Market Insights, the global vegan protein market is set to experience significant growth over the next decade. Valued at US$ 10.8 billion in 2023, the market is projected to reach US$ 22 billion by 2033, growing at a compound annual growth rate (CAGR) of 7.4%. This robust growth is primarily driven by an increasing shift towards plant-based diets, spurred by environmental concerns and documented health benefits.
The rise in popularity of vegan food is no longer confined to regions where abstaining from meat is part of moral or spiritual beliefs. Global awareness about the environmental impact of animal-based food consumption is encouraging consumers to adopt less polluting dietary choices. This shift is significantly boosting the demand for vegan protein products.
As of 2021, the vegan food industry was valued at over US$ 16 billion and is expected to reach US$ 22 billion by 2025. Key categories in the vegan market include meat, cheese, and eggs. In the United Kingdom, nearly half of the population identifies as vegan, with a significant proportion using plant-based milk alternatives. In the United States, 6% of the population, amounting to approximately 10 million people, follow a vegan diet.
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Key Demand Drivers:
- Environmental Concerns: Increased awareness about the global carbon footprint of animal-based diets.
- Health Benefits: Vegan proteins provide essential amino acids and are linked to lower risks of heart disease, hypertension, high cholesterol, cancers, obesity, stroke, and type-2 diabetes.
- Dietary Trends: A growing number of athletes and fitness enthusiasts prefer plant-based health supplements to meet their daily protein requirements.
The vegan protein market’s growth can be attributed to several factors:
- Health Consciousness: Increasing health awareness is driving consumers towards diets rich in plant-based proteins, which are easier to digest and associated with numerous health benefits.
- Technological Advancements: Food manufacturers are leveraging new technologies to improve the taste and texture of vegan protein products, making them more appealing to a broader consumer base.
- Animal Welfare: Rising awareness about animal welfare and allergies related to animal-based products is pushing consumers towards vegan alternatives.
Regional Insights
- The region dominates the vegan protein market due to high consumer awareness and the popularity of vegan diets. Companies like Garden of Life and Orgain Inc. are innovating with new product lines and formulations to cater to this growing market.
- Europe presents vast opportunities with its diverse food preferences and robust infrastructure. The region’s openness to imports and free trade agreements further facilitate market growth.
- Emerging as a significant market, the Asia Pacific region is witnessing increasing demand for vegan proteins due to rising health awareness and supportive government policies.
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Competitive Landscape
Key players in the vegan protein market include:
-
- Hammer Nutrition Direct
- Country Life LLC
- Australian Natural Protein Company
- Ghost LLC Puris
- Garden of Life
- LLC Reliance Private Label Supplements
- ALOHA Genuine Health Inc.
- Vitamer Laboratories
- Manitoba Harvest Hemp Foods
- Archon Vitamin LLC
- Archon Vitamin LLC’s Sequel Natural Ltd.
- Prevention LLC
- Riff Enterprises Inc. and Orgain Inc.
Recent Developments
- Garden of Life introduced new plant-based protein powders and enhanced formulas for existing products, focusing on improved texture and flavors.
- Orgain Inc. offers a variety of vegan protein products, including sport protein powders with organic ingredients to aid in muscle recovery.
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Key Segments
Nature:
- Organic
- Conventional
Form:
- Powder
- Liquid
Source:
- Soy
- Pea
- Oats
- Quinoa
- Leafy Vegetables
- Nuts
- Cashew
- Almond
- Pistachio
- Hazelnut
- Walnut
Flavor:
- Strawberry
- Vanilla
- Chocolate
- Mixed Berries
- Others (Banana, Mix fruit e.t.c.)
Application:
- Food & Beverages
- Pharmaceuticals
- Nutraceuticals
- Animal Feed
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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