Meticulous Market Research Pvt. Ltd. Projects $8.03 Billion Market Size for Vegan Protein Powder by 2029
Meticulous Research®, a prominent global market research organization, has unveiled a new research report titled, ‘Vegan Protein Powder Market by Type (Soy Protein, Rice Protein), Application (Sports Nutrition, Additional Nutrition), and Distribution Channel (Hypermarket/Supermarket, E-Commerce, Pharmacies)—Global Forecast to 2029.'
The report from Meticulous Research® predicts that the vegan protein powder market will grow to $8.03 billion by 2029, at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2029. This growth is attributed to rising consumer interest in plant-based diets, continuous expansion in the sports and health nutrition sectors, a shift towards vegan diets, and the increasing trend of personalized nutrition.
Moreover, growing demand from emerging markets in Asia-Pacific, Latin America, and the Middle East & Africa, along with the introduction of new plant-based protein products, is expected to provide significant opportunities for market players. However, the strong market presence of whey protein and the demand for soy-free and gluten-free products may limit market growth.
The market is segmented by type, application, distribution channel, and geography, with detailed analysis of industry competitors and regional and country-level market conditions.
By type, the vegan protein powder market includes soy protein, rice protein, pea protein, spirulina protein, pumpkin seed protein, hemp protein, and other plant-based proteins. The soy protein segment is expected to have the largest market share in 2022 due to its easy availability, cost efficiency, higher nutritional value, and broad consumer acceptance. However, the pea protein segment is forecasted to grow at the highest CAGR, driven by its rising popularity among vegetarians and vegans, high nutritional content, and allergen-free properties.
In terms of application, the market is divided into sports nutrition and additional nutrition. The sports nutrition segment is projected to lead in 2022, driven by product innovation, a growing number of professional athletes, and an increase in sports events. This segment is also expected to grow at a higher CAGR due to rising demand for balanced diets among athletes.
Regarding distribution channels, the market is segmented into modern groceries, natural & specialty retail, online retail, health food stores, pharmacies & drug stores, convenience stores, and other channels. The modern groceries segment is expected to dominate in 2022 due to the large number of supermarkets and hypermarkets and consumer preference for these stores. However, the online retail segment is anticipated to grow the fastest, driven by online shopping benefits such as doorstep delivery, discounts, a wide range of products, and price comparisons.
Geographically, North America is projected to hold the largest market share in 2022. Factors contributing to this include high demand for nutritional supplements, increased health awareness, a well-established nutraceutical and functional food industry, a large number of gyms and sports clubs, and growing health and wellness trends. Conversely, the Asia-Pacific region is expected to experience the highest growth rate during the forecast period, driven by increasing recreational activities, improving living standards in countries like China and India, more fitness centers, a growing vegetarian population, and rapid urbanization.
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Key Players
The key players operating in the vegan protein powder market are Glanbia plc. (Ireland), Now Health Group, Inc. (U.S.), Nutiva Inc (U.S.), The Simply Good Food Co (U.S.), Iovate Health Sciences International Inc. (Canada), MusclePharm Corporation (U.S.), Kerry Group Plc (Ireland), CytoSport, Inc. (U.S.), The Nature's Bounty Co. (U.S.), Reliance Vitamin Company, Inc. (U.S.), Herbalife Nutrition, Inc. (U.S.), Danone SA (France), General Nutrition Centers (GNC) Holdings, Inc. (U.S.), Orgain Inc. (U.S.), and True Nutrition (U.S.).
Key questions answered in the report:
Which are the high-growth market segments in terms of type, application, distribution channel, and geography?
What is the historical market size for plant-based protein powders across the globe?
What are the market forecasts and estimates for the period of 2022–2029?
What are the major drivers, restraints, challenges, opportunities, and trends in the vegan protein powder market?
Who are the major players in the global market, and what are their market shares?
Who are the major players in various countries, and what are their market shares?
How is the competitive landscape?
What are the recent developments in the vegan protein powder market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the vegan protein powder market, and how do they compete with other players?
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