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

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).

Numerous brands are introducing products that are suitable for the retail and hospitality industries, bringing attention to plant-based protein products. Vegan protein powder can now be sold in stores thanks to the expanding vegan and vegetarian population worldwide. Plant-based protein kits have been used by individuals who don't eat meat or dairy. Applications for vegan protein powder are anticipated to be positive over the forecast period due to the expansion of vegan diet options and the application of vegan trends as a viable diet option, supported by science like the Nutrients Journal.

The Vegan Group's extensive media campaign to raise consumer awareness has created favorable growth opportunities in addition to the risk of cardiovascular disease and type 2 diabetes from meat consumption.

A report from Future Market Insights says that protein powders made from soy will be in more demand, and flavorless options will get more attention in more applications. Mixing plant-based protein powders into drinks, food, and health supplements is a good idea.

This market is growing because powdered supplements offer high dosages and are convenient, easy to use, mixable, and bioavailable—the percentage of the dose that reaches the body. The advantages of powdered nutrient premixes include their low costs, low handling and transportation requirements, low or no formulation errors, extended shelf life, and stability of ingredient functionality.

US Vegan Protein Powder Market is poised to grow at a sustainable CAGR for the next forecast year.