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.
PORTLAND, Ore., Nov. 9, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Vegan Protein Powder Market by Nature (Organic, Conventional), 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, E-commerce, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global vegan protein powder industry 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.
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Prime determinants of growth
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.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global vegan protein powder market, owing to implementation of the global lockdown which led to temporary closure of manufacturing firms, disruptions in the supply chain, unavailability of raw materials, and lack of labor force during the lockdown.
- On the other hand, consumers have started recognizing the value of protein rich diet to maintain their health. Thus aid the market growth in the protein supplement sector.
The conventional segment to maintain its leadership status throughout the forecast period
Based on nature, the conventional segment held the highest market share in 2021, accounting for nearly 90% of the global vegan protein powder market, and is estimated to maintain its leadership status throughout the forecast period. This is due to the easy availability of the product at affordable prices for target customers. However, the organic segment is projected to manifest the highest CAGR of 9.6% from 2022 to 2031. The surge in demand for organic products due to the rise in awareness about the health benefits associated with the consumption of the product among the target customers has been one of the key reasons behind the overall growth of the organic segment.
- The jar segment to maintain its leadership status throughout the forecast period
Based on packaging type, the jar segment held the highest market share in 2021, accounting for more than two-fifths of the global vegan protein powder market, and is estimated to maintain its leadership status throughout the forecast period. The oversized jars used to market vegan protein powder products always have featured graphics depicting toned and rippling musculature, highlighting the benefits which will entice the consumers. Other segments discussed in the report include box, bucket, bags/pouches, and others.
- The millennials segment to maintain its lead position during the forecast period
Based on age group, the millennials segment accounted for the largest share in 2021, contributing to more than half of the global vegan protein powder market, and is projected to maintain its lead position during the forecast period. This is owing to lactose intolerance and change in dietary preferences in millennials. However, the baby boomers segment is expected to portray the largest CAGR of 8.5% from 2022 to 2031. This is because the need for protein and other nutrients is high among the baby boomers. The manufacturing companies are coming up with different nutritional supplements in the market that are specially targeted for the baby boomers and are creating awareness of the importance of consuming daily requirement of protein.
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Europe to maintain its dominance by 2031
Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for nearly one-third of the global vegan protein powder market, and is likely to dominate the market during the forecast period. over the past couple of years, there has been a surge in demand for different types of vegan food products among consumers. The rise in the number of health-conscious consumers in these regions paves way for a growth opportunity for the vegan protein supplement market to gain traction among its target customers. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.3% from 2022 to 2031, attributed to the rapid penetration of plant-based protein foods and supplements in the market in India.
Leading Market Players: –
- 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
Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://bit.ly/3FWmKN3
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