Vegan Protein Market: Global Industry Analysis and Trends (2023-2029) Key Trends, Technology Trends, Market Share and Size

Vegan Protein Market size was valued at US$ 11.83 Bn. in 2022 and the total revenue is expected to grow at 7.22% through 2023 to 2029, reaching nearly US$ 19.28 Bn.
Vegan Protein Market Overview:
Protein is one of the most essential nutrients for maintaining good health. Vegan protein is made up of plant-based proteins. Plant-based protein is another name for it. Oats, green peas, lentils, leafy greens & vegetables, and quinoa are just a few examples of vegan protein sources. In the coming years, the vegan protein market is expected to increase rapidly. Vegan protein producers have a significant business opportunity on the world stage. Vegan protein is being manufactured and supplied by a broad number of market participants.

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Vegan Protein Market Dynamics:
The need for vegan protein in day-to-day dietary continues to grow as the demand for more organic and natural food grows in comparison to synthetic food. Vegan protein makers continue to profit from aesthetic and bodybuilding uses.

Vegan protein sales have had cyclical ups and downs, which has been an ongoing problem for manufacturers. The variation was most noticeable since most end-users preferred animal-based protein over plant-based protein, for which producers were unprepared in terms of capacity use and extension.

Vegan protein is commonly used to aid weight loss and muscle strengthening, in addition to being a necessary macronutrient for tissue repair, enzymes, and hormone production. Vegan proteins are becoming more popular as a way to reduce the risk of type 2 diabetes and cardiovascular disease associated with animal eating.

On the other hand, the overall growth of the vegan protein market is likely to be constrained by a lack of knowledge about veganism in developing nations and excessive meat consumption. Furthermore, conventional formulations offer a poor mix of nutritional profiles, as well as issues with texture, taste, and digestion.
Vegan Protein Consumption is likely to increase in the Sports Nutrition Economy:
The COVID-19-induced slowdown has harmed a wide range of industries around the world; however, some have managed to survive it. Owing to increasing consumer awareness, an increase in the number of fitness centers, and a desire to live active and healthy lifestyles in the face of the COVID-19 pandemic, the vegan protein supplement market has experienced enormous growth. Vegan protein makers are anticipated to see continued opportunities in the foreseeable future, as enhancing fitness and immunity remains a significant emphasis area for end-users.

In the sports nutrition sector, vegan protein is also widely employed. Despite the fact that lockdown and shelter-at-home guidelines have limited sporting activities, sales are expected to increase over the course of the evaluation period due to an increase in the vegan population and the number of online health clubs.
Global Vegan Protein Market Segment Analysis:
Based on the Source, the global Vegan Protein market is sub-segmented into Quinoa, Green peas, Oats, Nuts (Almond, Cashew, Walnut, Pistachio, and Hazelnut), Soy, Leafy greens & vegetables, and others. The Soy segment held the largest market share of 60% in 2022. The increased demand for organic products, government backing for organic farming, the growing vegan population, and the excellent nutritional value of soy are all factors contributing to the growth of soy vegan protein. The demand for soy protein is predicted to increase as consumers become more aware of the health and nutritional benefits of organic foods, as well as the numerous end-use applications for soy vegan protein.

However, wheat and pea alternatives are expected to witness higher growth rates, eating into the demand for soy vegan protein powders, because of better nutritional profiles and cost benefits, mainly in the food processing sector.

Based on the Form, the global Vegan Protein market is sub-segmented into Powder and Liquid. The vegan protein powder held the largest market share of xx% in 2022. Because of its use in a variety of food and beverage industries, like food processing, animal feed composition development, nutritional goods, and retail, to name a few. Vegan protein powder comes from plant sources such as nuts, seeds, grains, and legumes rather than animal goods such as dairy, meat, and eggs. Plant-based protein powders include soy, hemp, pea, maize, and hazelnut. The industry is likely to develop in the next years as people become more interested in vegan diets due to the increased risk of cardiovascular disease and type 2 diabetes linked with meat intake.


Global Vegan Protein Market Regional Insights:
North America held the largest share of xx% in 2022. Vegan protein/plant-based diets are consumed by over 10 million Americans, accounting for nearly 3% of the population. This represents a nearly 300 percent growth over the previous 15 years. During the forecasted period 2023-2031, the vegan protein market in the United States is expected to follow the traditional pattern of boom and bust. With an increase in the vegan population, demand is expected to skyrocket in the next years. The sports nutrition business will drive demand for vegan protein in the United States and Canada. The North American market is projected to be fueled by rising consumer health consciousness and the growth of vegan populations.

Europe is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. This is mostly due to increased consumer knowledge of the environmental effect of animal products as well as the health benefits of a plant-based diet, both of which contribute to Europe's long-term growth. Vegan protein is projected to be in increased demand in developed economies such as Germany and the United Kingdom. According to the Global Agriculture Information Network, approximately 63 percent of the population in the area is attempting to reduce meat consumption, with many opting for veganism as a lifestyle choice.

The objective of the report is to present a comprehensive analysis of the global Vegan Protein Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the global Vegan Protein Market dynamic, structure by analyzing the market segments and project the global Vegan Protein Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Vegan Protein Market make the report investor’s guide.
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Global Vegan Protein Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 11.83 Bn.


Forecast Period 2023 to 2029 CAGR:
7.22%
Market Size in 2029:
US $ 19.28 Bn.


 Segments Covered:
by Source
Quinoa
Green peas
Oats
Nuts
Almond
Cashew
Walnut
Pistachio
Hazelnut
Soy
Leafy greens & vegetables
Others (Amaranth, Potatoes, Rice, etc.)


by Nature
Organic
Conventional


by Form
Powder
Liquid


by Flavor
Chocolate
Vanilla
Strawberry
Others (Banana, Mixed berries)


by Application
Beverages
Supplements
Nutritional powders
Dairy products
Snacks
Others (bars, human food, and animal food)



Global Vegan Protein Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Global Vegan Protein Market Key Players
1. Country Life, LLC
2. Hammer Nutrition Direct
3. Ghost LLC
4. Australian Natural Protein Company
5. Garden of Life, LLC
6. ALOHA
7. Puris
8. Genuine Health, Inc.
9. Reliance Private Label Supplements
10. Vitamer Laboratories
11. Manitoba Harvest Hemp Foods
12. Sequel Natural Ltd.
13. Riff Enterprises, Inc.
14. Orgain, Inc.
15. Biooriginal Food & Science Corp
16. GoMacro
17. WhiteWave Foods
18. Naked Nutrition
19. Private Label Superfoods
20. Growing Naturals
21. KOS
22. MRM Nutrition
Frequently Asked Questions:
1] What segments are covered in Market report?
Ans. The segments covered in Market report are based on Source, Nature, Form, Flavor and Application.

2] Which region is expected to hold the highest share in the global Market?
Ans. North America are expected to hold the highest share in the global Market.

3] What is the market size of global Market by 2029?
Ans. The market size of global Market by 2029 is US $ 19.28 Bn.

4] Who are the top key players in the global Market?
Ans. Country Life, LLC, Hammer Nutrition Direct, Ghost LLC, Australian Natural Protein Company and Garden of Life, LLC are the top key players in the global  Market.

5] What was the market size of global Market in 2022?
Ans. The market size of global Vegan Protein Market in 2022 was US $ 11.83 Bn.