Vegan Protein Powder Market Expected to Reach $8.03 Billion by 2029 | Meticulous Market Research Pvt. Ltd.

Meticulous Research®, a leading global market research company, has published a report titled ‘Vegan Protein Powder Market by Type (Soy Protein, Rice Protein), Application (Sports Nutrition, Additional Nutrition), and Distribution Channel (Hypermarket/Supermarket, E-Commerce, Pharmacies)—Global Forecast to 2029.’

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According to the report, the vegan protein powder market is projected to reach $8.03 billion by 2029, growing at a CAGR of 7.3% from 2022 to 2029. The market’s growth is primarily driven by increasing consumer interest in plant-based nutrition, consistent expansion in the sports & health nutrition industry, a growing shift toward vegan diets, and rising adoption of personalized nutrition solutions.

The report also highlights emerging opportunities in regions like Asia-Pacific, Latin America, and the Middle East & Africa, along with the rising number of plant-based protein supplement launches. However, market growth may be hindered by the strong preference for whey-based protein supplements and the demand for soy-free and gluten-free products.

Market Segmentation:

The vegan protein powder market is categorized based on:

• Type: Soy protein, rice protein, pea protein, spirulina protein, pumpkin seed protein, hemp protein, and other plant-based protein powders. In 2022, soy protein is expected to dominate the market due to its easy availability, affordability, high nutritional value, and strong consumer acceptance. However, the pea protein segment is projected to experience the highest growth, driven by its popularity among vegetarians and vegans, and its allergen-free properties.

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• Application: The market is segmented into sports nutrition and additional nutrition. In 2022, the sports nutrition segment is expected to hold the largest share, driven by increased product development, a growing number of people pursuing sports careers, and the rise of national and international sports events. This segment is also forecast to grow at the highest CAGR due to the increasing demand for nutrient-rich diets among athletes.
• Distribution Channel: Modern groceries, natural & specialty retail, online retail, health food stores, pharmacies & drug stores, convenience stores, and other distribution channels. The modern groceries segment is expected to hold the largest market share in 2022, while the e-commerce segment is anticipated to grow at the highest CAGR due to the convenience of online shopping, attractive discounts, and wider product selections.

Geographic Analysis:

In 2022, North America is expected to account for the largest share of the vegan protein powder market, driven by high demand for nutritional supplements, increasing health awareness, and a well-established nutraceutical and functional food industry. However, the Asia-Pacific region is projected to register the highest growth rate during the forecast period, supported by rising recreational activities, improved living standards, a growing number of fitness centers, and an expanding vegetarian population.

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Key Players

The key players operating in the vegan protein powder market are Glanbia plc. (Ireland), Now Health Group, Inc. (U.S.), Nutiva Inc (U.S.), The Simply Good Food Co (U.S.), Iovate Health Sciences International Inc. (Canada), MusclePharm Corporation (U.S.), Kerry Group Plc (Ireland), CytoSport, Inc. (U.S.), The Nature’s Bounty Co. (U.S.), Reliance Vitamin Company, Inc. (U.S.), Herbalife Nutrition, Inc. (U.S.), Danone SA (France), General Nutrition Centers (GNC) Holdings, Inc. (U.S.), Orgain Inc. (U.S.), and True Nutrition (U.S.).

Key questions answered in the report:

• Which are the high-growth market segments in terms of type, application, distribution channel, and geography?
• What is the historical market size for plant-based protein powders across the globe?
• What are the market forecasts and estimates for the period of 2022–2029?
• What are the major drivers, restraints, challenges, opportunities, and trends in the vegan protein powder market?
• Who are the major players in the global market, and what are their market shares?
• Who are the major players in various countries, and what are their market shares?
• How is the competitive landscape?
• What are the recent developments in the vegan protein powder market?
• What are the different strategies adopted by the major players in the market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the vegan protein powder market, and how do they compete with other players?

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