The vegan protein powder market size was valued at US$3,457.6 million in 2021 and is expected to reach US$7,274.1 million by 2031, registering a CAGR of 7.8% from 2022 to 2031. The vegan protein powder is processed and derived from different types of nutritional plant sources, also referred to as plant-based protein supplement product. Soy, pea, chickpea, brown rice, spirulina, hemp, and others are some of the key plant-based sources used as prime ingredients for the processing of vegan protein powder.
The COVID-19 pandemic disrupted food & beverage supply chains all across the globe. Consumption habits of consumers have changed by the perception of the risk associated with COVID-19. Consumers' fear of potential food and beverage shortages has fueled the hoarding trend. Consumers have recognized the value of consuming protein to maintain their health. The vaccination drive and lockdown practices to prevent the spread of the virus globally are encouraging the consumer to continue with their normal purchasing behavior; this is expected to drive the sales of protein product and aid in the market growth for vegan protein powder market. According to the Vegan Society, in 2021, there were 79 million vegans around the globe. 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 have now adopted vegan diet owing to an increase in awareness about the associated benefits. This consumer perception altogether has triggered demand for vegan protein supplement products.
Lactose intolerance is characterized by a reduced capacity to digest lactose, a sugar present in milk and other dairy products. According to National Center for Biotechnology Information (NCBI), lactose intolerance affects around 65% of the adult human population. Lactose intolerance causes bloating, nausea, vomiting, and diarrhea, prompting many to seek lactose-free dairy alternatives in the market. The increased concern about lactose intolerance in adults drives the market demand for vegan protein powder products. The competition in the vegan protein powder market is intense, therefore, market players are focusing on strong branding and improved advertisements to attract consumers’ interest. Branding and advertisements play a vital role to gain consumer cognizance regarding the products. As a result, players are venturing into lucrative marketing campaigns to attract consumers. For instance, in January 2020, Premier Protein, a supplement company, announced the launch of a creative advertisement campaign with the tagline "Too Good to be Good" to be advertised on television, YouTube, and other social media sites.
The campaign was created to attract consumers and present a perspective that vegan proteins are unique. Thus, the use of social media, strong branding, and advertisement tactics help in increasing popularity and the sale of products, which, in turn, notably contribute to the growth of the global vegan protein powder market. Advancements in science and technology have helped to bring out solutions to different problems. In recent times, the global population is concerned about maintaining proper health conditions; therefore, the need for weight management and calorie management in individuals has increased. Vegan protein products are suitable substitute for a complete meal of an individual, and these products assist in managing calorie portions and fulfill the protein requirement. However, vegan protein products incur a high manufacturing cost due to the involvement of additional manufacturing processes, usage of advanced technology, and high-class raw materials to improve the nutritional value of the product. High manufacturing costs further force manufacturers to reflect a higher sales price of vegan protein powder. Consumers in developed economies have moved to protein products to improve their overall health due to rise in health concerns and changing lifestyles. On the contrary, in developing economies, consumers are price-sensitive; hence, the chance of opting for high-priced vegan protein products is low. Thus, the decline in sales of vegan protein powders in developing and weaker economic countries hinders the growth of the vegan protein powder market.
According to the U. S. Census Bureau, millennials are on the verge of surpassing baby boomers in the country. Similarly, in Asia-Pacific, millennials account for a larger population, especially in countries such as China, India, and Australia as compared to other population groups. Millennials, the population aged between 20 and 35 years, are active and broad-minded. They have been influential in evolving various global industries in terms of product offerings and services. They always tend to try products that are new in the market and determine whether the products cater to the requirements. Moreover, the majority of the millennial population are health conscious and tend to buy products that benefit their health. This factor is projected to fuel the growth of the market.
The vegan protein powder market is segmented into nature, product type, age group, packaging type, distribution channel, and region. Depending on nature, the market is bifurcated into organic and conventional. Depending on product type, the market is classified into soy, spirulina, pumpkin, pea, rice, hemp, and others. Depending on age group, it is segregated into Millennials, Generation X, and Baby Boomers. By distribution channel, it is categorized into modern trade and e-commerce. Region wise, it is analyzed across North America (the U. S., Canada, and Mexico), Europe (France, Germany, Italy, Spain, the UK, Russia, Benelux, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, Malaysia, Indonesia, Thailand, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and rest of LAMEA). The players operating in the global vegan protein powder market have adopted various developmental strategies to expand their vegan protein powder share, increase profitability, and remain competitive in the market. The key players profiled in this report include 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, Vitaco Health, Amway Corporation, and Herbalife International of America Inc.
The COVID-19 pandemic disrupted food & beverage supply chains all across the globe. Consumption habits of consumers have changed by the perception of the risk associated with COVID-19. Consumers' fear of potential food and beverage shortages has fueled the hoarding trend. Consumers have recognized the value of consuming protein to maintain their health. The vaccination drive and lockdown practices to prevent the spread of the virus globally are encouraging the consumer to continue with their normal purchasing behavior; this is expected to drive the sales of protein product and aid in the market growth for vegan protein powder market. According to the Vegan Society, in 2021, there were 79 million vegans around the globe. 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 have now adopted vegan diet owing to an increase in awareness about the associated benefits. This consumer perception altogether has triggered demand for vegan protein supplement products.
Lactose intolerance is characterized by a reduced capacity to digest lactose, a sugar present in milk and other dairy products. According to National Center for Biotechnology Information (NCBI), lactose intolerance affects around 65% of the adult human population. Lactose intolerance causes bloating, nausea, vomiting, and diarrhea, prompting many to seek lactose-free dairy alternatives in the market. The increased concern about lactose intolerance in adults drives the market demand for vegan protein powder products. The competition in the vegan protein powder market is intense, therefore, market players are focusing on strong branding and improved advertisements to attract consumers’ interest. Branding and advertisements play a vital role to gain consumer cognizance regarding the products. As a result, players are venturing into lucrative marketing campaigns to attract consumers. For instance, in January 2020, Premier Protein, a supplement company, announced the launch of a creative advertisement campaign with the tagline "Too Good to be Good" to be advertised on television, YouTube, and other social media sites.
The campaign was created to attract consumers and present a perspective that vegan proteins are unique. Thus, the use of social media, strong branding, and advertisement tactics help in increasing popularity and the sale of products, which, in turn, notably contribute to the growth of the global vegan protein powder market. Advancements in science and technology have helped to bring out solutions to different problems. In recent times, the global population is concerned about maintaining proper health conditions; therefore, the need for weight management and calorie management in individuals has increased. Vegan protein products are suitable substitute for a complete meal of an individual, and these products assist in managing calorie portions and fulfill the protein requirement. However, vegan protein products incur a high manufacturing cost due to the involvement of additional manufacturing processes, usage of advanced technology, and high-class raw materials to improve the nutritional value of the product. High manufacturing costs further force manufacturers to reflect a higher sales price of vegan protein powder. Consumers in developed economies have moved to protein products to improve their overall health due to rise in health concerns and changing lifestyles. On the contrary, in developing economies, consumers are price-sensitive; hence, the chance of opting for high-priced vegan protein products is low. Thus, the decline in sales of vegan protein powders in developing and weaker economic countries hinders the growth of the vegan protein powder market.
According to the U. S. Census Bureau, millennials are on the verge of surpassing baby boomers in the country. Similarly, in Asia-Pacific, millennials account for a larger population, especially in countries such as China, India, and Australia as compared to other population groups. Millennials, the population aged between 20 and 35 years, are active and broad-minded. They have been influential in evolving various global industries in terms of product offerings and services. They always tend to try products that are new in the market and determine whether the products cater to the requirements. Moreover, the majority of the millennial population are health conscious and tend to buy products that benefit their health. This factor is projected to fuel the growth of the market.
The vegan protein powder market is segmented into nature, product type, age group, packaging type, distribution channel, and region. Depending on nature, the market is bifurcated into organic and conventional. Depending on product type, the market is classified into soy, spirulina, pumpkin, pea, rice, hemp, and others. Depending on age group, it is segregated into Millennials, Generation X, and Baby Boomers. By distribution channel, it is categorized into modern trade and e-commerce. Region wise, it is analyzed across North America (the U. S., Canada, and Mexico), Europe (France, Germany, Italy, Spain, the UK, Russia, Benelux, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, Malaysia, Indonesia, Thailand, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and rest of LAMEA). The players operating in the global vegan protein powder market have adopted various developmental strategies to expand their vegan protein powder share, increase profitability, and remain competitive in the market. The key players profiled in this report include 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, Vitaco Health, Amway Corporation, and Herbalife International of America Inc.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the vegan protein powder market analysis from 2021 to 2031 to identify the prevailing vegan protein powder market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the vegan protein powder market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global vegan protein powder market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
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
- Sub-type
- Hypermarket/Supermarket
- Specialized Stores
- Department Stores
- Pharmacies
- E-commerce
- Others
By Region
- North America
- U. S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Russia
- Benelux
- Rest Of Europe
- Asia-Pacific
- Indonesia
- Thailand
- Rest Of Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Malaysia
- LAMEA
- Brazil
- South Africa,
- Saudi Arabia
- UAE
- Argentina
- Rest Of LAMEA
Key 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
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
CHAPTER 1: INTRODUCTION1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
CHAPTER 4: VEGAN PROTEIN POWDER MARKET, BY NATURE
4.1 Overview
4.1.1 Market size and forecast
4.2 Organic
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 Conventional
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country
CHAPTER 5: VEGAN PROTEIN POWDER MARKET, BY PRODUCT TYPE
5.1 Overview
5.1.1 Market size and forecast
5.2 Soy
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Spirulina
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
5.4 Pumpkin
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market analysis by country
5.5 Pea
5.5.1 Key market trends, growth factors and opportunities
5.5.2 Market size and forecast, by region
5.5.3 Market analysis by country
5.6 Rice
5.6.1 Key market trends, growth factors and opportunities
5.6.2 Market size and forecast, by region
5.6.3 Market analysis by country
5.7 Hemp
5.7.1 Key market trends, growth factors and opportunities
5.7.2 Market size and forecast, by region
5.7.3 Market analysis by country
5.8 Others
5.8.1 Key market trends, growth factors and opportunities
5.8.2 Market size and forecast, by region
5.8.3 Market analysis by country
CHAPTER 6: VEGAN PROTEIN POWDER MARKET, BY AGE GROUP
6.1 Overview
6.1.1 Market size and forecast
6.2 Millennials
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market analysis by country
6.3 Generation X
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market analysis by country
6.4 Baby Boomers
6.4.1 Key market trends, growth factors and opportunities
6.4.2 Market size and forecast, by region
6.4.3 Market analysis by country
CHAPTER 7: VEGAN PROTEIN POWDER MARKET, BY PACKAGING TYPE
7.1 Overview
7.1.1 Market size and forecast
7.2 Jar
7.2.1 Key market trends, growth factors and opportunities
7.2.2 Market size and forecast, by region
7.2.3 Market analysis by country
7.3 Box
7.3.1 Key market trends, growth factors and opportunities
7.3.2 Market size and forecast, by region
7.3.3 Market analysis by country
7.4 Bucket
7.4.1 Key market trends, growth factors and opportunities
7.4.2 Market size and forecast, by region
7.4.3 Market analysis by country
7.5 Bags/Pouch
7.5.1 Key market trends, growth factors and opportunities
7.5.2 Market size and forecast, by region
7.5.3 Market analysis by country
7.6 Others
7.6.1 Key market trends, growth factors and opportunities
7.6.2 Market size and forecast, by region
7.6.3 Market analysis by country
CHAPTER 8: VEGAN PROTEIN POWDER MARKET, BY DISTRIBUTION CHANNEL
8.1 Overview
8.1.1 Market size and forecast
8.2 Modern Trade
8.2.1 Key market trends, growth factors and opportunities
8.2.2 Market size and forecast, by region
8.2.3 Market analysis by country
8.2.4 Modern Trade Vegan Protein Powder Market by Sub-type
8.2.4.1 Hypermarket/Supermarket Market size and forecast, by region
8.2.4.2 Hypermarket/Supermarket Market size and forecast, by country
8.2.4.3 Specialized Stores Market size and forecast, by region
8.2.4.4 Specialized Stores Market size and forecast, by country
8.2.4.5 Department Stores Market size and forecast, by region
8.2.4.6 Department Stores Market size and forecast, by country
8.2.4.7 Pharmacies Market size and forecast, by region
8.2.4.8 Pharmacies Market size and forecast, by country
8.3 E-commerce
8.3.1 Key market trends, growth factors and opportunities
8.3.2 Market size and forecast, by region
8.3.3 Market analysis by country
8.4 Others
8.4.1 Key market trends, growth factors and opportunities
8.4.2 Market size and forecast, by region
8.4.3 Market analysis by country
CHAPTER 9: VEGAN PROTEIN POWDER MARKET, BY REGION
9.1 Overview
9.1.1 Market size and forecast
9.2 North America
9.2.1 Key trends and opportunities
9.2.2 North America Market size and forecast, by Nature
9.2.3 North America Market size and forecast, by Product Type
9.2.4 North America Market size and forecast, by Age Group
9.2.5 North America Market size and forecast, by Packaging Type
9.2.6 North America Market size and forecast, by Distribution Channel
9.2.6.1 North America Modern Trade Vegan Protein Powder Market by Sub-type
9.2.7 North America Market size and forecast, by country
9.2.7.1 U. S.
9.2.7.1.1 Market size and forecast, by Nature
9.2.7.1.2 Market size and forecast, by Product Type
9.2.7.1.3 Market size and forecast, by Age Group
9.2.7.1.4 Market size and forecast, by Packaging Type
9.2.7.1.5 Market size and forecast, by Distribution Channel
9.2.7.1.5.1 U. S. Modern Trade Vegan Protein Powder Market by Sub-type
9.2.7.2 Canada
9.2.7.2.1 Market size and forecast, by Nature
9.2.7.2.2 Market size and forecast, by Product Type
9.2.7.2.3 Market size and forecast, by Age Group
9.2.7.2.4 Market size and forecast, by Packaging Type
9.2.7.2.5 Market size and forecast, by Distribution Channel
9.2.7.2.5.1 Canada Modern Trade Vegan Protein Powder Market by Sub-type
9.2.7.3 Mexico
9.2.7.3.1 Market size and forecast, by Nature
9.2.7.3.2 Market size and forecast, by Product Type
9.2.7.3.3 Market size and forecast, by Age Group
9.2.7.3.4 Market size and forecast, by Packaging Type
9.2.7.3.5 Market size and forecast, by Distribution Channel
9.2.7.3.5.1 Mexico Modern Trade Vegan Protein Powder Market by Sub-type
9.3 Europe
9.3.1 Key trends and opportunities
9.3.2 Europe Market size and forecast, by Nature
9.3.3 Europe Market size and forecast, by Product Type
9.3.4 Europe Market size and forecast, by Age Group
9.3.5 Europe Market size and forecast, by Packaging Type
9.3.6 Europe Market size and forecast, by Distribution Channel
9.3.6.1 Europe Modern Trade Vegan Protein Powder Market by Sub-type
9.3.7 Europe Market size and forecast, by country
9.3.7.1 France
9.3.7.1.1 Market size and forecast, by Nature
9.3.7.1.2 Market size and forecast, by Product Type
9.3.7.1.3 Market size and forecast, by Age Group
9.3.7.1.4 Market size and forecast, by Packaging Type
9.3.7.1.5 Market size and forecast, by Distribution Channel
9.3.7.1.5.1 France Modern Trade Vegan Protein Powder Market by Sub-type
9.3.7.2 Germany
9.3.7.2.1 Market size and forecast, by Nature
9.3.7.2.2 Market size and forecast, by Product Type
9.3.7.2.3 Market size and forecast, by Age Group
9.3.7.2.4 Market size and forecast, by Packaging Type
9.3.7.2.5 Market size and forecast, by Distribution Channel
9.3.7.2.5.1 Germany Modern Trade Vegan Protein Powder Market by Sub-type
9.3.7.3 Italy
9.3.7.3.1 Market size and forecast, by Nature
9.3.7.3.2 Market size and forecast, by Product Type
9.3.7.3.3 Market size and forecast, by Age Group
9.3.7.3.4 Market size and forecast, by Packaging Type
9.3.7.3.5 Market size and forecast, by Distribution Channel
9.3.7.3.5.1 Italy Modern Trade Vegan Protein Powder Market by Sub-type
9.3.7.4 Spain
9.3.7.4.1 Market size and forecast, by Nature
9.3.7.4.2 Market size and forecast, by Product Type
9.3.7.4.3 Market size and forecast, by Age Group
9.3.7.4.4 Market size and forecast, by Packaging Type
9.3.7.4.5 Market size and forecast, by Distribution Channel
9.3.7.4.5.1 Spain Modern Trade Vegan Protein Powder Market by Sub-type
9.3.7.5 UK
9.3.7.5.1 Market size and forecast, by Nature
9.3.7.5.2 Market size and forecast, by Product Type
9.3.7.5.3 Market size and forecast, by Age Group
9.3.7.5.4 Market size and forecast, by Packaging Type
9.3.7.5.5 Market size and forecast, by Distribution Channel
9.3.7.5.5.1 UK Modern Trade Vegan Protein Powder Market by Sub-type
9.3.7.6 Russia
9.3.7.6.1 Market size and forecast, by Nature
9.3.7.6.2 Market size and forecast, by Product Type
9.3.7.6.3 Market size and forecast, by Age Group
9.3.7.6.4 Market size and forecast, by Packaging Type
9.3.7.6.5 Market size and forecast, by Distribution Channel
9.3.7.6.5.1 Russia Modern Trade Vegan Protein Powder Market by Sub-type
9.3.7.7 Benelux
9.3.7.7.1 Market size and forecast, by Nature
9.3.7.7.2 Market size and forecast, by Product Type
9.3.7.7.3 Market size and forecast, by Age Group
9.3.7.7.4 Market size and forecast, by Packaging Type
9.3.7.7.5 Market size and forecast, by Distribution Channel
9.3.7.7.5.1 Benelux Modern Trade Vegan Protein Powder Market by Sub-type
9.3.7.8 Rest of Europe
9.3.7.8.1 Market size and forecast, by Nature
9.3.7.8.2 Market size and forecast, by Product Type
9.3.7.8.3 Market size and forecast, by Age Group
9.3.7.8.4 Market size and forecast, by Packaging Type
9.3.7.8.5 Market size and forecast, by Distribution Channel
9.3.7.8.5.1 Rest of Europe Modern Trade Vegan Protein Powder Market by Sub-type
9.4 Asia-Pacific
9.4.1 Key trends and opportunities
9.4.2 Asia-Pacific Market size and forecast, by Nature
9.4.3 Asia-Pacific Market size and forecast, by Product Type
9.4.4 Asia-Pacific Market size and forecast, by Age Group
9.4.5 Asia-Pacific Market size and forecast, by Packaging Type
9.4.6 Asia-Pacific Market size and forecast, by Distribution Channel
9.4.6.1 Asia-Pacific Modern Trade Vegan Protein Powder Market by Sub-type
9.4.7 Asia-Pacific Market size and forecast, by country
9.4.7.1 China
9.4.7.1.1 Market size and forecast, by Nature
9.4.7.1.2 Market size and forecast, by Product Type
9.4.7.1.3 Market size and forecast, by Age Group
9.4.7.1.4 Market size and forecast, by Packaging Type
9.4.7.1.5 Market size and forecast, by Distribution Channel
9.4.7.1.5.1 China Modern Trade Vegan Protein Powder Market by Sub-type
9.4.7.2 India
9.4.7.2.1 Market size and forecast, by Nature
9.4.7.2.2 Market size and forecast, by Product Type
9.4.7.2.3 Market size and forecast, by Age Group
9.4.7.2.4 Market size and forecast, by Packaging Type
9.4.7.2.5 Market size and forecast, by Distribution Channel
9.4.7.2.5.1 India Modern Trade Vegan Protein Powder Market by Sub-type
9.4.7.3 Japan
9.4.7.3.1 Market size and forecast, by Nature
9.4.7.3.2 Market size and forecast, by Product Type
9.4.7.3.3 Market size and forecast, by Age Group
9.4.7.3.4 Market size and forecast, by Packaging Type
9.4.7.3.5 Market size and forecast, by Distribution Channel
9.4.7.3.5.1 Japan Modern Trade Vegan Protein Powder Market by Sub-type
9.4.7.4 Australia
9.4.7.4.1 Market size and forecast, by Nature
9.4.7.4.2 Market size and forecast, by Product Type
9.4.7.4.3 Market size and forecast, by Age Group
9.4.7.4.4 Market size and forecast, by Packaging Type
9.4.7.4.5 Market size and forecast, by Distribution Channel
9.4.7.4.5.1 Australia Modern Trade Vegan Protein Powder Market by Sub-type
9.4.7.5 South Korea
9.4.7.5.1 Market size and forecast, by Nature
9.4.7.5.2 Market size and forecast, by Product Type
9.4.7.5.3 Market size and forecast, by Age Group
9.4.7.5.4 Market size and forecast, by Packaging Type
9.4.7.5.5 Market size and forecast, by Distribution Channel
9.4.7.5.5.1 South Korea Modern Trade Vegan Protein Powder Market by Sub-type
9.4.7.6 Malaysia
9.4.7.6.1 Market size and forecast, by Nature
9.4.7.6.2 Market size and forecast, by Product Type
9.4.7.6.3 Market size and forecast, by Age Group
9.4.7.6.4 Market size and forecast, by Packaging Type
9.4.7.6.5 Market size and forecast, by Distribution Channel
9.4.7.6.5.1 Malaysia Modern Trade Vegan Protein Powder Market by Sub-type
9.4.7.7 Indonesia
9.4.7.7.1 Market size and forecast, by Nature
9.4.7.7.2 Market size and forecast, by Product Type
9.4.7.7.3 Market size and forecast, by Age Group
9.4.7.7.4 Market size and forecast, by Packaging Type
9.4.7.7.5 Market size and forecast, by Distribution Channel
9.4.7.7.5.1 Indonesia Modern Trade Vegan Protein Powder Market by Sub-type
9.4.7.8 Thailand
9.4.7.8.1 Market size and forecast, by Nature
9.4.7.8.2 Market size and forecast, by Product Type
9.4.7.8.3 Market size and forecast, by Age Group
9.4.7.8.4 Market size and forecast, by Packaging Type
9.4.7.8.5 Market size and forecast, by Distribution Channel
9.4.7.8.5.1 Thailand Modern Trade Vegan Protein Powder Market by Sub-type
9.4.7.9 Rest of Asia-Pacific
9.4.7.9.1 Market size and forecast, by Nature
9.4.7.9.2 Market size and forecast, by Product Type
9.4.7.9.3 Market size and forecast, by Age Group
9.4.7.9.4 Market size and forecast, by Packaging Type
9.4.7.9.5 Market size and forecast, by Distribution Channel
9.4.7.9.5.1 Rest of Asia-Pacific Modern Trade Vegan Protein Powder Market by Sub-type
9.5 LAMEA
9.5.1 Key trends and opportunities
9.5.2 LAMEA Market size and forecast, by Nature
9.5.3 LAMEA Market size and forecast, by Product Type
9.5.4 LAMEA Market size and forecast, by Age Group
9.5.5 LAMEA Market size and forecast, by Packaging Type
9.5.6 LAMEA Market size and forecast, by Distribution Channel
9.5.6.1 LAMEA Modern Trade Vegan Protein Powder Market by Sub-type
9.5.7 LAMEA Market size and forecast, by country
9.5.7.1 Brazil
9.5.7.1.1 Market size and forecast, by Nature
9.5.7.1.2 Market size and forecast, by Product Type
9.5.7.1.3 Market size and forecast, by Age Group
9.5.7.1.4 Market size and forecast, by Packaging Type
9.5.7.1.5 Market size and forecast, by Distribution Channel
9.5.7.1.5.1 Brazil Modern Trade Vegan Protein Powder Market by Sub-type
9.5.7.2 South Africa,
9.5.7.2.1 Market size and forecast, by Nature
9.5.7.2.2 Market size and forecast, by Product Type
9.5.7.2.3 Market size and forecast, by Age Group
9.5.7.2.4 Market size and forecast, by Packaging Type
9.5.7.2.5 Market size and forecast, by Distribution Channel
9.5.7.2.5.1 South Africa, Modern Trade Vegan Protein Powder Market by Sub-type
9.5.7.3 Saudi Arabia
9.5.7.3.1 Market size and forecast, by Nature
9.5.7.3.2 Market size and forecast, by Product Type
9.5.7.3.3 Market size and forecast, by Age Group
9.5.7.3.4 Market size and forecast, by Packaging Type
9.5.7.3.5 Market size and forecast, by Distribution Channel
9.5.7.3.5.1 Saudi Arabia Modern Trade Vegan Protein Powder Market by Sub-type
9.5.7.4 UAE
9.5.7.4.1 Market size and forecast, by Nature
9.5.7.4.2 Market size and forecast, by Product Type
9.5.7.4.3 Market size and forecast, by Age Group
9.5.7.4.4 Market size and forecast, by Packaging Type
9.5.7.4.5 Market size and forecast, by Distribution Channel
9.5.7.4.5.1 UAE Modern Trade Vegan Protein Powder Market by Sub-type
9.5.7.5 Argentina
9.5.7.5.1 Market size and forecast, by Nature
9.5.7.5.2 Market size and forecast, by Product Type
9.5.7.5.3 Market size and forecast, by Age Group
9.5.7.5.4 Market size and forecast, by Packaging Type
9.5.7.5.5 Market size and forecast, by Distribution Channel
9.5.7.5.5.1 Argentina Modern Trade Vegan Protein Powder Market by Sub-type
9.5.7.6 Rest of LAMEA
9.5.7.6.1 Market size and forecast, by Nature
9.5.7.6.2 Market size and forecast, by Product Type
9.5.7.6.3 Market size and forecast, by Age Group
9.5.7.6.4 Market size and forecast, by Packaging Type
9.5.7.6.5 Market size and forecast, by Distribution Channel
9.5.7.6.5.1 Rest of LAMEA Modern Trade Vegan Protein Powder Market by Sub-type
CHAPTER 10: COMPANY LANDSCAPE
10.1. Introduction
10.2. Top winning strategies
10.3. Product Mapping of Top 10 Player
10.4. Competitive Dashboard
10.5. Competitive Heatmap
10.6. Key developments
CHAPTER 11: COMPANY PROFILES
11.1 Archon Vitamin LLC.
11.1.1 Company overview
11.1.2 Company snapshot
11.1.3 Operating business segments
11.1.4 Product portfolio
11.1.5 Business performance
11.1.6 Key strategic moves and developments
11.2 Sequel Natural Ltd.
11.2.1 Company overview
11.2.2 Company snapshot
11.2.3 Operating business segments
11.2.4 Product portfolio
11.2.5 Business performance
11.2.6 Key strategic moves and developments
11.3 Hormel Foods Corporation
11.3.1 Company overview
11.3.2 Company snapshot
11.3.3 Operating business segments
11.3.4 Product portfolio
11.3.5 Business performance
11.3.6 Key strategic moves and developments
11.4 Vital Amine, Inc.
11.4.1 Company overview
11.4.2 Company snapshot
11.4.3 Operating business segments
11.4.4 Product portfolio
11.4.5 Business performance
11.4.6 Key strategic moves and developments
11.5 NOW Health Group, Inc.
11.5.1 Company overview
11.5.2 Company snapshot
11.5.3 Operating business segments
11.5.4 Product portfolio
11.5.5 Business performance
11.5.6 Key strategic moves and developments
11.6 Nutiva Inc.
11.6.1 Company overview
11.6.2 Company snapshot
11.6.3 Operating business segments
11.6.4 Product portfolio
11.6.5 Business performance
11.6.6 Key strategic moves and developments
11.7 General Nutrition Centers, Inc.
11.7.1 Company overview
11.7.2 Company snapshot
11.7.3 Operating business segments
11.7.4 Product portfolio
11.7.5 Business performance
11.7.6 Key strategic moves and developments
11.8 True Nutrition
11.8.1 Company overview
11.8.2 Company snapshot
11.8.3 Operating business segments
11.8.4 Product portfolio
11.8.5 Business performance
11.8.6 Key strategic moves and developments
11.9 MusclePharm Corporation
11.9.1 Company overview
11.9.2 Company snapshot
11.9.3 Operating business segments
11.9.4 Product portfolio
11.9.5 Business performance
11.9.6 Key strategic moves and developments
11.10 Glanbia plc
11.10.1 Company overview
11.10.2 Company snapshot
11.10.3 Operating business segments
11.10.4 Product portfolio
11.10.5 Business performance
11.10.6 Key strategic moves and developments
11.11 Abbott Laboratories
11.11.1 Company overview
11.11.2 Company snapshot
11.11.3 Operating business segments
11.11.4 Product portfolio
11.11.5 Business performance
11.11.6 Key strategic moves and developments
11.12 Glaxosmithkline plc
11.12.1 Company overview
11.12.2 Company snapshot
11.12.3 Operating business segments
11.12.4 Product portfolio
11.12.5 Business performance
11.12.6 Key strategic moves and developments
11.13 ABH Pharma Inc.
11.13.1 Company overview
11.13.2 Company snapshot
11.13.3 Operating business segments
11.13.4 Product portfolio
11.13.5 Business performance
11.13.6 Key strategic moves and developments
11.14 Suppleform and Vitaco Health
11.14.1 Company overview
11.14.2 Company snapshot
11.14.3 Operating business segments
11.14.4 Product portfolio
11.14.5 Business performance
11.14.6 Key strategic moves and developments
11.15 Amway Corporation
11.15.1 Company overview
11.15.2 Company snapshot
11.15.3 Operating business segments
11.15.4 Product portfolio
11.15.5 Business performance
11.15.6 Key strategic moves and developments
Executive Summary
According to this report, titled, 'Vegan Protein Powder Market,' the vegan protein powder market size was valued at $3.5 billion in 2021, and is estimated to reach $7.3 billion by 2031, growing at a CAGR of 7.8% from 2022 to 2031.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.
However, the presence of cheap replacements and false claims coupled with negative publicity is expected to hamper the Vegan Protein Powder Market trends during the forecast period. The rise in protein supplement demand from the health-conscious young population of developing nations as well as the strengthening of distribution channels in untapped regions is expected to provide numerous opportunities for the global Vegan Protein Powder Market Growth.
The vegan protein powder market is segmented into nature, product type, age group, packaging type, distribution channel, and region. By nature, the market is bifurcated into organic and conventional. By product type, the market is classified into soy, spirulina, pumpkin, pea, rice, hemp, and others. Depending on age group, Vegan Protein Powder Market Share is segregated into Millennials, Generation X, and Baby Boomers. By distribution channel, it is categorized into modern trade and e-commerce. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (France, Germany, Italy, Spain, the UK, Russia, Benelux, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, Malaysia, Indonesia, Thailand, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina and rest of LAMEA).
Players operating in the global vegan protein powder market have adopted various developmental strategies to expand their vegan protein powder share, increase profitability, and remain competitive in the market. The key players profiled in vegan protein powder industry report include 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, Vitaco Health, Amway Corporation, and Herbalife International of America Inc.
The conventional segment was the highest revenue contributor to the market, with $3,027.7 million in 2021
The soy and pea segments collectively accounted for around 67.3% market share in 2021, with the former constituting around 53.3% share.
The baby boomers and generation x segments are expected to witness considerable CAGRs of 8.5% and 8.2%, respectively, during the forecast period. The cumulative share of these two segments was 46.1% in 2021.
The jar and bags/pouch segments collectively accounted for around 64.1% market share in 2021.
Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
