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 nutraceutical and supplements during the pandemic.
In a report by FMI, it is stated that vegan protein powders based out of 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.
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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 flavours 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.
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Vegan Protein Powder market Segmentation
- Food Processing
- Nutritional Products
- Animal Feed
- Household (Retail)
- Direct Sales
- Specialty Stores
- Pharmacy & Drug Stores
- Online Stores
- 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 by 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.
- What is the outlook on vegan protein powder market?
Vegan protein powder producers are benefiting from changing consumer bias towards animal welfare, the environmental impact of animal husbandry, and the growing awareness about the health risks from consumption of animal products. These factors will influence the sector through the forecast period.
- 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.