Vegan Protein Powder Market Forecast To 2033 : Trends, Segmentation, Product Type, Technology And Key Players

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Overview and Scope
Vegan protein powders refer to plant dietary supplements that support hormone and enzyme production, muscular growth, and tissue repair. Vegan protein powder is a dairy-free option that provides essential amino acids to promote weight loss and muscle building.

Sizing and Forecast
The vegan protein powder market size has grown strongly in recent years. It will grow from $4.51 billion in 2023 to $4.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to rising awareness of health and fitness, vegetarian and vegan lifestyle trends, increasing concern for animal welfare, growth in the plant-based food industry, expanding vegan product availability.

The vegan protein powder market size is expected to see strong growth in the next few years. It will grow to $6.66 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to growing population of health-conscious consumers, demand for sustainable and eco-friendly products, expansion of the vegan food market, increased adoption of plant-based diets, government initiatives promoting healthy eating. Major trends in the forecast period include technological advancements in plant-based protein extraction, innovation in flavor profiles and formulations, development of novel plant protein sources, increased focus on organic and non-gmo certifications, personalized nutrition in vegan products.

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The vegan protein powder market covered in this report is segmented –

1) By Type: Soy Protein, Spirulina Protein, Wheat Protein, Pumpkin Seed Protein, Hemp Protein, Pea Protein, Rice Protein, Other Types
2) By Age Group: Millennials, Generation X, Baby Boomers
3) By Nature: Organic, Conventional
4) By Distribution Channel: Modern Groceries, Online Retail Or E-Commerce, Natural And Specialty Retail, Pharmacies And Drug Stores, Health Food Stores, Convenience Stores, Other Distribution Channels
5) By Application: Sports Nutrition, Additional Nutrition

North America was the largest region in the vegan protein powder market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vegan protein powder market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The rise in the vegan population is expected to propel the growth of the vegan protein powder market going forward. The term vegan population refers to the group of strict vegetarians who abstain from eating any animal products, including meat, eggs, and dairy. The vegan population uses vegan protein powder, which makes it easier and more convenient for them to meet their daily protein needs. For instance, in January 2023, according to U.S. Department of Agriculture’s Foreign Agricultural Service, a US-based government agency, Germany had the highest rate of vegetarianism, and in 2022, over 1.5 million vegans were living there, 1.58 million people claimed to be vegans, and nearly 8 million people consumed vegetarian food. Whereas 10 years ago, 0.1 million individuals were identified as vegans. Therefore, the rise in the vegan population is driving the growth of the vegan protein powder market.

Key Industry Players
Major companies operating in the vegan protein powder market report are Cargill Incorporated., Archer-Daniels-Midland Company, Abbott Laboratories Ltd., Kerry Group plc, Amway Corporation, Ingredion Incorporated, Glanbia plc, GNC Holdings LLC, The Scoular Company, Now Health Group Inc., Farbest-Tallman Foods Corp, MusclePharm Corp, Nutiva Inc., Nutrivo LLC, True Nutrition, Transparent Labs LLC, Nutrex Research Inc., Optimum Nutrition Inc., Sunwarrior LLC., Garden of Life LLC, Supplement Manufacturing Partners (SMP Nutra), Archon Vitamin LLC, A&B Ingredients Inc., The Green Lab LLC, Naked Nutrition International, Orgain Inc., AGT Food and Ingredients Inc., Zywie Ventures Private Limited, Nuzest IP Pty Limited, GlobalRidge LLC

The vegan protein powder market report table of contents includes:

1. Executive Summary

2. Vegan Protein Powder Market Characteristics

3. Vegan Protein Powder Market Trends And Strategies

4. Vegan Protein Powder Market – Macro Economic Scenario

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32. Global Vegan Protein Powder Market Competitive Benchmarking

33. Global Vegan Protein Powder Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Vegan Protein Powder Market

35. Vegan Protein Powder Market Future Outlook and Potential Analysis

36. Appendix

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