Vegan Protein Powder Market Worth $8.03 Billion by 2029

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

Meticulous Research^®—a leading global market research company, published a 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.'

According to this latest publication from Meticulous Research^®, the vegan protein powder market is expected to reach $8.03 billion by 2029, at a CAGR of 7.3% from 2022 to 2029. The growth of this market is driven by the rising interest in plant-based nutrition among consumers, consistent growth in the sports & health nutrition industry, consumers' growing inclination towards vegan diets, and the increasing adoption of personalized nutrition.

In addition, the growing demand from emerging economies—Asia-Pacific, Latin America, and the Middle East & Africa and the increasing launches of new plant-based protein supplements are expected to provide lucrative opportunities for players operating in this market. However, the significant preference for whey-based protein supplements and soy-free and gluten-free products are expected to hinder the growth of this market to a notable extent.

The vegan protein powder market is segmented based on type, application, distribution channel, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on type, the vegan protein powder market is segmented into soy protein, rice protein, pea protein, spirulina protein, pumpkin seed protein, hemp protein, and other plant-based protein powders. In 2022, the soy protein segment is expected to account for the largest share of the vegan protein powder market. The large market share of this segment is attributed to factors such as the easy availability of raw materials, cheaper alternative to other sources of protein powder supplements, higher nutritional value than other sources, and higher consumer acceptance level. However, the pea protein segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is driven by the rising demand for pea protein powder worldwide due to its growing popularity among the vegetarian and vegan population, high nutritional content, and allergen-free, gluten-free, and lactose-free properties.

Based on application, the vegan protein powder market is segmented into sports nutrition and additional nutrition. In 2022, the sports nutrition segment is estimated to account for a larger share of the vegan protein powder market. The large market share of this segment is mainly attributed to the increasing product development by market players, the increasing number of people choosing sports as a career, and the rise in national and international sports events. This segment is also expected to grow at a higher CAGR during the forecast period. The rapid growth of this segment is driven by the rising demand for balanced and nutrient-rich diets from athletes.

Based on distribution channel, the vegan protein powder market is segmented into modern groceries, natural & specialty retail, online retail, health food stores, pharmacies & drug stores, convenience stores, and other distribution channels. In 2022, the modern groceries segment is expected to account for the largest share of the vegan protein powder market. The large market share of this segment is attributed to the huge base of supermarkets and hypermarkets and significant consumer preference for shopping from these outlets. However, the online retail/e-commerce segment is expected to grow at the highest CAGR during the forecast period. Online plant-based protein powder sales are growing faster than other offline distribution channels due to the benefits offered by online retailers, such as doorstep delivery, attractive discounts, greater product selection experience, and price comparison availability.

Based on geography, in 2022, North America is estimated to account for the largest share of the vegan protein powder market. North America's large market share is attributed to factors such as the high demand for nutritional supplements, the increasing health awareness among consumers, the well-established nutraceutical & functional food industry, highly established gyms and sports clubs, and growing health & wellness and clean label trends. However, the market in Asia- Pacific is expected to register the highest growth rate during the forecast period. The high market growth in Asia-Pacific is attributed to the increasing number of people participating in recreational activities, the rising living standards in developing countries, such as China and India, the increasing number of fitness centers and sports clubs, the growing vegetarian population, and the rapid growth in population and 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?