Vegan Protein Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Food & Beverage

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Growing Prevalence of Cardiovascular Diseases, and Obesity Will Uphold Vegan Protein Market

Vegan protein powder contains amino acids (BCAAs) such as leucine, isoleucine, and valine. Protein can aid in the homeostasis of your body, and that is why it is becoming more popular in people’s diets. Being animal-free ranks as the best overall benefit of vegan protein powder. Research shows the added hormones in animal products can lead to things like breast and prostate cancer. The growing global awareness of the importance of a healthy diet is a fundamental growth driver for the vegan protein market. People are shifting toward a healthier lifestyle that includes working out every day and adhering to a strict diet, which has led to an increase in the consumption of vegan protein-based foods. Growing consumer understanding that plant-based protein is healthier and more easily absorbed by the body than animal-based protein has prompted them to incorporate vegan protein into their regular diet. This will be an important factor driving growth of vegan protein market worldwide.

The rising occurrences of cardiovascular disease, diabetes, hypertension, obesity, and other lifestyle disorders among the global population have shifted consumer preferences toward vegan food products. This element in favour of plant-based proteins will provide a strong impetus to vegan protein market. The number of cases of cardiovascular diseases is consistently rising, and so is the overall healthcare spending. The presence of sophisticated medical facilities, and an unaffected economy are some other factors influencing the expansion of cardiovascular disease. According to WHO, CVDs kill 17.9 million people each year, accounting for an estimated 32% of all deaths worldwide, with more than 75% of CVD-related deaths occurring in low- and middle-income countries. The growing prevalence of cardiovascular disease will increase the demand for vegan protein due to the high lipid profile of animal protein.

Obesity is becoming more common as a result of sedentary lives, bad eating habits, and a lack of physical activity. According to an updated World Health Organization (WHO) estimate from April 2020, around 1.9 billion persons worldwide are overweight, with 650 million adults classified as obese. Initial findings of the research suggest that with the growing number of cases of obesity, chronic diseases like cardiovascular disease, diabetes, and renal failure, adoption of plant-based protein will also soar, thereby facilitating the expansion of vegan protein market.

Isolate Segment Will Dominate Vegan Protein Market with a Diverse Application Base

The isolate sector is expected to expand at the fastest revenue rate during the forecast period. Isolates are the most refined form of protein products, with a greater protein concentration. It has a high protein concentration as well as colour, flavour, and functional qualities, making it a perfect raw ingredient for use in beverages, infant foods, children's foods, and other types of specialised foods. One of the primary factors driving the growth of the isolated segment is the rise in health consciousness around the world. The increase in the number of health problems linked with malnutrition, and obesity among the population, as well as producers of natural plant-based protein endorsing their goods through various channels such as internet portals, marketing campaigns, and periodicals, is driving segment expansion in global vegan protein market. The growing trend toward protein and high protein products in the food and beverage industry, as well as increased public knowledge of healthcare, all have an impact on the segment.

North America Will Acquire Major Share due to Increase in Vegan Population

The North American market will account for the highest share in the forecast period because of the presence of significant manufacturers such as Cargill (US), ADM (US), DuPont (US), and Puris (US). With the tremendous investments in product producers and processing units, the North American area has been a key driver for vegan protein market here. The region is a major producer of many sources, including soy, wheat, and pea, with the region's total output dominating the global export market. The region's burgeoning vegetarianism trend is also propelling plant-based protein products into the mainstream. Obesity, cardiovascular disease, and diabetes are all on the rise in the United States, driving people to go vegan. According to recent research, around 10 million Americans adopt vegan protein/plant-based diets, accounting for nearly 3% of the US population. This represents an almost 300 percent growth in the last 15 years. During the assessment period, the US vegan protein market is expected to follow the traditional pattern of boom and bust. Demand is projected to surge in the coming years as the vegan population grows.

The Asia Pacific region is expected to develop at the fastest rate during the projection period. This region's quick expansion can be ascribed to rising protein-rich diet awareness, rising health consciousness, rising technology advancements in the food and beverage industry, and rising raw material availability. South Asia, and Oceania have proven to be a highly profitable, albeit still small, market for vegan protein powders. Increased expenditure on natural ingredient sources such as soy, as well as the urbanisation trend, are encouraging the usage of vegan protein powder. The region's growing number of fitness centres, and health clubs is increasing adoption rates. China will be the key driver of plant protein demand in the forecast period. Plant proteins are gaining favour among environmentalists and the vegan population as a sustainable protein choice that does not involve animal suffering. Concerns about carbon emissions and the food crisis have fuelled the market's expansion. 4 to 5% of the Chinese population is cruelty-free, which translates to more than 50 million people who no longer consume meat or dairy. This aspect is expected to propel the expansion of vegan protein market.

Global Vegan Protein Market: Competitive Landscape

In April 2021, ADM has built a new cutting-edge plant-based innovation lab in Singapore's Biopolis research hub. The lab creates new products and bespoke solutions to address the region's expanding food and beverage demand. In April 2021, Bunge Limited has invested USD 45.7 million in Australian Plant Proteins (APP) with the goal of doubling the country's production of plant protein isolates by March 2022. APP manufactures substances such as fava bean isolate powder, yellow lentil isolate powder, and red lentil isolate powder.

A few of the players in the vegan protein market include Archer Daniels Midland Company (ADM) (US), Wilmar International (US), Cosucra Groupe (Belgium), Emsland Group (Germany), Cargill (US), Ingredion (US), DuPont (US), PURIS (US), Roquette Frères (France), Burcon NutraScience Corp. (Canada), Kerry Group (Ireland), Glanbia (Ireland), DSM (Netherlands), Sotexpro (France)., AGT Food & Ingredients (Canada), Batory Foods (US), Prolupin GMBH (Germany), Axiom Foods (US), Herblink Biotech Corporation (China), Aminola (Netherlands), ET Chem (China), BENEO (Germany), The Green Labs LLC (US), Shandong Jianyuan Group (China), and Parabel (US).

Global Vegan Protein Market is Segmented as Below:

By Application

  • Food
  • Feed

By Type

  • Isolates
  • Concentrates
  • Textured

By Source

  • Soy
  • Wheat
  • Pea
  • Other sources (canola protein, rice protein, and potato protein)

By Form

  • Dry
  • Liquid

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia Pacific
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Vegan Protein Market

  • Vegan Protein Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2019 - 2022
  • Volume Consumption at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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