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  • 23 January 2020 17:39

Vegan Protein Powder Market Growth Set to Rise Significantly during 2019 and 2026

The report provides company profile of the key players operating in the Vegan Protein Powder market and a comparative analysis based on their business overviews, product offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.

The global Vegan Protein Powder market is expected to grow from USD 4.64 Million in 2018 to USD 13.19 Million by 2026, at a CAGR of 14.01% during the forecast period from 2019-2026. Increasing preference towards vegan diet due to the risks of cardiovascular diseases and type 2 diabetes associated with the consumption of meat products is anticipated to propel the vegan protein powder market growth. The global vegan protein powder market is expected to experience substantial growth over the next few years as a result of growing flexitarian population in the U.S. and Canada due to extensive campaigns for promoting vegan diet via media platforms. Customers are more inclined to take plant-based protein over animal-based protein, as many consumers prefer green natural ingredients over cholesterol-rich animal-based protein that could cause health problems. The use of wheat, soy, and other vegetables help to produce plant-based protein powders. Pharmacies or drugstores, which hold a significant share of consumer health spending, have emerged as a key retail segment. Many manufacturers are selling their products through different distribution networks including direct selling contracts e-commerce sites, and supermarkets. These factors are fuelling the vegan protein powder market growth over the forecast period.

For instance, In August, 2018, the plant-based food brand, Health Warrior announced that it is launching new lines of protein powders and microwavable muffin cups in a quest to become a superfood-based platform brand. The protein powder — which comes in chocolate or vanilla flavors — has 20 grams of protein and also includes prebiotics and probiotics. It will retail for $29.99 for an 18 serving container. The company plans to watch the response to the two new lines and continue to innovate both within these categories and in new ones.

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Also, in December, 2017, Garden of Life announced that it will become part of Nestlé. This combination signals that USDA Organic and Non-GMO Project Verified nutrition, based on real, whole and plant-based foods, has a seat at the world’s largest tables.

For instance, in June, 2015, Nutritional food company Vega was acquired by dairy producer WhiteWave Foods Co., for $550 million. WhiteWave Foods has several organic brands such as Horizon Organic, Earthbound Farm and the Silk line of dairy alternatives. WhiteWave described Vega as a “pioneer and leader in plant-based nutrition products” and noted that  “is acquisition represents an opportunity for WhiteWave to extend its plant-based foods and beverages platform into nutritional powders and bars, with additional innovation opportunities.” Vega is primarily known for its fully plant-based line of powdered shakes and snack bars.

The vegetables segment hold the largest market share

The type segment is divided into vegetable, nuts and others. The nuts segment emerged as the leader in the global Vegan Protein Powder market with a revenue of USD 1.85 billion in 2018.  Most vegetables are loaded with healthy fibres that naturally improve digestion and absorption, increase motility and reduce symptoms of gas and bloating, these factors are driving this increase in demand.

The adult male segment is anticipated to grow at a CAGR 2019-2026

The application segment includes adult male, adult female, youth and others. The adult male segment is anticipated to grow at the highest CAGR of 16.15% over the forecast period. This increased growth rate can be attributed to the preference of adult males buying protein powders for various purposes, such as weight management, improving muscle mass, and increasing energy.

Regional Segmentation Analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Increasing awareness about vegan diet as well as changing trend towards vegetarianism as a result of new product promotions on social media and television channels in the region led the North America region to dominate the global vegan protein powder market in 2018. Due to the increasing consumption of sports nutrition supplements, demand in the U.S. is expected to grow steadily over the forecast period. In addition, rising weight management issues coupled with growing consumer awareness about nutritious diet intake and maintaining a healthy lifestyle are expected to fuel regional market growth over the forecast period. Rising disposable income and urbanization in the Asia Pacific region are anticipated to play a key role in promoting consumption of the vegan protein powder, particularly among the vegan population that will fuel the regional market growth in the coming years.

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Competitive Analysis:

Major players in the global Vegan Protein Powder market are Health Warrior, Garden of Life, WhiteWave Foods, Private Label Superfoods, Australian Sports Nutrition, Glanbia plc, Hammer Nutrition and MRM among others.

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