NEWARK, Del, July 17, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insight, the Global Vegan Protein Powder Market will reach US$ 9.07 billion by 2033, registering a CAGR of 7.4%. This anticipated growth signifies a remarkable upsurge from its projected worth of US$ 4.63 billion in 2023.
There has been a significant increase in people adopting vegan and vegetarian diets worldwide. Ethical considerations, environmental concerns, and personal health benefits motivate individuals to embrace plant-based lifestyles. As a result, the demand for plant-based protein powders has skyrocketed. Plant-based protein powders offer a convenient and accessible source of Protein without relying on animal-derived ingredients.
The increasing desire for protein supplements to enhance well-being and promote good health greatly contributes to expanding the vegan protein supplement market. The fast-paced nature of modern lifestyles and busy schedules have led to a higher demand for convenient protein sources. Moreover, vegan protein powders offer a suitable alternative for individuals who are lactose intolerant or have other dietary restrictions.
Given their high amino acid content, protein powder supplements are also gaining popularity among fitness enthusiasts seeking muscle development. Vegan protein powders have recently gained considerable popularity among athletes and fitness enthusiasts. These powders are derived from plant-based sources such as peas, rice, hemp, soy, and other legumes. They offer a convenient and effective way to increase protein intake, which is crucial for muscle repair and growth.
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The increasing popularity of plant-based milk alternatives has significantly contributed to the rising demand for vegan protein powders. Soy milk, almond milk, and pea milk are widely consumed as substitutes for dairy milk and have gained popularity. Plant-based milk alternatives are often perceived as healthier than dairy milk due to their lower saturated fat content and potential health benefits associated with the plant-based ingredients.
Soy protein isolate is a high-quality, easily digestible protein with a neutral flavor. Pea protein powders are another good source of plant-based Protein. They don't contain gluten and have minimal carbs. These factors make these alternative protein powders a popular choice among vegan consumers.
Vegan protein powders have expanded their reach through various distribution channels. They are readily available in health food stores, supermarkets, online platforms, and specialized vegan stores. E-commerce has created opportunities for established brands and emerging start-ups to reach a wider customer base. Online platforms offer convenient access to a variety of vegan protein powders, facilitating ease of purchase for consumers. This increased accessibility has significantly boosted the Market. It has made vegan protein powders easily accessible to a wider range of consumers.
The vegan protein powder market has seen successful marketing campaigns and endorsements by influential individuals. Celebrities, athletes, and fitness influencers have endorsed vegan protein powders. These endorsements have raised awareness and highlighted the benefits of vegan protein powders. They have managed to attract the interest of a broader range of viewers. Marketing efforts have played a pivotal role in promoting the growth of the vegan protein powder market.
Manufacturers continuously innovate to improve vegan protein powders' taste, texture, and nutritional profiles. They are also introducing new flavors and incorporating additional functional ingredients, such as probiotics and superfoods, to enhance the overall health benefits.
In response to the growing demand for personalized nutrition, certain companies in the vegan protein powder market have started offering products tailored to the individual's specific needs. This personalization considers factors such as age, gender, and fitness goals to provide a more customized and targeted protein supplement.
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Key Takeaways from the Vegan Protein Powder Market
- The United States held a 17.2% share of the global vegan protein powder industry in 2022.
- India is expected to have strong growth in the vegan protein powder industry, with a CAGR of 4.7% during the projected period.
- In 2022, Japan had a 4.8% share of the vegan protein powder industry globally.
- China's vegan protein powder industry is expected to flourish speedily, registering a CAGR of 10.2% over the forecast period.
- Germany accounted for 6.2% of the global vegan protein powder industry in 2022.
Competitive Landscape in the Vegan Protein Powder Market
Key players are actively expanding their product portfolios, focusing on research and development to improve taste and texture and investing in sustainable sourcing practices. They also employ innovative marketing strategies to reach a broader consumer base and capitalize on the growing demand for plant-based protein options. Additionally, these companies are forging strategic partnerships with retailers and health-conscious influencers to increase brand visibility and establish themselves as leaders in the rapidly growing vegan protein powder industry.
Recent Developments by Key Players
In June 2023, Synthite introduced two exciting new products to the Market. One of them is Just Plants, a plant-based dairy alternative, and the other is Protein, a plant-based protein drink powder.
In August 2021, Ascent, a rapidly growing sports nutrition company in the United States, unveiled a new range of organic plant-based protein powders to promote muscle health and enhance athletic performance.
Top Companies in Vegan Protein Power Market
- Archer Daniels Midland Company
- AGT Food and Ingredients
- Cargill Inc.
- A&B Ingredients
- Ingredion Incorporated
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Vegan Protein Powder Market Segmentation
By Source:
- Soy
- Wheat
- Pea
- Others
By Flavors:
- Unflavored
- Chocolate
- Vanilla
- Strawberry
- Blueberry
- Others
By Application:
- Food Processing
- Nutritional Products
- Animal Feed
- Household (Retail)
- Others
By Distribution Channel:
- Direct Sales
- Hypermarkets/Supermarkets
- Specialty Stores
- Pharmacy & Drug Stores
- Online Stores
- Others
By Regional Outlook:
- North America (United States, Canada)
- Latin America (Brazil, Mexico, Peru, Argentina, Chile, Rest of LATAM)
- Europe (EU-4, United Kingdom, 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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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 favour 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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