Fort Collins, Colorado, Feb. 06, 2024 (GLOBE NEWSWIRE) -- The Vegan Protein Powder Market size was valued at USD 5.2 Billion in 2022 and is anticipated to reach USD 10.8 Billion by 2032 at a CAGR of 7.7%.
Vegan protein powder is made from plant-based ingredients like soy, peas, hemp, brown rice, and other ingredients. Fitness enthusiasts prefer protein powder in shakes or smoothies, but it can also be used in oatmeal and yogurt.
A significant factor contributing to the growth of the vegan protein powder market is the growing awareness about the effects of consuming animal-based food. Animal-based protein produces higher greenhouse gas emissions. Also, consuming animal-based protein increases the risk of cardiovascular issues, which is also the reason for a majority of people to shift to vegan plant protein. Regular protein powders like whey protein contain milk, which is not found in vegan protein powders, thus fulfilling the dietary needs of vegan people. A steady growth in the vegan population was observed in the past few years, and this growth is also expected to contribute to the growing demand for vegan protein.
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Segmentation Overview:
The vegan protein powder market has been segmented based on source, flavor, end-use, distribution channel, and region. Based on the source, the market is segmented as soy protein, hemp protein, pea protein, brown rice protein, algae-based protein, and others. Pea protein holds a significant share in the source segment. It is prepared from yellow split peas and is an excellent source of protein and iron. Based on flavor, the market is segmented as chocolate and coffee, strawberry, vanilla, banana, unflavored, and others. Chocolate and coffee-flavored protein powder held a substantial share in the flavor segment.
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Vegan Protein Powder Market Report Highlights:
- The global vegan protein powder market is anticipated to reach USD 10.8 billion at a CAGR of 7.7% by 2032.
- The demand for vegan protein powder is expected to grow due to its benefits. Also, many manufacturers invest in developing different flavors and improving their texture to give them a smoother feel.
- North America holds a significant share of the vegan protein powder market, with the United States holding a significant share in this region. The United States has a substantial number of people going to the gym daily, which is growing further due to rising awareness about wellness and healthy lifestyles.
- Some prominent players in vegan protein powder market report include Biowink, HeraMED, MobileODT, Prima-Temp, Lucina Health, Braster SA, Plackal Tech, Natural Cycles, iSono Health, Ava Science, and others.
Industry Trends and Insights:
- Vital Pro XP, an allergen-free product, was launched in October 2023 by AminoLab. It blends plant-based proteins and is designed as a vegan-friendly, allergen-free, zero-sugar, and low-fat solution with an alternative to whey protein. This product suits athletes, fitness enthusiasts, and professional bodybuilders.
- An Indian brand, Synthite, collaborated with the Indian Institute of Sciences (IISc) and PMEDs, a U.S.-based nutraceutical company. Under this collaboration, the company has launched Just Plants, a plant-based dairy alternative protein.
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Vegan Protein Powder Market Segmentation:
By Source: Soy protein, hemp protein, pea protein, brown rice protein, and algae-based protein.
By Flavour: Chocolate and coffee, strawberry, vanilla, banana, and unflavored.
By Distribution Channel: Online and offline.
By End-use: Dietary supplements and sports nutrition.
By Region: North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
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