Vegan Protein Powder Market (2022-2029)

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 outbreak of the COVID-19 pandemic significantly impacted public health and the supply chain across various industries. Since the COVID-19 outbreak in December 2019, the disease has spread to almost 100 countries worldwide, with the World Health Organization declaring it a public health emergency. The Vegan Protein Powder Market is expected to witness consistent growth following the outbreak of the COVID-19 pandemic.

However, during the beginning of the COVID-19 pandemic, it was difficult for the companies to supply their products in the market. In addition, the production of plant-based protein powder products faced numerous challenges due to disruptions in the supply chain. Consumers emphasized crucial products such as groceries, medicines, and other essentials. As the effects of the COVID-19 pandemic subsided and the situation began to normalize, companies resumed operations to meet the demand for plant-based protein powders.

The outbreak of the COVID-19 pandemic negatively affected the functional food and nutraceutical industries. The outbreak of the COVID-19 pandemic highlighted the importance of consuming healthy diets, resulting in the increased demand for vegan protein powders to enable good health and optimum functioning of the body. Plant-based protein powders provide essential proteins for the growth and repair of cells and tissues. Furthermore, vegan proteins provide lower calories and fats compared to animal proteins but are higher in fiber and essential nutrients.

According to The Good Food Institute, the vegan protein products market witnessed a spike in sales during the first quarter of 2020. Furthermore, according to an article published by Nutrition Outlook, dietary supplement sales increased significantly during the COVID-19 pandemic. In the U.S, the sales growth for overall dietary supplements skyrocketed to more than 35.0% during the last week of March 2020.

According to the International Health Racquet and Sportsclub Association, in 2016, there were nearly 38,477 health clubs in the U.S. In 2018, health club memberships reached 183 million users worldwide, and it's expected to reach 230 million by 2030. In the U.S., the health club membership increased from 58 million in 2010 to 73.6 million in 2019 (an increase of 27%), indicating a rise in awareness regarding physical fitness among the U.S. population. Thus, the rising number of people joining health clubs and adopting healthy lifestyles drive the demand for health and nutritional products.

Furthermore, the participation rate of consumers in fitness sports or fitness activities is growing at a rapid pace. According to the Physical Activity Council, in 2018, almost 64% of the U.S. population aged six and above is engaged in activities such as high-intensity training, running, and jogging. Thus, consumers are increasingly adopting healthy and active lifestyles, boosting the demand for protein supplements.

Protein powders are gaining prominence among health-conscious consumers due to their high nutritional content. The rising fitness trends are expected to increase the demand for vegan protein powders, as they play a major role in providing essential nutrients, particularly for vegetarian and vegan consumers.

Thus, the increasing awareness about the importance of active lifestyles and the growing demand from athletes and health-conscious consumers drive the growth of the vegan protein powders market.