By 2022, the market for vegan protein powder is projected to be worth USD 4,326.2 million, growing at a CAGR of 7.2% between 2022 and 2032. Sales of soy-based vegan protein powder are anticipated to make up about 26.8% of the market’s total demand in 2032 when it is expected to reach a value of USD 8,670.7 Mn.
The global demand for vegan protein powders has risen strongly in 2020, even though the coronavirus pandemic has impacted the market marginally owing to lockdown measures. The prospects of the industry are positive through 2027 as per a recent study by Future Market Insights (FMI). The report has indicated that the market will witness promising growth in the near future, with demand for nutraceuticals and supplements during the pandemic.
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In a report by FMI, it is stated that vegan protein powders based on natural sources such as soy and pea will remain highly sought after for applications in the food and beverage processing sector, and also in health and wellness products. Direct sales approaches have proven more fruitful, with consumers choosing to use company websites for better deals on purchases.
The vegan protein powder market displays strong growth on account of health concerns over meat consumption and growing awareness about the ethics of animal farming. Also, the wider range of product flavors and investments towards product functionality in muscle repair, and maintenance for fitness enthusiasts will aid the market for the foreseeable future.
While sales of vegan protein powders are gaining ground rapidly, consumer preference for animal-based products, lack of clean label certifications, and poor consumer awareness in developing countries are obstacles for players in the industry.
The report by FMI offers an exhaustive overview, covering critical market dynamics. Some of the major takeaways from the study include:
- The market is estimated at 4.7 billion in 2020, with demand rising steadily during the coronavirus pandemic
- Soy-based vegan protein powders remain highly sought after owing to higher product awareness and visibility
- Food processing applications of vegan protein powder witnessing strong demand owing to demand for functional foods and beverages
- Sales in North America are critical to market development, owing to extensive applications in sports nutrition applications. However, South Asia & Oceania is displaying lucrative growth opportunities for market players with a vast vegan and vegetarian population base
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Covid-19 Impact on Vegan Protein Powder Market
The demand for vegan protein powders is expected to be marginally impacted by the coronavirus pandemic. The industry is likely to face minor supply chain interruptions during this period, owing to lockdown restrictions affecting transport and logistics.
On the other hand, the demand for functional foods and nutraceuticals during this period will positively affect the market. Online sales are likely to witness an increase, even as small retailers are forced to temporarily shut down operations.
On the other hand, the effects of the pandemic on the agriculture sector will have an important effect on market development, as viral transmission among farm laborers remains a concern.
Who is Winning?
In the study, FMI has analyzed the various business strategies being used by major companies in the vegan protein powder market. Leading market players are emphasizing widening their product portfolio with product development products in addition to capacity expansion and geographic expansion through industry collaboration for stronger distribution networks.
Some of the key players in the market include Archer Daniels Midland Company, AGT Food and Ingredients, Cargill Inc., A&B Ingredients, Ingredion Inc., The Scoular Company, Green Lab LLC, Kerry Group, and Roquette Freres among others.
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Vegan Protein Powder Market Segmentation
Source
- Soy
- Wheat
- Pea
- Others
Flavors
- Unflavored
- Chocolate
- Vanilla
- Strawberry
- Blueberry
- Others
Application
- Food Processing
- Nutritional Products
- Animal Feed
- Household (Retail)
- Others
Distribution Channel
- Direct Sales
- Hypermarkets/Supermarkets
- Specialty Stores
- Pharmacy & Drug Stores
- Online Stores
- Others
Regional Outlook
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Peru, Argentina, Chile, Rest of LATAM)
- Europe (EU-4, U.K., BENELUX, Nordics, Eastern Europe, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia & Oceania (India, Thailand, Indonesia, Malaysia, Australia, Rest of South Asia & Oceania)
- Middle East & Africa (GCC Countries, Northern Africa, South Africa, Turkey, Rest of MEA)
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Key Questions Answered in the Report
- What is the size of the vegan protein powder market?
The global vegan protein powder market is estimated to have reached a value of US$ 4.4 billion in 2020. The industry will rise at a 6.6% CAGR between 2019 and 2027.
- Which is the largest market for vegan protein powder?
North America is the leading market for vegan protein powders. Growing levels of health consciousness among consumers and the expansion of vegan populations aid market growth.
- Which are the top companies in vegan protein powder market?
Some of the leading companies operating in the market are Archer Daniels Midland Company, AGT Food and Ingredients, Cargill Inc., A&B Ingredients, Ingredion Inc., The Scoular Company, and The Kerry Group among others.
- What are the applications of vegan protein powder?
Vegan protein powders are finding use in the food and beverages sector, and is popular among people suffering from allergies. Vegan protein powders are also increasingly playing roles in animal feedstock formulations to keep up with consumer biases.
- From what materials are vegan protein powders sourced?
Vegan protein powders are extracted from three major plant sources. These include soy, wheat, and peas. Of these, soy protein powders are highly popular and are estimated to account for more than 50% of the overall market share by 2027.
- Will South Asia & Oceania exhibit higher demand for vegan protein powder?
Countries in South Asia and Oceania are potentially lucrative markets for vegan protein powder manufacturers. The rise in health awareness coupled with a substantial vegan and vegetarian population in the region drives growth.
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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