Vegan Protein Powder Market Expected to Reach $8.03 Billion by 2029 | Meticulous Market Research Pvt. Ltd.

 Meticulous Research®, a prominent global market research firm, has released a comprehensive report titled, '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.'

This latest report from Meticulous Research® forecasts that the vegan protein powder market will achieve a value of $8.03 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2029. The market's expansion is fueled by increasing consumer interest in plant-based diets, sustained growth in the sports and health nutrition sectors, a rising shift towards vegan diets, and the growing trend of personalized nutrition.

Additionally, the escalating demand from emerging markets in Asia-Pacific, Latin America, and the Middle East & Africa, coupled with a surge in new plant-based protein product launches, is expected to create substantial opportunities for market participants. Conversely, the strong preference for whey protein and the demand for soy-free and gluten-free options are anticipated to restrain market growth.

The report segments the vegan protein powder market by type, application, distribution channel, and geography. It also provides an analysis of industry competitors and a detailed examination of the market at both regional and country levels.

In terms of 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 proteins. In 2022, the soy protein segment is projected to hold the largest market share. This dominance is attributed to the easy availability of raw materials, cost-effectiveness, superior nutritional profile, and higher consumer acceptance. However, the pea protein segment is anticipated to exhibit the highest CAGR over the forecast period, driven by its growing popularity among vegetarians and vegans, and its allergen-free, gluten-free, and lactose-free attributes.

For applications, the market is segmented into sports nutrition and additional nutrition. The sports nutrition segment is expected to dominate in 2022, driven by increased product innovations, a growing number of professional athletes, and the expansion of national and international sports events. This segment is also projected to grow at a higher CAGR due to the increasing demand for well-balanced and nutrient-rich diets among athletes.

Regarding distribution channels, the vegan protein powder market is categorized into modern groceries, natural & specialty retail, online retail, health food stores, pharmacies & drug stores, convenience stores, and other channels. The modern groceries segment is anticipated to hold the largest share in 2022 due to the widespread presence of supermarkets and hypermarkets and consumer preference for these shopping venues. However, the online retail segment is expected to experience the fastest growth, driven by the convenience of online shopping, including doorstep delivery, attractive discounts, a broader product selection, and price comparison features.

Geographically, North America is projected to capture the largest share of the vegan protein powder market in 2022. This is attributed to the high demand for nutritional supplements, rising health awareness, a robust nutraceutical and functional food industry, a large number of gyms and sports clubs, and growing trends in health, wellness, and clean labeling. Nevertheless, the Asia-Pacific region is expected to exhibit the highest growth rate during the forecast period, driven by increasing participation in recreational activities, improving living standards in countries like China and India, the proliferation of fitness centers, a growing vegetarian population, and rapid population growth and urbanization.

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Key Players

The key players operating in the vegan protein powder market are 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:

  • Which are the high-growth market segments in terms of type, application, distribution channel, and geography?
  • What is the historical market size for plant-based protein powders across the globe?
  • What are the market forecasts and estimates for the period of 2022–2029?
  • What are the major drivers, restraints, challenges, opportunities, and trends in the vegan protein powder market?
  • Who are the major players in the global market, and what are their market shares?
  • Who are the major players in various countries, and what are their market shares?
  • How is the competitive landscape?
  • What are the recent developments in the vegan protein powder market?
  • What are the different strategies adopted by the major players in the market?
  • What are the key geographic trends, and which are the high-growth countries?
  • Who are the local emerging players in the vegan protein powder market, and how do they compete with other players?

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