Vegan Protein Powder Market to Reach $7.3 Billion, Globally, by 2031 at 7.8% CAGR: Allied Market Research

Download Free Sample Report (430 Pages PDF with Insights, Charts, Tables, Figures): https://www.alliedmarketresearch.com/request-sample/17274 Download Free Sample Report (430 Pages PDF with Insights, Charts, Tables, Figures):https://www.alliedmarketresearch.com/request-sample/17274 Prime determinants of growth A significant rise in the vegan population across the globe and rising consumer awareness regarding the benefits of vegan protein over animal protein drive the growth of...

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Prime determinants of growth

A significant rise in the vegan population across the globe and rising consumer awareness regarding the benefits of vegan protein over animal protein drive the growth of the global vegan protein powder market. However, high manufacturing costs and decline in sales of vegan protein powders in developing and weaker economic countries restrict the market growth. Moreover, the use of social media, strong branding and advertisement tactics help in increasing the popularity and the sale of products, which, in turn, presents new opportunities in the coming years. 

Covid-19 Scenario

The conventional segment to maintain its leadership status throughout the forecast period

Based on nature, the conventional segment held the highest market share in 2021, accounting for nearly 90% of the global vegan protein powder market, and is estimated to maintain its leadership status throughout the forecast period. This is due to the easy availability of the product at affordable prices for target customers. However, the organic segment is projected to manifest the highest CAGR of 9.6% from 2022 to 2031. The surge in demand for organic products due to the rise in awareness about the health benefits associated with the consumption of the product among the target customers has been one of the key reasons behind the overall growth of the organic segment. 

Based on packaging type, the jar segment held the highest market share in 2021, accounting for more than two-fifths of the global vegan protein powder market, and is estimated to maintain its leadership status throughout the forecast period. The oversized jars used to market vegan protein powder products always have featured graphics depicting toned and rippling musculature, highlighting the benefits which will entice the consumers. Other segments discussed in the report include box, bucket, bags/pouches, and others. 

Based on age group, the millennials segment accounted for the largest share in 2021, contributing to more than half of the global vegan protein powder market, and is projected to maintain its lead position during the forecast period. This is owing to lactose intolerance and change in dietary preferences in millennials. However, the baby boomers segment is expected to portray the largest CAGR of 8.5% from 2022 to 2031. This is because the need for protein and other nutrients is high among the baby boomers. The manufacturing companies are coming up with different nutritional supplements in the market that are specially targeted for the baby boomers and are creating awareness of the importance of consuming daily requirement of protein.

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Europe to maintain its dominance by 2031

Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for nearly one-third of the global vegan protein powder market, and is likely to dominate the market during the forecast period. over the past couple of years, there has been a surge in demand for different types of vegan food products among consumers. The rise in the number of health-conscious consumers in these regions paves way for a growth opportunity for the vegan protein supplement market to gain traction among its target customers. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.3% from 2022 to 2031, attributed to the rapid penetration of plant-based protein foods and supplements in the market in India. 

Leading Market Players: -

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