Protein is a vital macronutrient utilized for hormone production, enzyme function, tissue repair, muscle building, and several others. It is a common nutritional supplement. Vegan protein is extracted from plants. It is also referred to as a plant-based protein. The various sources of vegan protein include green leafy vegetables, lentils, green peas, oats, and others.
Vegan protein products are significantly attracting the consumer’s preference as several brands are launching a wide number of products through retail distribution. However, the surging number of vegetarians and vegans all across the globe is further boosting the demand for global vegan protein powder market. In addition, even the consumers who consume meat and dairy products are expressing willingness to transform to vegan protein. Also, the growth in the applications of the vegan diet owing to the surging popularity of vegan trends as it is backed by advanced science is likely to widen the scope of the powders globally.
In addition, the growing health campaigns by vegan groups to spread awareness among people regarding its potential in treating type 2 diabetes and cardiovascular diseases is further creating several lucrative growth opportunities in the global market. However, people are making a transition from unhealthy eating habits, thereby propelling the consumption of vegan protein products. These products are known to be easily digestible and also consist of clean label ingredients, thereby propelling the demand for the global market. However, the growing cases of allergies like lactose intolerance will further boost the consumption of plant-based protein globally. Manufacturers are increasing their funding to boost the research and development activities in order to launch distinct products in the region, which in turn will also widen the customer base globally.
The global vegan protein powder market can be segmented into distribution channels, application, flavor, source, and region.
By distribution channel, the market can be segmented into online stores, pharmacy drugstores, specialty stores, hypermarkets, direct sales, and others.
By application, the market can be segmented into household, animal feed, nutrition products, food processing, and others.
By flavors, the market can be segmented into a blueberry, strawberry, vanilla, chocolate, and others.
By source, the market can be segmented into soy, wheat, pea, and others.
North America accounts for the largest share in the global vegan protein powder market due to the high prevalence of allergy-associated diseases in the region. Furthermore, the growing number of vegans and vegetarians in the region is likely to significantly scale up the consumption of vegan protein powders in the region.
Asia Pacific is expected to be the fastest-growing region in the global vegan protein powder market due to the growing disposable income of the people in the region. However, the transforming eating habits and hectic work culture in the region will also accentuate the growth of the regional market.
Some of the significant players in the global vegan protein powder market are Glanbia plc, Farbest Brands, Hill Pharma Inc., Gemef Industries, Vestkorn Milling AS, The Kerry Group, The Green Lab LLC, The Scoular Company, Ingredion Inc., A&B Ingredients, AGT Food and Ingredients, and Archer Daniels Midland Company. To cite, Merit Functional Foods Corp. has revealed its plans to build a new plant for vegan protein products by 2020 and will majorly utilize canola and peas as the primary source for their plant-based offerings.
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