Vegan Protein Powder Market Worth $8.03 Billion by 2029 | Meticulous Market Research Pvt. Ltd.

 

Meticulous Research®, a prominent global market research firm, has released a report entitled, 'Vegan Protein Powder Market by Type (Soy Protein, Rice Protein), Application (Sports Nutrition, Additional Nutrition), and Distribution Channel (Hypermarket/Supermarket, E-Commerce, Pharmacies)—Global Forecast to 2029.'

As per the latest report from Meticulous Research®, the vegan protein powder market is projected to reach $8.03 billion by 2029, growing at a CAGR of 7.3% from 2022 to 2029. This market expansion is fueled by a rising consumer interest in plant-based nutrition, steady growth in the sports and health nutrition sectors, a growing preference for vegan diets, and the increasing trend towards personalized nutrition.

Furthermore, the rising demand from emerging economies such as Asia-Pacific, Latin America, and the Middle East & Africa, along with the increasing introduction of new plant-based protein supplements, is anticipated to offer lucrative opportunities for market players. However, the strong preference for whey-based protein supplements and the demand for soy-free and gluten-free products are likely to significantly impede market growth.

The vegan protein powder market is categorized by type, application, distribution channel, and geography. The report also assesses industry competitors and analyzes the market at both regional and national levels.

Based on type, the vegan protein powder market is divided into soy protein, rice protein, pea protein, spirulina protein, pumpkin seed protein, hemp protein, and other plant-based protein powders. In 2022, the soy protein segment is anticipated to hold the largest market share, attributed to the easy availability of raw materials, its cost-effectiveness compared to other protein supplements, superior nutritional value, and high consumer acceptance. However, the pea protein segment is projected to experience the highest CAGR during the forecast period, driven by its increasing popularity among vegetarians and vegans, high nutritional content, and being free from allergens, gluten, and lactose.

Based on application, the vegan protein powder market is categorized into sports nutrition and additional nutrition. In 2022, the sports nutrition segment is expected to hold a larger market share, mainly due to increased product development by market players, a growing number of individuals pursuing sports careers, and the rise in national and international sports events. This segment is also projected to grow at a higher CAGR during the forecast period, driven by the rising demand for balanced and nutrient-rich diets among athletes.

Based on distribution channel, the vegan protein powder market is divided into modern groceries, natural & specialty retail, online retail, health food stores, pharmacies & drug stores, convenience stores, and other distribution channels. In 2022, the modern groceries segment is expected to hold the largest market share, attributed to the extensive network of supermarkets and hypermarkets and a strong consumer preference for shopping at these locations. However, the online retail/e-commerce segment is projected to grow at the highest CAGR during the forecast period. This rapid growth is driven by the benefits offered by online retailers, such as doorstep delivery, attractive discounts, a wider product selection, and the ability to compare prices.

Based on geography, in 2022, North America is projected to hold the largest share of the vegan protein powder market. This dominance is due to the high demand for nutritional supplements, increasing health awareness among consumers, a well-established nutraceutical and functional food industry, numerous gyms and sports clubs, and growing health and wellness trends alongside clean label preferences. Conversely, the Asia-Pacific region is expected to experience the highest growth rate during the forecast period. This rapid growth is driven by a rising number of people engaging in recreational activities, improving living standards in developing countries like China and India, an increasing number of fitness centers and sports clubs, a growing vegetarian population, and the swift pace of population growth and urbanization.

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Key Players

The major players in the vegan protein powder market include Glanbia plc. (Ireland), Now Health Group, Inc. (U.S.), Nutiva Inc (U.S.), The Simply Good Food Co (U.S.), Iovate Health Sciences International Inc. (Canada), MusclePharm Corporation (U.S.), Kerry Group Plc (Ireland), CytoSport, Inc. (U.S.), The Nature's Bounty Co. (U.S.), Reliance Vitamin Company, Inc. (U.S.), Herbalife Nutrition, Inc. (U.S.), Danone SA (France), General Nutrition Centers (GNC) Holdings, Inc. (U.S.), Orgain Inc. (U.S.), and True Nutrition (U.S.).

Key questions answered in the report:

  • What are the high-growth market segments based on type, application, distribution channel, and geography?
  • What has been the historical market size of plant-based protein powders worldwide?
  • What are the projected market forecasts and estimates for the period spanning 2022 to 2029?
  • What are the primary factors influencing, limiting, posing challenges to, offering opportunities for, and shaping trends within the vegan protein powder market?
  • Who are the prominent players in the global market, and what proportions of the market do they hold?
  • Who are the key players in different countries, and how do their market shares compare?
  • What does the competitive scenario look like?
  • What are the latest advancements or changes observed in the vegan protein powder market?
  • What are the various strategies employed by the leading players in the market?
  • What are the significant geographical patterns, and which countries are experiencing notable growth trends?
  • Who are the emerging local players in the vegan protein powder market, and what strategies do they employ to compete with established players?

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