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Vegan Protein Powder Market to Surge to $7.3 Billion by 2031 As Revealed In New Report

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Market Overview:

According to the report, the global vegan protein powder market generated $3.5 billion in 2021, and is anticipated to generate $7.3 billion by 2031, witnessing a CAGR of 7.8% from 2022 to 2031.

A significant rise in the vegan population across the globe and rising consumer awareness regarding the benefits of vegan protein over animal protein drive the growth of the global vegan protein powder market. However, high manufacturing costs and decline in sales of vegan protein powders in developing and weaker economic countries restrict the market growth. Moreover, the use of social media, strong branding and advertisement tactics help in increasing the popularity and the sale of products, which, in turn, presents new opportunities in the coming years.

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Segment Overview:

By Product Type
  • Soy
  • Spirulina
  • Pumpkin
  • Pea
  • Rice
  • Hemp
  • Others
By Age Group
  • Millennials
  • Generation X
  • Baby Boomers
By Packaging Type
  • Jar
  • Box
  • Bucket
  • Bags/Pouch
  • Others
By Distribution Channel
  • Modern Trade
    • Sub-type
      • Hypermarket/Supermarket
      • Specialized Stores
      • Department Stores
      • Pharmacies
  • E-commerce
  • Others

The rise in awareness about the health benefits associated with the consumption of vegan food products has led the majority of the population to adopt a vegan diet. This has led to burgeon demand for different types of vegan food products from its health-conscious target customers. This similar kind of trend has been enduring even in the sports segments. Professional sports personnel and athletes are now adopting vegan diet owing to an increase in awareness about the associated benefits. This consumer perception altogether has triggered demand for vegan protein supplement products.

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Protein is an essential nutrient and the second most abundant substance present in the body after water. Protein supplements are concentrated sources of protein obtained from animals or plants that include dairy, eggs, wheat, soybean, pea, and others. However, the rise in the vegan population has eventually triggered demand for plant-based protein supplement products. Vegan protein powder is one of the most common protein supplements available in the market as protein concentrates, protein isolates, and protein hydrolysates. The concentrates consist of 60%-80% protein and 20%–30% fat & carbs; the isolates contain 90%-95% protein, and hydrolysates boost the absorption of protein subsequently enhancing the muscle growth response to exercise. These products are consumed by individuals who strive to build muscle, increase & maintain body mass, or lose weight. Moreover, people take protein supplements to fulfill the necessary energy and vitamins needed through strenuous workouts as well as to compensate for the nutrients & vitamins lost during the reduction of food intake. Health benefits associated with consuming vegan protein powder and the rise in fitness concerns among people in different regions drive the market growth. In addition, an increase in the number of fitness & training centers, a surge in disposable income, and an alarming rise in obesity rates fuel the market growth.

An increase in the incidence of health problems such as edematous malnutrition, increase in infections, slow healing of muscles, and others boosts health and fitness consciousness among consumers. The adoption of vegetarian foods is on a consistent increase across the world. According to recent studies, 30% of Americans are not only leaving meat off their plates but also seeking out plant-based meat alternatives. Consumers are expected to become selective in their food habits to avoid severe health issues. This in turn is anticipated to drive the vegan protein powder market demand.

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  • Archon Vitamin LLC.,
  • Sequel Natural Ltd.,
  • Hormel Foods Corporation,
  • Vital Amine, Inc.,
  • NOW Health Group, Inc.,
  • Nutiva Inc.,
  • General Nutrition Centers, Inc.,
  • True Nutrition,
  • MusclePharm Corporation,
  • Glanbia plc,
  • Abbott Laboratories,
  • Glaxosmithkline plc,
  • ABH Pharma Inc.,
  • Suppleform and Vitaco Health,
  • Amway Corporation
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Allied Market Research (AMR) is approved by the Newstrail editorial board to share timely, data-driven insights. As a trusted leader in market research and analysis across multiple industries, AMR delivers in-depth reports and expert commentary to help businesses stay ahead of emerging trends.

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