Analysis of Vegan Protein Market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
According to latest research by Fact.MR, vegan protein is likely to witness sturdy growth during 2021-2031. Demand for vegan protein will witness steady recovery in short-term, with sanguine growth outlook in the long-run. Increasing awareness regarding importance of healthy diet will mean limited opportunities in near future, however, consumption of vegan protein by fitness enthusiast working out and following their diet regularly will provide momentum.
Evolving demand for more organic and natural food compared to that of synthetic food continues to drive the demand for vegan protein in day to day dietary. Aesthetic and bodybuilding applications continue to be a lucrative avenue for vegan protein manufacturers.
Sales of vegan protein has gone through a recurring boom-and-bust, which has remained an enduring challenge for manufacturers. The fluctuation was primarily evident as most of the end-users preferred animal-based protein than plant-based protein for which manufacturers remained unprepared with respect to capacity utilization and expansion.
Apart from being an essential macronutrient for tissue repair, and enzymes and hormone production, the use of vegan protein is widely evident to aid weight loss and help people strengthen their muscles. Vegan proteins are being increasingly sought-after to prevent the risk of type-2 diabetes and cardiovascular diseases accompanied with the consumption of meat products.
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Numerous industries around the globe have been impacted by COVID-19-induced slowdown while some of them remained withstand. The vegan protein supplement industry showed a tremendous growth owing to rising consumer awareness, growing number of fitness centers, and a desire to lead active and healthy lifestyles amid COVID-19 pandemic. As increasing fitness and immunity remains the key focus area for end-users, vegan protein manufacturers are likely to witness sustained opportunities in near future.
Vegan protein is also used extensively in sports nutrition industry. Although lockdown and shelter-at-home guidelines have meant restricted sporting activities, sales are likely to improve over the course of the assessment period owing to the surge in vegan population and increase in number of online wellness clubs.
A recent study by VeganNews has revealed that the number of Americans following vegan protein/plant based diets is around 10 million which is nearly 3 percent of the population in United States. This is almost 300% increase over last 15 years. The US vegan protein market is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031. Demand is likely to leap and bound in the next couple of years with an upsurge in vegan population.
Demand for vegan protein in US and Canada will be led by sports nutrition industry. Growing level of health consciousness among consumers and the expansion of vegan populations is likely to fuel the North American market. Furthermore, the US and Canada non-vegan (meat) spending is likely to reduce by 2022 and beyond, and this will continue to benefit vegan protein manufacturing companies.
Many countries in EU have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. However, as is the case in US and Canada, health and fitness spending in EU continues to drive demand for vegan protein.
Despite the COVID-19 challenges, most European countries have maintained a steady healthcare and fitness expenditure in 2020. In Europe, around 1% of consumers claims to be vegan while near about 3% are vegetarian. Yet the vegan protein market is trending heavily in Europe, extending from healthy snacks and beverages to plant-based indulgences such as burgers made from vegies and meat alternatives. Germany, Italy, and France is the most visited countries in Europe, creating opportunities for vegan protein manufacturers to supply on-the-go vegan protein in form of bars and packaged foods.
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Some of the leading manufacturers and suppliers of vegan protein include
Many leading manufacturers and suppliers have longstanding contracts with end-users to supply vegan proteins. The increasing importance of plant-based nutrition, positive outlook for the sport nutrition industry, and emerging fitness trends leading to high demand for the protein-rich diet are some of the factors which are likely to create huge opportunities for market participants in vegan protein and supplements market.
Further, many vegan protein manufacturers are focusing on adopting the strategies such as product innovations, mergers & acquisitions, developments, joint venture, collaborations, and partnerships. For instance, In December 2017, Garden of Life partnered with Nestle and came with USDA Organic and Non-GMO Project Verified nutrition, based on real, whole and plant-based foods.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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The vegan protein market is estimated to grow at a CAGR of 13% during the forecast period.
Demand for vegan protein in daily diets is still being driven by changing consumer preference for more naturally grown and organic foods over artificial ones.
Manufacturers are anticipated to find the most opportunities in North America.
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