Vegan Protein Powder Market Size, Share Global Analysis Report, 2024 – 2032

Industry Insights

[226+ Pages Report] According to Facts and Factors, the global vegan protein powder market size was valued at USD 4,079.38 million in 2023 and is predicted to surpass USD 8,127.55 million by the end of 2032. The vegan protein powder market industry is expected to grow by a CAGR of 7.96% between 2024 and 2032.

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Market Overview

Vegan protein powders are dietary supplements made with plant-based sources. Vegan protein powder is considered a more wholesome food option, offering important nutrients for maintaining weight, muscle recovery, and overall health.

Also, these protein powders are free of artificial additives, sweeteners, and fillers which further enhance their overall nutrition profile. These are becoming more popular among people because of the increasing research on vegan diets which state the vegan trends as a more viable diet option.

Key Insights

• As per the analysis shared by our research analyst, the global vegan protein powder market size is estimated to grow annually at a CAGR of around 7.96% over the forecast period (2024-2032).
• In terms of revenue, the global vegan protein powder market size was valued at around USD 4,079.38 million in 2023 and is projected to reach USD 8,127.55 million by 2032.
• Increasing demand for plant-based products is driving the growth of the global vegan protein powder market.
• Based on the distribution channels, the online channel segment is growing at a high rate and is projected to dominate the global market.
• Based on the applications, the sports nutrition segment is projected to swipe the largest market share.
• Based on the flavors, the unflavoured segment is expected to dominate the global market.
• Based on the sources, the pea segment is expected to dominate the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.

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Growth Drivers

• Increasing demand for plant-based products is driving the growth of the global market.

The rising popularity of vegan diets is a significant reason for the high growth rate of the global vegan protein powder market during the forecast period. The growing awareness among people regarding the negative impact of animal agriculture on the environment is also contributing to the market's growth.

Also, the health benefits of plant-based products further attract consumers. The emerging trend of incorporating superfoods and natural ingredients for enhancing nutritional value is further boosting the demand for vegan protein powder products in the global marketplace.

The increasing demand for convenient and on-the-go snacks due to people's hectic lifestyles is also likely to accentuate the growth rate in the coming years. For instance, Myprotein collaborated with Startup Perfect Day in July 2022 to come up with Whey Forward. It is an exceptional performance protein powder product manufactured with animal-free dairy.

Restraints

• Lack of awareness is likely to hamper the growth of the global market.

Some people find the taste and texture of plant-based ingredients less appealing than traditional animal-based products. Also, a lack of awareness among people regarding the knowledge of vegan protein products is likely to restrict the growth of the global vegan protein powder market during the forecast period. Therefore, such a landscape is anticipated to restrict the growth of the market during the forecast period.

Opportunities

• Health and fitness trends are expected to foster growth opportunities in the global market.

The increasing focus of people on a fitness lifestyle is also expected to widen the scope of the vegan protein powder market industry during the forecast period. The demand for protein supplements like vegan protein powders is gaining immense traction among fitness enthusiasts, athletes, and bodybuilders, which is further expected to support the growth trajectory of the industry.

Also, the emerging trend of clean-label products, which are natural and minimally processed is further expected to boost the growth of the market during the forecast period. For instance, Huel came up with the world's first nutritionally complete vegan protein powder in June 2021. It is a blend of three different plant-based sources, namely pea and hemp. The product has a neutral taste and creamy profile. 

Challenges

• Sociocultural factors are a big challenge in the global market.

Sociocultural problems like culinary traditions, dietary habits, etc., are expected to negatively impact the growth trajectory of the vegan protein powder market industry in the coming years. Also, people view plant-based products as less nutritious and tasty, which is further expected to restrict the growth of the market.

Segmentation Analysis

The global vegan protein powder market can be segmented into distribution channels, applications, flavors, sources, and regions.

Distribution Channels Insights

By distribution channels, the market can be segmented into offline and online channels. The online channel segment accounts for the largest share of the vegan protein powder market industry. The online platform offers a shorter purchase journey and a wide range of products from various brands.

Moreover, the brand's efforts to focus on core competencies and shorten its path to consumers are driving its concentration on utilizing online channels for sales. Also, the online distribution channels have a broader audience than brick-and-mortar stores. Also, these stores don’t have any geographical limitations, which further increases the accessibility of brands to a larger customer base. All these factors expand the brand’s market presence.

Moreover, people are also more inclined to use online platforms because of various features like customer reviews and ratings. People can easily view the feedback of users and make informed decisions. However, positive reviews help brands build trust and credibility in the market. All these factors contribute heavily towards the high growth rate of the segment in the market.

Applications Insights

By applications, the market can be segmented into functional food, beverages, sports nutrition, and others. Sports nutrition is the fastest-growing segment in the vegan protein powder market industry. Surging awareness among people regarding their health and fitness is accentuating the growth of the segment. The growing emphasis on developing strength and core skills among both endurance and professional athletes is further likely to boost the demand for sports nutrition supplements in the market.

Also, the increasing participation of people in sports, recreational activities, activities, and fitness programs is further contributing to the segment’s growth. Moreover, there is an emerging trend of adopting specific sports nutrition products that are tailored specifically for each segment of users, like fitness enthusiast athletes and active individuals, to deliver the performance required to achieve their health goals.

Also, active individuals are posing a huge demand for sports nutrition products to support their lean mass growth and improve their performance and stamina, which are also expected to encourage development in the segment.

Flavors Insights

Based on flavors, the market can be segmented into unflavoured, banana, strawberry, vanilla, and chocolate. Unflavored vegan protein powders are likely to see significant development in the coming years. The unflavoured protein powders are versatile in nature.

Users can complement their recipes, like savory dishes and smoothies with protein shakes without altering the taste of the food. The unflavoured segment largely appeals to people looking forward to minimally processed food ingredients with no additives or artificial flavors. Moreover, the surge in demand for clean label trends is also likely to foster growth opportunities in the vegan protein powder market industry.

Also, it is in high demand because it has a simple ingredient profile, mainly consisting of high-quality protein sources like rice, hemp, and others. Unflavoured protein powder can be easily customized as per the requirements of flavor intensity and sweetness. Therefore, all these factors contribute significantly towards the high growth rate of the segment.

Sources Insights

By sources, the market can be segmented into soy, wheat, pea, and others. The pea segment is anticipated to dominate the global vegan protein powder market during the forecast period. Pea protein is a high-quality and complete source of protein because it contains nine essential amino acids important for maintaining human health. People prefer pea protein over other options because it is naturally free from allergens like dairy, gluten, & soy and, therefore, ideal for people with food sensitivities.

Moreover, pea protein is easily digested by a larger group even with those with sensitive digestive systems. Functional properties offered by pea protein are excellent which makes it ideal for a large number of applications. These can easily be used for forming, emulsifying, and gelling capabilities in food and beverage formulations.

Additionally, the growing innovations by manufacturers to come up with unique plant-based protein products are expected to sweep a larger market area further in the coming years.

Report Scope

Report Attribute	Details
Market Size in 2023	USD 4,079.38 Million
Projected Market Size in 2032	USD 8,127.55 Million
CAGR Growth Rate	7.96% CAGR
Base Year	2023
Forecast Years	2024-2032
Key Market Players	Glanbia plc., Farbest Brands, Hill Pharma Inc., Roquette Freres, Gemef Industries, Vestkorn Milling AS, The Kerry Group, The Green Lab LLC, The Scoular Company, Ingredion Incorporated, A&B Ingredients, Cargill Inc., AGT Food and Ingredients, Archer Daniels Midland Company, and Others.
Key Segment	By Distribution Channels, By Applications, By Flavors, By Sources, and By Region
Major Regions Covered	North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
Purchase Options	Request customized purchase options to meet your research needs. Explore purchase options

Regional Analysis

• North America to dominate the global market

North America is expected to witness robust growth in the coming years. The region is highly centered in the United States because of the growing population of vegetarians in the region. Moreover, the increasing number of campaigns to drive people's focus on veganism is further expected to increase the sales of vegan protein powder in the region.

Additionally, the region is a hub for technological innovations, and companies are striving hard to come up with new products with unique flavors and formulations to appeal to a larger market audience. Also, brands are introducing products manufactured from novel plant sources like hemp, quinoa, chia, etc.

These products contain innovative blends with functional ingredients that target specific problem areas of the target audience. These factors are expected to contribute heavily towards the growth of the regional market during the forecast period.

Asia Pacific is anticipated to witness a growing demand for vegan protein powder in the coming years. One major reason for the high growth rate of the segment is the increasing awareness among people regarding the environmental impact of animal agriculture.

Also, the growing consciousness about the health benefits of plant-based diets is increasing their interest in vegan vegan protein powders. For instance, Dymatize introduced a new line of vegan protein powders named Dymatize Complete Plant Protein in July 2022. The product claims to offer a complete amino acid profile.

Competitive Analysis

The key players in the global vegan protein powder market include:

• Glanbia plc.
• Farbest Brands
• Hill Pharma Inc.
• Roquette Freres
• Gemef Industries
• Vestkorn Milling AS
• The Kerry Group
• The Green Lab LLC
• The Scoular Company
• Ingredion Incorporated
• A&B Ingredients
• Cargill Inc.
• AGT Food and Ingredients
• Archer Daniels Midland Company

For instance, a unique vegan protein powder was launched by Vegan Way in May 2022. It is a blend of pea and brown rice protein with different formulations of superfoods.

The global vegan protein powder market is segmented as follows:

By Distribution Channels Segment Analysis

• Offline Channels
• Online Channels

By Applications Segment Analysis

• Functional Food
• Beverages
• Sports Nutrition
• Others

By Flavors Segment Analysis

• Unflavoured
• Banana
• Strawberry
• Vanilla
• Chocolate

By Sources Segment Analysis

• Soy
• Wheat
• Pea
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America