The global vegan protein market is slated to be valued at US$ 10.8 billion as of 2023, according to Future Market Insights. During the forecast period ranging from 2023 to 2033, the market is expected to gather momentum, expected to reach a market value of US$ 22 billion, experiencing a CAGR of 7.4%. Growth of the market may be attributed in large part to the rising shift towards the consumption of plant-based diets.
Across the world, the popularity of vegan food is rising considerably. The concept is no longer restricted to countries wherein abstaining from meat consumption is part of moral or spiritual beliefs. As people voice concerns about the alarming rate of increase in the global carbon footprint due to excessive animal-based food consumption, consumers are making a conscious choice to opt for food sources that are less polluting to the environment.
As of 2021, the vegan food industry was valued at more than US$ 16 billion and is expected to reach US$ 22 billion by 2025. The most prominent food categories in the vegan landscape include meat, cheese, and eggs. Region-wise, nearly half of all United Kingdom citizens identify themselves as vegans, with a majority of the consumers falling into the age group of 16-75 years. Furthermore, 48% of British consumers state they use a plant-based milk alternative in their diet. In the USA, 6% of all consumers are vegan, which amounts to nearly 10 million consumers.
Besides the concern for the environment, consumers are actively seeking vegan and plant-based protein sources due to documented health benefits. By consuming a wide complement of plant-based proteins, the human body receives the nine essential amino acids. Some prominent plant-based sources of protein include beans & legumes, grains such as oats, farro, barley or quinoa, lentils, nuts, and seeds such as sunflower or peanut, and soy. Additionally, eating less meat-based protein and more plant-based sources reduces the risk of heart disease, hypertension, high cholesterol, several cancers, obesity, stroke, and type-2 diabetes. In addition, plant-based and vegan protein sources contain high quantities of fiber. Fiber helps regulate blood sugar levels, as well as helps keep hunger in check.
A number of market players are making it big in the vegan protein landscape. In January 2023, for instance, Garden of Life introduced the Organic Creamy Protein with Oatmilk product range. The portfolio is a new line of plant-based protein powders offering a delectable silky smooth taste. In addition, the company also announced new and improved formulas for its existing Raw Organic Protein and Raw Organic Meal by offering more enhanced texture and flavors. The new product contains oatmilk, coconuts, 20 grams of complete plant protein, and prebiotics & probiotics. Garden of Life Organic Creamy Protein with Oatmilk is perfect for vegans and non-vegans alike.
Orgain Inc. is another prominent manufacturer of vegan protein products. Its Organic Protein Plant-based Protein Powder is made from chocolate peanut butter, sold in 1 lb sized canisters. The product contains 21 grams of vegan protein, a complete amino acid profile, no added sugar, and only 150 calories per serving. Additionally, it is gluten-free, kosher-certified, and non-GMO. The company also offers 2 lbs canisters of Sport Protein Organic Powders in Vanilla and Chocolate flavors. It contains 30 grams of organic, plant-based protein, plus 5 grams of branched-chain amino acids. It also contains organic ingredients such as cherry and turmeric, which aid in muscle recovery and reduction of soreness.
| Data Points | Key Statistics |
|---|---|
| Expected Valuation of the Vegan Protein Industry in 2023 | US$ 10.8 billion |
| Anticipated Valuation of the Vegan Protein Industry in 2033 | US$ 22 billion |
| Expected Growth Rate (2023 to 2033) | CAGR of 7.4% |
Protein is a long chain of amino acids and is also considered as building blocks of the body. Proteins are derived from both plant and animal sources. Food manufacturers are using new technologies to create products with better taste and a texture that’s more pleasant and easier to cook with.
The animal-based products such as meat, milk and eggs, have a very high amount of proteins that are not easily digested. Due to which consumers are opting for plant-based protein also called vegan proteins. Apart, from that, the demand for vegan protein is also increasing due to increasing awareness regarding animal welfare and allergies.
The increasing health-conscious demographics across the globe is encouraging various protein manufacturers in the market to offer healthier alternatives to conventional proteins such as vegan protein and its derivative products.
Many consumers are turning vegetarian or vegan to lead healthy lifestyles. Customers are becoming more alert about their food consumption habits, encouraging manufacturers in the global vegan protein market to come up with various products that have plant-based ingredients to attract this health-conscious customer base. Targeting vegan or vegetarian customers is boosting the growth of vegan protein market across the globe.
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A vegan diet comprises plant-based products only, and vegans do not support the exploitation of animals and avoid consumption and use of animal-based products. In the last few years, the number of vegans is constantly rising across the globe. According to the data published by Forbes Media LLC., in 2014, 1% of the total population of the United States was vegan, this number has increased to 6% in 2017.
The vegan protein market has observed significant growth in the past few years. The key market driver of the vegan protein is the rising awareness regarding healthy diet among the population across the globe. Additionally, athletes and fitness enthusiasts are shifting towards consumption of plant-based health supplements, to maintain the daily protein requirement that has led to the surge in the consumption of plant-based or vegan protein products.
This scenario is anticipated to have a progressive impact on the vegan protein market, as an increasing number of manufacturers in various end-use industries seek plant-based ingredients- to cater to the demands of the growing vegan consumer base.
Some of the key manufacturers operating their business in the global vegan protein market include
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The strong promotional approaches are very helpful for the manufacturers operating in the vegan protein market; with the help of informative, and attention-grabbing advertisements, manufacturers of vegan protein can magnify their consumer base across the globe, as the consumers are aware of the associated health benefits of plant or vegan protein-based products.
The promotions regarding vegan protein can be done via audio-visual means i.e., social media and distribution of leaflets or short films. Social media has become one of the best platforms to promote any product, and the producers of vegan protein can take benefit of the huge viewer base of key influencers to promote their products.
The vegan protein report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size.
The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the Vegan protein market, including but not limited to: regional markets, nature, form, source, flavour, and end-use.
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The Vegan protein market report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases).
The report also features a complete qualitative and quantitative assessment by analysing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the Vegan protein market report projects the attractiveness of each major segment over the forecast period.
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Vegan Protein Market
