Meticulous Research®, a leading global market research company, has introduced a new 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.'

The report forecasts that the vegan protein powder market will reach $8.03 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2029. This growth is driven by increasing consumer preference for plant-based diets, ongoing expansion in the sports and health nutrition sectors, a shift towards vegan lifestyles, and a growing trend in personalized nutrition.

Emerging markets in Asia-Pacific, Latin America, and the Middle East & Africa, combined with the introduction of new plant-based protein products, are expected to offer significant opportunities for market participants. However, the market may face challenges from the dominant presence of whey protein and the growing demand for soy-free and gluten-free products.

The vegan protein powder market is analyzed by type, application, distribution channel, and geography, with detailed insights into industry competitors and market conditions at the regional and national levels.

The market is segmented by type into soy protein, rice protein, pea protein, spirulina protein, pumpkin seed protein, hemp protein, and other plant-based proteins. The soy protein segment is projected to have the largest market share in 2022 due to its easy availability, cost efficiency, higher nutritional value, and broad consumer acceptance. In contrast, the pea protein segment is expected to grow at the highest CAGR, driven by its rising popularity among vegetarians and vegans, high nutritional content, and allergen-free properties.

By application, the market is divided into sports nutrition and additional nutrition. The sports nutrition segment is expected to hold the largest share in 2022, driven by increased product innovation, a growing number of athletes, and the expansion of sports events. This segment is also projected to grow at a higher CAGR due to increasing demand for well-balanced diets among athletes.

Distribution channels for vegan protein powder include modern groceries, natural & specialty retail, online retail, health food stores, pharmacies & drug stores, convenience stores, and other channels. The modern groceries segment is expected to lead the market in 2022, attributed to the large number of supermarkets and hypermarkets and consumer preference for these stores. However, the online retail segment is anticipated to grow at the fastest rate, driven by the advantages of online shopping such as doorstep delivery, discounts, a wide range of products, and price comparisons.

Geographically, North America is expected to dominate the market in 2022, driven by high demand for nutritional supplements, increased health awareness, a well-established nutraceutical and functional food industry, numerous gyms and sports clubs, and growing health and wellness trends. Conversely, the Asia-Pacific region is expected to experience the highest growth rate during the forecast period, driven by rising recreational activities, improving living standards in countries like China and India, an increase in fitness centers, a growing vegetarian population, and rapid urbanization.

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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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