Selbyville, Delaware, April 04, 2023 (GLOBE NEWSWIRE) —
The vegan protein powder market valuation is predicted to reach USD 8.8 billion by 2032, as reported in a research study by Global Market Insights Inc.
The rising levels of consumer consciousness pertaining to the consumption of nutritional foods will positively influence the market growth. Lately, due to the surging need for maintaining good health, consumers are largely focusing on nutritive and healthy diets. This has, in turn, resulted in the trend of healthy foods that constitute natural ingredients. Hence, the increasing shift towards functional foods on account of their high protein content will compliment the demand for vegan protein powder.
The vegan protein powder market from the soy protein concentrate product segment is estimated to hold USD 900 million by 2032, attributed to the increasing popularity of functional or nutritional ingredients. The changing consumer perceptions about health and improved lifestyles has stirred the higher demand for healthy food items. The growing emphasis on product differentiation led by prominent food manufacturers to cater to the rising consumer protein requirements will also make way for the increased adoption of soy protein concentrate in food products.
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Vegan protein powder market size from the beverage applications segment is poised to expand at 7.5% CAGR between 2023 and 2032. The rising shift towards good nutrition has increased the preference for protein-rich juices and shakes. Vegan beverages are not only easy to make but are also wholesome and flavourful. They are also increasingly preferred as they come in a variety of flavours, such as strawberry, and chocolate among others. Hence, the surging penetration of vegan protein powder in beverages will boost the industry trends.
In terms of revenue, the vanilla vegan protein powder industry share is expected to be valued at USD 1.8 billion by 2032. In addition to providing easy use and the benefits of blending with variety of other flavours, vanilla protein powder is largely favoured as it sweetened without the addition of sugar, stevia, or sugar alcohols. The introduction of delicious flavours, including French Vanilla Wafer Sundae, by leading beverage manufacturers will also play a key role in the industry expansion.
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Vegan protein powder industry from online retail distribution channels segment was crossed USD 400 million revenue in 2022. Lately, consumers are largely opting for online shopping channels as they facilitate easily assessable services. The rising rate of product purchasing through online channels specifically in the pandemic and post-pandemic era will add to the market demand.
North America vegan protein powder market is slated to record a CAGR of around 8.5% from 2023 to 2032, attributed to the rising competitiveness of the food industry. The growing consumer awareness regarding the health benefits of protein powder has led to the increased demand for high-performance protein solutions. The burgeoning vegan population and the subsequently flourishing vegan-diet based lifestyle in the region will anchor the product preference.
Major players involved in the vegan protein powder market include Archer-Daniels-Midland Company (ADM), Abott Laboratories, Cargill Inc., Farbest Brands, The Scoular Company, Glanbia Group., Vitaco Health, Ingredion Incorporated, Makers Nutrition, and Kerry Group. These companies are constantly implementing several marketing measures and new product developments to attract a larger customer base. For instance, in April 2022, Cargill expanded its RadiPure pea protein portfolio, that has extensive application in vegan diets, across META (the Middle East, Turkey, Africa) as well as India to meet the thriving consumer demand.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Global vegan protein powder market 3600 synopsis, 2022
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Product trends
2.1.4 Nature trends
2.1.5 Flavor trends
2.1.6 Application trends
2.1.7 Distribution Channel trends
Chapter 3 Global Vegan Protein Powder market Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.2.1 Manufacturing trends
3.2.2 Profit margin trends
3.2.3 Value addition at each stage
3.2.4 Distribution channel analysis
3.2.5 Value chain disruption due to COVID-19
3.2.6 Vendor matrix
3.3 Raw material analysis
3.4 Technology landscape
3.5 Patent landscape
3.6 Regulatory landscape
3.7 Pricing analysis, 2018 – 2032
3.8 Cost structure analysis
3.8.1.1 R&D cost
3.8.1.2 Manufacturing & equipment cost
3.8.1.3 Raw material cost
3.8.1.4 Distribution cost
3.8.1.5 Operating cost
3.8.1.6 Miscellaneous cost
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Rising demand for plant-based food & beverages due to growing vegan population is driving market growth
3.9.1.2 Increasing demand for functional food and healthy products with high protein content
3.9.1.3 Growing market for sports nutrition
3.9.2 Industry pitfalls & challenges
3.9.2.1 High production cost
3.10 Growth potential analysis, 2022
3.11 Porter’s analysis
3.11.1 Threat of new entrants
3.11.2 Supplier power
3.11.3 Buyer’s power
3.11.4 Threat of substitutes
3.11.5 Industry rivalry
3.12 PESTEL analysis
3.13 COVID-19 impact on vegan protein powder market, by application
3.14 Impact of Russia-Ukraine war on the vegan protein powder industry
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.