Vegan Protein Powder Market to Reach $7.3 Billion, Globally, by 2031 at 7.8% CAGR

Allied Market Research

A significant rise in the vegan population across the globe and rising consumer awareness regarding the benefits of vegan protein over animal protein drive the growth of the global vegan protein powder market.

PORTLAND, Ore., Nov. 9, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Vegan Protein Powder Market by Nature (Organic, Conventional), by Product Type (Soy, Spirulina, Pumpkin, Pea, Rice, Hemp, Others), by Age Group (Millennials, Generation X, Baby Boomers), by Packaging Type (Jar, Box, Bucket, Bags/Pouch, Others), by Distribution Channel (Modern Trade, E-commerce, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global vegan protein powder industry generated $3.5 billion in 2021, and is anticipated to generate $7.3 billion by 2031, witnessing a CAGR of 7.8% from 2022 to 2031.

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Prime determinants of growth

A significant rise in the vegan population across the globe and rising consumer awareness regarding the benefits of vegan protein over animal protein drive the growth of the global vegan protein powder market. However, high manufacturing costs and decline in sales of vegan protein powders in developing and weaker economic countries restrict the market growth. Moreover, the use of social media, strong branding and advertisement tactics help in increasing the popularity and the sale of products, which, in turn, presents new opportunities in the coming years. 

Covid-19 Scenario

• The outbreak of the Covid-19 pandemic had a negative impact on the global vegan protein powder market, owing to implementation of the global lockdown which led to temporary closure of manufacturing firms, disruptions in the supply chain, unavailability of raw materials, and lack of labor force during the lockdown.
• On the other hand, consumers have started recognizing the value of protein rich diet to maintain their health. Thus aid the market growth in the protein supplement sector.

The conventional segment to maintain its leadership status throughout the forecast period