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

The Vegan Protein Powder Market is expected to reach $8.03 billion by 2029, at a CAGR of 7.3% during the forecast period of 2022 to 2029. The growth of this market is driven by the rising interest in plant-based nutrition among consumers, consistent growth in the sports & health nutrition industry, consumers' growing inclination towards vegan diets, and the increasing adoption of personalized nutrition.

In addition, the growing demand from emerging economies—Asia-Pacific, Latin America, and the Middle East & Africa and the increasing launches of new plant-based protein supplements are expected to provide lucrative opportunities for players operating in this market. However, the significant preference for whey-based protein supplements and soy-free and gluten-free products are expected to hinder the growth of this market to a notable extent.

Impact of COVID-19 on the Vegan Protein Powder Market

The outbreak of the COVID-19 pandemic significantly impacted public health and the supply chain across various industries. Since the COVID-19 outbreak in December 2019, the disease has spread to almost 100 countries worldwide, with the World Health Organization declaring it a public health emergency. The Vegan Protein Powder Market is expected to witness consistent growth following the outbreak of the COVID-19 pandemic.

However, during the beginning of the COVID-19 pandemic, it was difficult for the companies to supply their products in the market. In addition, the production of plant-based protein powder products faced numerous challenges due to disruptions in the supply chain. Consumers emphasized crucial products such as groceries, medicines, and other essentials. As the effects of the COVID-19 pandemic subsided and the situation began to normalize, companies resumed operations to meet the demand for plant-based protein powders.

The outbreak of the COVID-19 pandemic negatively affected the functional food and nutraceutical industries. The outbreak of the COVID-19 pandemic highlighted the importance of consuming healthy diets, resulting in the increased demand for vegan protein powders to enable good health and optimum functioning of the body. Plant-based protein powders provide essential proteins for the growth and repair of cells and tissues. Furthermore, vegan proteins provide lower calories and fats compared to animal proteins but are higher in fiber and essential nutrients.

According to The Good Food Institute, the vegan protein products market witnessed a spike in sales during the first quarter of 2020. Furthermore, according to an article published by Nutrition Outlook, dietary supplement sales increased significantly during the COVID-19 pandemic. In the U.S, the sales growth for overall dietary supplements skyrocketed to more than 35.0% during the last week of March 2020.

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Consistent Growth in the Sports & Health Nutrition Industry Drives the Growth of the Vegan Protein Powder Market

According to the International Health Racquet and Sportsclub Association, in 2016, there were nearly 38,477 health clubs in the U.S. In 2018, health club memberships reached 183 million users worldwide, and it's expected to reach 230 million by 2030. In the U.S., the health club membership increased from 58 million in 2010 to 73.6 million in 2019 (an increase of 27%), indicating a rise in awareness regarding physical fitness among the U.S. population. Thus, the rising number of people joining health clubs and adopting healthy lifestyles drive the demand for health and nutritional products.

Furthermore, the participation rate of consumers in fitness sports or fitness activities is growing at a rapid pace. According to the Physical Activity Council, in 2018, almost 64% of the U.S. population aged six and above is engaged in activities such as high-intensity training, running, and jogging. Thus, consumers are increasingly adopting healthy and active lifestyles, boosting the demand for protein supplements.

Protein powders are gaining prominence among health-conscious consumers due to their high nutritional content. The rising fitness trends are expected to increase the demand for vegan protein powders, as they play a major role in providing essential nutrients, particularly for vegetarian and vegan consumers.

Thus, the increasing awareness about the importance of active lifestyles and the growing demand from athletes and health-conscious consumers drive the growth of the vegan protein powders market.

Key Findings in the Vegan Protein Powder Market Study:

In 2022, the Soy Protein Segment is Estimated to Account for the Largest Share of the Vegan Protein Powder Market

Based on type, the vegan protein powder market is segmented into soy protein, rice protein, pea protein, spirulina protein, pumpkin seed protein, hemp protein, and other vegan protein powders. In 2022, the soy protein segment is expected to account for the largest share of the vegan protein powders market. The large market share of this segment is attributed to factors such as the easy availability of raw materials, cheaper alternative to other sources of protein powder supplements, higher nutritional value than other sources, and the high level of acceptance among consumers.

However, the pea protein segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is driven by the rising demand for pea protein powder worldwide due to its growing popularity among the vegetarian and vegan population, high nutritional content, and allergen-free, gluten-free, and lactose-free properties.

In 2022, the Sports Nutrition Segment is Estimated to Account for the Largest Share of the Vegan Protein Powder Market

Based on application, the vegan protein powder market is segmented into sports nutrition and additional nutrition. In 2022, the sports nutrition segment is estimated to account for a larger share of the plant-based protein powders market. The large market share of this segment is mainly attributed to the increasing product development by market players, the increasing number of people choosing sports as a career, and the rise in national and international sports events. This segment is also expected to grow at a higher CAGR during the forecast period. The rapid growth of this segment is driven by the rising demand for balanced and nutrient-rich diets from athletes.

In 2022, the Modern Groceries Segment is Estimated to Account for the Largest Share of the Vegan Protein Powder Market

Based on distribution channel, the plant-based protein powder market is segmented into modern groceries, natural & specialty retail, online retail, health food stores, pharmacies & drug stores, convenience stores, and other distribution channels. In 2022, the modern groceries segment is expected to account for the largest share of the plant-based protein powders market. The large market share of this segment is attributed to the huge base of supermarkets and hypermarkets and significant consumer preference for shopping from these outlets.

However, the online retail/e-commerce segment is expected to grow at the highest CAGR during the forecast period. Online plant-based protein powder sales are growing faster than other offline distribution channels due to the benefits offered by online retailers, such as doorstep delivery, attractive discounts, greater product selection experience, and price comparison availability.

Asia-Pacific: Fastest-growing Regional Market

Based on geography, in 2022, North America is estimated to account for the largest share of the plant-based protein powders market. North America's large market share is attributed to factors such as the high demand for nutritional supplements, the increasing health awareness among consumers, the well-established nutraceutical & functional food industry, highly established gyms and sports clubs, and growing health & wellness and clean label trends.

However, the market in Asia-Pacific is expected to register the highest growth rate during the forecast period. The high market growth in Asia-Pacific is attributed to the increasing number of people participating in recreational activities, the rising living standards in developing countries, such as China and India, the increasing number of fitness centers and sports clubs, the growing vegetarian population, and the rapid growth in population and urbanization.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by leading market participants in the plant-based protein powder market between 2019 and 2022.

The key players profiled in the vegan protein powder market study 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.).

Scope of the Report:

Vegan Protein Powder Market, by Type                       

• Soy Protein
• Spirulina Protein
• Wheat Protein
• Pumpkin Seed Protein
• Hemp Protein
• Pea Protein
• Rice Protein
• Other Plant-based Protein Powders

Vegan Protein Powder Market, by Application             

• Sports Nutrition
• Additional Nutrition

Vegan Protein Powder Market, by Distribution Channel                      

• Modern Groceries (Hypermarkets/Supermarkets)
• Online Retail/e-commerce
• Natural and Specialty Retail
• Pharmacies & Drug Stores
• Health Food Stores
• Convenience Stores
• Other Distribution Channels

Vegan Protein Powder Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • Rest of Asia-Pacific (RoAPAC)
• Latin America
• Middle East & Africa

Key questions answered in the report: