Westford, USA, June 21, 2023 (GLOBE NEWSWIRE) -- The global Vegan Protein Powder market size is expected to reach USD 72.39 billion by 2030 and exhibit a CAGR of 7.2% in the forecast period (2023−2030), according to Skyquest's latest research report. The Increasing demand for plant-based protein, rising adoption of vegan and vegetarian diets, growing awareness of the environmental impact of animal agriculture, health and wellness trends, favoring plant-based proteins, perceived health benefits of vegan protein powders, clean and natural image of plant-based protein powder are fueling the Market's growth
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Expansion of Functional and Fortified Vegan Protein Powders to Promote the Use of Vegan Protein Powder
At a global scale, the growing variety of plant-based protein sources, expansion of functional and fortified vegan protein powders, increasing availability of flavored and ready-to-drink options, the rise of innovative and alternative protein powders (e.g., hemp, pumpkin seed), a surge in personalized and customized vegan protein powder formulations, demand for organic and non-GMO vegan protein powders are the trends promoting market.
Several government initiatives such as funding research and development programs to support plant-based protein production, financial incentives and grants for companies engaged in vegan protein powder manufacturing, promotion of sustainable agriculture practices and support for organic farming methods, implementation of labelling regulations and standards for vegan products, educational campaigns to raise awareness about the benefits of plant-based diets and vegan protein powders are encouraging the market growth.
Ready-to-Drink Type Demand to Grow Substantially in the Forecast Period
Ready-to-Drink type dominated the global market owing to its high convenience. The busy and active lifestyles of consumers are driving the demand for convenient, portable nutrition options. RTD vegan protein powders provide a quick and easy way to meet protein requirements without the need for preparation.
Sports Nutrition is the Leading Application Segment
In terms of application, the Sports Nutrition segment is the leading segment due to the increasing demand. In addition, the sports nutrition market is witnessing a growing demand for clean labels and natural products. Vegan protein powders align with this trend as they are perceived as clean, natural, and free from allergens, artificial additives, and hormones.
Asia-Pacific and North America are the leading Markets Due to the Adoption of Plant-based Diets
Region-wise, North America is one of the largest growing markets due to the adoption of plant-based diets and lifestyles. Consumers are increasingly concerned about the environmental impact of animal agriculture and are seeking healthier alternatives. Vegan protein powders are perceived as healthier options due to their plant-based nature, lower saturated fat content, and absence of cholesterol.
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Browse in-depth TOC on " Vegan Protein Powder Market "
Pages - 242
Tables - 9
Figures - 73
Vegan Protein Powder Market Report Suggests:
- Nestlé's health science division has acquired a majority stake in Orgain, a company specializing in protein powders, shakes, and bars.
- In terms of application, the sports nutrition segment dominates due to the increasing demand.
- In terms of type, the ready to drink type segment is projected to gain more popularity due to its high convenience
- North America and Asia Pacific are leading markets and will continue to exhibit dominance in the global market mainly due presence of major market players
Vegan Protein Powder Market Segmentation:
The global Vegan Protein Powder market report is segmented based on Product type, application, and region.
By Product Type
- Powder
- Ready-to-Drink (RTD)
- Bars
- Others (such as capsules, tablets)
By Application
- Sports Nutrition
- Meal Replacement
- Bakery and Confectionery
- Beverages
- Dietary Supplements
- Others (such as infant formula, pet food)
By Packaging type
- Plastic Pouches
- Bottles
- Jars
- Tetra Packs
- Others (such as sachets, cartons)
By Region
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- RoE
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- RoLA
- Middle-East and Africa
- South Africa
- GCC Countries
- Rest of MEA
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Vegan Protein Powder Market Major Company Profiles:
- Vega
- Garden of Life
- Orgain
- Sunwarrior
- PlantFusion
- Aloha
- Bob's Red Mill
- Nutiva
- Amazing Grass
- Nuzest
- OWYN (Only What You Need)
- KOS
- Naked Nutrition
- Growing Naturals
- Myprotein
- Healthforce Superfoods
- Prana Protein
- PEScience
- LeanFit
- Plant Based Pros
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Global Bakery Ingredients Market
Global Clean Label Ingredients Market
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