The global demand for vegan protein powders has risen strongly in 2020, even though the coronavirus pandemic has impacted the market marginally owing to lockdown measures. The prospects of the industry are positive through 2027 as per a recent study by Future Market Insights (FMI). The report has indicated that the market will witness promising growth in the near future, with demand for nutraceutical and supplements during the pandemic.
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In a report by FMI, it is stated that vegan protein powders based out of natural sources such as soy and pea will remain highly sought after for applications in the food and beverage processing sector, and also in health and wellness products. Direct sales approaches have proven more fruitful, with consumers choosing to use company websites for better deals on purchases.
The vegan protein powder market displays strong growth on account of health concerns over meat consumption and growing awareness about the ethics of animal farming. Also, the wider range of product flavours and investments towards product functionality in muscle repair, and maintenance for fitness enthusiasts will aid the market for the foreseeable future.
While sales of vegan protein powders are gaining ground rapidly, consumer preference for animal-based products, lack of clean label certifications, and poor consumer awareness in developing countries are obstacles for players in the industry.
The report by FMI offers an exhaustive overview, covering critical market dynamics. Some of the major takeaways from the study include:
- Market is estimated at 4.7 billion in 2020, with demand rising steadily during the coronavirus pandemic
- Soy-based vegan protein powders remain highly sought after owing to higher product awareness and visibility
- Food processing applications of vegan protein powder witnessing strong demand owing to demand for functional foods and beverages
- Sales in the North America are critical to market development, owing to extensive applications in sports nutrition applications. However, South Asia & Oceania is displaying lucrative growth opportunities for market players with a vast vegan and vegetarian population base
Covid-19 Impact on Vegan Protein Powder Market
The demand for vegan protein powders is expected to be marginally impacted by the coronavirus pandemic. The industry is likely to face minor supply chain interruptions during this period, owing to lockdown restrictions affecting transport and logistics.
On the other hand, the demand for functional foods and nutraceuticals during this period will positively affect the market. Online sales are likely to witness an increase, even as small retailers are forced to temporarily shut operations.
On the other hand, the effects of the pandemic on the agriculture sector will have an important effect on market development, as viral transmission among farm laborers remain a concern.
Who is Winning?
In the study, FMI has analyzed the various business strategies being used by major companies in the vegan protein powder market. Leading market players are emphasizing widening their product portfolio with product development products in addition to capacity expansion and geographic expansion through industry collaboration for stronger distribution networks.
Some of the key players in the market include Archer Daniels Midland Company, AGT Food and Ingredients, Cargill Inc., A&B Ingredients, Ingredion Inc., The Scoular Company, Green Lab LLC, Kerry Group, and Roquette Freres among others.
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Vegan Protein Powder market Segmentation
Source
- Soy
- Wheat
- Pea
- Others
Flavors
- Unflavored
- Chocolate
- Vanilla
- Strawberry
- Blueberry
- Others
Application
- Food Processing
- Nutritional Products
- Animal Feed
- Household (Retail)
- Others
Distribution Channel
- Direct Sales
- Hypermarkets/Supermarkets
- Specialty Stores
- Pharmacy & Drug Stores
- Online Stores
- Others
Regional Outlook
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Peru, Argentina, Chile, Rest of LATAM)
- Europe (EU-4, U.K., BENELUX, Nordics, Eastern Europe, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia & Oceania (India, Thailand, Indonesia, Malaysia, Australia, Rest of South Asia & Oceania)
More Insights
In a recent report, Future Market Insights, has provided detailed insights of the global vegan protein powder market, covering data on historic demand and forecast statistics for the years between 2020 and 2027. The market study also provides detailed assessment on product pricing through different market dynamics, life cycle analysis and new technologies that find roles in the production of vegan protein powder and adoption in different demographics.
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