In an IMF report, it is stated that vegan protein powders made from natural sources such as soybeans and peas will remain in high demand for applications in the food and beverage processing industry, as well as in products. of health and well-being. Direct selling approaches have proven to be more successful, with consumers choosing to use company websites for better deals on purchases.
The vegan protein powder market is showing strong growth owing to the health concerns associated with meat consumption and the growing awareness of animal husbandry ethics. In addition, the wider range of product flavors and investments in product functionality in muscle repair and maintenance for fitness enthusiasts will help the market for the foreseeable future.
While sales of vegan protein powders are rapidly gaining ground, consumer preference for animal products, lack of Clean Label certifications and low consumer awareness in developing countries are obstacles for market players. industry.
Key questions answered by the report
- How big is the vegan protein powder market?
The global vegan protein powder market is estimated to reach a value of US $ 4.4 billion in 2020. The industry will grow at a CAGR of 6.6% between 2019 and 2027.
- What is the biggest market for vegan protein powder?
North America is the number one market for vegan protein powders. Rising levels of health awareness among consumers and expanding vegan populations are contributing to the growth of the market.
- Who are the major companies in the vegan protein powders market?
Some of the major companies operating in the market are Archer Daniels Midland Company, AGT Food and Ingredients, Cargill Inc., A&B Ingredients, Ingredion Inc., The Scoular Company and The Kerry Group among others.
- What are the applications of vegan protein powder?
Vegan protein powders are used in the food and beverage industry and are popular among people with allergies. Vegan protein powders are also playing an increasingly important role in animal raw material formulations to follow consumer biases.
- What materials do vegan protein powders come from?
Vegan protein powders are extracted from three main plant sources. These include soybeans, wheat, and peas. Among these, soy protein powders are very popular and are expected to account for over 50% of the global market share by 2027.
- What is the outlook for the vegan protein powder market?
Producers of vegan protein powder are benefiting from evolving consumer prejudices towards animal welfare, the environmental impact of animal husbandry, and growing awareness of the health risks associated with the consumption of organic products. animal origin. These factors will influence the industry throughout the forecast period.
- Will South Asia and Oceania show higher demand for vegan protein powder?
Countries in South Asia and Oceania are potentially lucrative markets for manufacturers of vegan protein powder. The increase in health awareness associated with a large vegan and vegetarian population in the region is driving growth.