Search Market Research Report
Vegan Protein Foods Market Size, Share Global Analysis Report, 2023 – 2030
Vegan Protein Foods Market Size, Share, Growth Analysis Report By Application (Snacks, Dairy Products, Nutritional Powders, Supplements, Beverages, And Others), By Flavor (Strawberry, Vanilla, Chocolate, And Others), By Form (Liquid And Powder), By Nature (Conventional And Organic), By Source (Leaf Green Vegetables, Soy, Pistachio, Walnut, Cashew, Almond, Nuts, Green Peas, And Others), And By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030
Industry Insights
[216+ Pages Report] According to Facts and Factors, the global vegan protein foods market size was valued at USD 22.35 billion in 2022 and is anticipated to grow to USD 35.90 billion by the end of 2030. The vegan protein foods market is anticipated to grow with a CAGR of 6.08% during the forecast period.
The market report is an in-depth study of the vegan protein foods industry, focusing on growth drivers and upcoming market trends. Also, the report offers comprehensive insights into the geographical and competitive marketplace.
Market Overview
Vegan proteins are plant-based proteins that do not include any animal ingredients. These are sourced from popular plants like soy, hemp, legumes, nuts, tofu, etc. These are versatile in nature and can be used in a variety of dishes, including stews, salads, soups, and several others. Vegan proteins are equally nutrition-rich foods when compared to their animal counterparts.
Key Insights
- As per the analysis shared by our research analyst, the global vegan protein foods market size is estimated to grow annually at a CAGR of around 6.08% over the forecast period (2023-2030).
- In terms of revenue, the global vegan protein foods market size was valued at around 22.35 billion in 2022 and is projected to reach 35.90 billion by 2030.
- The increasing demand for natural and organic food is likely to drive the growth of the global vegan protein foods market.
- Based on the application, the nutrition powder segment is expected to register the highest growth revenue in the global market.
- Based on the flavor, the vanilla segment is expected to dominate the global market.
- Based on the form, the powder segment accounts for the largest share of the global market.
- Based on nature, the organic segment is expected to grow significantly in the global market.
- Based on the source, the soy segment accounts for the largest share of the global market.
- Based on region, North America is expected to dominate the global market during the forecast period.
Growth Drivers
- Increasing demand for natural and organic food is likely to boost the growth of the global market.
People are moving away from synthetic foods due to their side effects on the human body. The demand for organic and natural food products has been constantly increasing in recent years. Nowadays, people are looking forward to vegan proteins for fulfilling their dietary requirements. Bodybuilders, fitness enthusiasts, and sports players are increasingly transitioning to vegan protein, which in turn will further accentuate the growth of the global vegan protein foods market in the forthcoming years.
However, as a result of celebrities, professionals, and influencers transitioning to vegan diets, people all across the globe are following their paths by choosing vegan products. Apart from the nutritional aspect, people are widely adopting vegan proteins because it helps in weight loss and strengthens their muscles.
Moreover, the industry is expected to experience notable growth in the coming years due to the fast-growing popularity of sports nutrition. For instance, BENEO, in July 2022, at the 2022 IFT FIRST Annual Event and Expo, showed its new fava bean protein concentrate in Chicago.
Restraints
- Competition from animal-based protein is expected to hamper the growth of the global market.
Cultural and regional differences pose a huge challenge in the global vegan protein foods industry. People are looking for familiar experiences with animal-based proteins, which in turn is expected to slow down the growth of the industry.
However, manufacturers are striving hard to come up with similar taste and texture as the animal-based proteins, but still, consumers are finding it difficult to replace their animal counterparts because of some shortcomings in the plant-based products.
Opportunities
- Increasing investment in the food industry is likely to offer lucrative growth opportunities in the global market.
Advancements in the food sector are gaining immense traction among investors. Therefore, people are increasingly investing in the food industry, particularly in the vegan product sector. Therefore, it is expected to widen the scope of vegan protein in the forthcoming years. Also, as a result of high investment, manufacturers are expanding their product offerings to swipe the larger market revenue in the global vegan protein foods market.
For instance, BENEO, in May 2022, launched a new fava bean processing plant in Germany. These beans will be processed into hulls, flour, and protein concentrate with some other combination of pulses. This action is aimed at expanding the portfolio and addressing the surging demand for vegan proteins.
Challenges
- Price concerns about unlimited availability are the big challenges in the global market.
Vegan proteins are priced a little higher than their animal counterparts due to the different and advanced manufacturing processes of plant-based proteins. However, premium pricing is a big challenge for manufacturers in the global vegan protein foods industry.
Additionally, vegan proteins are not easily available on all the distribution channels, thereby restricting the access to consumers. Therefore, such a landscape is expected to slow down the growth of the industry in the forthcoming years.
Segmentation Analysis
The global vegan protein foods market can be segmented into application, flavor, form, nature, source, and region.
By application, the market can be segmented into snacks, dairy products, nutritional powders, supplements, beverages, and others. The nutrition powder segment is expected to register the highest growth revenue in the forthcoming years. The major reason behind the growth of the segment is the fast-growing sports nutrition industry. The vegan protein proves to be a better supplement than others because it leads to a healthy and more active lifestyle.
Also, the increasing consumer awareness and the growing number of fitness centers all across the globe will further boost the demand for sports nutrition. Additionally, manufacturers are focusing on preparing formulations that increase immunity and overall fitness of the body, which in turn is expected to widen the scope of the segment globally.
By flavor, the market can be segmented into strawberry, vanilla, chocolate, and others. The vanilla segment is expected to dominate the global vegan protein foods industry because of its high demand. Vanilla is widely preferred by users of all age groups, and therefore, it is expected to grow significantly from a long-term perspective.
However, the unflavored segment is also likely to grow steadily in the forthcoming years due to its distinct flexibility of being mixed with other flavors.
By form, the market can be segmented into liquid and powder. The powder segment accounts for the largest share of the global vegan protein foods market because of its various applications in the food and beverage industry globally. It is widely used in nutritional goods, animal feeding composition, food processing, bakery items, and several others.
However, the vegan protein powder is derived from different plants like seeds, nuts, maize, and hemp, and therefore, it is expected to gain a higher attraction from the end users.
By nature, the market can be segmented into conventional and organic. The organic segment is expected to grow significantly in the forthcoming years due to the growing awareness among consumers regarding the advantages offered by natural ingredients. Organic powder is known to offer a good gut profile, thereby aiding in better digestion and overall health.
By source, the market can be segmented into leaf green vegetables, soy, pistachio, walnut, cashew, almond, nuts, green peas, and others. The soy segment accounts for the largest share of the global vegan protein foods industry because of its high demand. Consumers are looking for high nutritional value in organic products, and soy is heavily loaded with vitamins, minerals, and proteins, which in turn make it an ideal choice for consumers all across the globe.
Report Scope
Report Attribute |
Details |
Market Size in 2022 |
USD 22.35 Billion |
Projected Market Size in 2030 |
USD 35.90 Billion |
CAGR Growth Rate |
6.08% CAGR |
Base Year |
2022 |
Forecast Years |
2023-2030 |
Key Market Players |
MRM Nutrition, KOS, Growing Naturals, Private Label Superfoods, Naked Nutrition, WhiteWave Foods, GoMacro, Biooriginal Food & Science Corp, Orgain Inc., Riff Enterprises Inc., Sequel Natural Ltd., Manitoba Harvest Hemp Foods, Vitamer Laboratories, Reliance Private Label Supplements, Genuine Health Inc., Puris, ALOHA, Garden of Life LLC, Australian Natural Protein Company, and Others. |
Key Segment |
By Application, Flavor, Form, Nature, Source, and 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 accounts for the largest share of the global market.
North America accounts for the largest share of the global vegan protein foods market. The high growth rate can be attributed to the increasing vegan population in the region. Furthermore, the rise in the sports nutrition business is expected to drive the demand for vegan protein in the region.
Also, people in North America are becoming more conscious of their health and therefore making healthy food choices; thereby, it is expected to drive high demand for vegan protein in the coming years.
Asia Pacific is likely to grow steadily in the vegan protein foods industry in the forthcoming years because of the high potential of the region. The growing awareness among health-conscious people is highly encouraging them to opt for animal-based food alternatives, which in turn is further accentuating the demand for plant-based products, particularly proteins.
Additionally, the growing popularity of veganism in the region is further expected to strengthen the regional market. Also, manufacturing companies are coming up with more innovative products to serve the rising trend of consuming plant-based foods. Europe is also expected to see significant developments in the market in the forthcoming years due to the presence of strong market players in the region.
Additionally, the larger population of high-income class people in the region will also support the group trajectory of the market. For instance, Roquette, in June 2022, revealed NUTRALYS – a range of textured proteins. These proteins will be extracted from fava and peas for the European market.
Competitive Analysis
The key leaders in the global vegan protein foods market include:
- MRM Nutrition
- KOS
- Growing Naturals
- Private Label Superfoods
- Naked Nutrition
- WhiteWave Foods
- GoMacro
- Biooriginal Food & Science Corp
- Orgain Inc.
- Riff Enterprises Inc.
- Sequel Natural Ltd.
- Manitoba Harvest Hemp Foods
- Vitamer Laboratories
- Reliance Private Label Supplements
- Genuine Health Inc.
- Puris
- ALOHA
- Garden of Life LLC
- Australian Natural Protein Company.
For instance, Glambia, in Feb 2017, took over two companies, namely, Body & Fit and Grass Adavnatge LLC, in Netherlands and US, respectively. The acquisition is aimed at expanding the company’s reach to new heights.
The global vegan protein foods market is segmented as follows:
By Application Segment Analysis
- Snacks
- Dairy Products
- Nutritional Powders
- Supplements
- Beverages
- Others
By Flavor Segment Analysis
- Strawberry
- Vanilla
- Chocolate
- Others
By Form Segment Analysis
- Liquid
- Powder
By Nature Segment Analysis
- Conventional
- Organic
By Source Segment Analysis
- Leaf Green Vegetables
- Soy
- Pistachio
- Walnut
- Cashew
- Almond
- Nuts
- Green Peas
- 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
Table of Content
Industry Major Market Players
- MRM Nutrition
- KOS
- Growing Naturals
- Private Label Superfoods
- Naked Nutrition
- WhiteWave Foods
- GoMacro
- Biooriginal Food & Science Corp
- Orgain Inc.
- Riff Enterprises Inc.
- Sequel Natural Ltd.
- Manitoba Harvest Hemp Foods
- Vitamer Laboratories
- Reliance Private Label Supplements
- Genuine Health Inc.
- Puris
- ALOHA
- Garden of Life LLC
- Australian Natural Protein Company.
Copyright © 2023 - 2024, All Rights Reserved, Facts and Factors