Global Vegan Protein Powder Market

Vegan Protein Powder Market Size, Share, Growth Analysis, By Source (Hemp Protein, Pea Protein), By Flavour (Vanilla, Strawberry), By Distribution Channel, By Distribution Channel (Online, Offline), By Region - Industry Forecast 2024-2031

Report ID: SQMIG30C2083 | Region: Global | Published Date: December, 2024
Pages: 242 | Tables: 9 | Figures: 73

Vegan Protein Powder Market Regional Insights

In 2022, North America is estimated to account for the largest share of the vegan protein powder market. The well-established nutraceutical and functional food industry, highly established gyms and sports clubs, growing health & wellness and clean label trends, and the high demand for nutritional supplements are some of the factors that contribute to North America's substantial market share.

The market in Asia-Pacific is expected to register the highest growth rate during the forecast period. The increasing number of people participating in recreational activities, rising living standards in developing countries like China and India, the rising number of fitness centers and sports clubs, the growing vegetarian population, and the rapid growth in population and urbanization are all contributing factors to the high market growth in Asia-Pacific.

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Global Vegan Protein Powder Market size was valued at USD 4.03 billion in 2022 and is poised to grow from USD 4.32 billion in 2023 to USD 7.23 billion by 2031, growing at a CAGR of 7.2% during the forecast period (2024-2031).

Product development strategies and capacity expansion are becoming increasingly important to vegan protein powder producers. Partnerships within the industry are gaining traction to enhance distribution networks. The industry's supply chain is expected to be disrupted by an ongoing coronavirus pandemic. Despite this, it is anticipated that the crisis will have little effect on the market because consumers will still want dietary supplements and the food and beverage industry will continue to demand them. 'Sunwarrior LLC ', 'Garden of Life LLC ', 'Nutiva Inc. ', 'Transparent Labs LLC ', 'True Nutrition ', 'Hammer Nutrition ', 'Optimum Nutrition Inc. ', 'Australian Sports Nutrition ', 'Private Label Superfoods ', 'WhiteWave Foods ', 'NOW Health Group Inc. ', 'A&B Ingredients Inc. ', 'Supplement Manufacturing Partners (SMP Nutra) ', 'MRM Nutrition ', 'Nutrex Research Inc. ', 'The Green Lab LLC ', 'Farbest-Tallman Foods Corp.'

The main driver of the vegan protein powder market is the growing awareness and importance of a healthy diet. Adoption and consumption are being driven by vegan protein powder's health benefits and increased awareness of its higher digestibility. In the long run, demand will also continue to be driven by the shift from synthetic to organic and natural ingredients and the demand for clean-label foods. Due to an increase in the production of new plasmas from protein sources like rice and almonds and an increase in the production of allergies like lactose intolerance, the market has seen an increase in the number of consumers. As a result, it is possible to increase the number of profitable opportunities.

The vegan plant protein powder market faces numerous challenges despite the industry's recent steady expansion.The lack of consumer awareness and acceptance of plant-based protein powders other than soy-based ones is a major obstacle for the industry. When compared to vegan alternatives, animal protein-based powders continue to be popular.

In 2022, North America is estimated to account for the largest share of the vegan protein powder market. The well-established nutraceutical and functional food industry, highly established gyms and sports clubs, growing health & wellness and clean label trends, and the high demand for nutritional supplements are some of the factors that contribute to North America's substantial market share.

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Global Vegan Protein Powder Market

Report ID: SQMIG30C2083

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