Protein is one of the most essential nutrients for maintaining good health. Vegan protein is made up of plant-based proteins. Plant-based protein is another name for it. Oats, green peas, lentils, leafy greens & vegetables, and quinoa are just a few examples of vegan protein sources. In the coming years, the vegan protein market is expected to increase rapidly. Vegan protein producers have a significant business opportunity on the world stage. Vegan protein is being manufactured and supplied by a broad number of market participants. Manufacturers are being forced to come up with competitive prices as a result of increased competition.
COVID-19 Impact Analysis
Plant-based meals (including plant-based meats) have been showing strong growth throughout the COVID-19 pandemic, which is projected to increase the market space for plant protein in the food production industry.
Taste and diversity are motivators, and they may be more significant factors for brands to emphasize during these difficult times than nutritional profiles alone. Many people have turned to classic comfort foods in the early stages of the pandemic.Plant-based food manufacturers, on the other hand, are well-positioned to offer consumers better-for-you solutions as they return to a more balanced way of eating once normalcy returns. As a result, during the forecast period, demand for plant protein components is expected to increase.
Top Impacting Factors
- In the last few years, the vegan protein business has exploded. The increasing awareness of a healthy diet among people all over the world is the key growth driver of the vegan protein industry. Furthermore, individuals are moving toward adopting a healthy lifestyle that includes working out every day and sticking to a strict diet, which has resulted in a growth in the consumption of vegan protein-based goods.
- Growth in awareness among individuals that plant-based protein is healthier and more easily absorbed by the body than animal-based protein has driven them to include vegan protein in their daily diet.
- The vegan protein business arose as customer preferences shifted away from manufactured foods and toward more organic and natural foods. However, the main restraint in this market is that most people still prefer animal-based protein to plant-based protein, which may stifle the growth of the vegan protein market. However, the market is growing rapidly, and consumers' shift to plant-based protein consumption is increasing around the world.
- Increasing Incidences of Animal Protein Intolerance
- According to the National Institute of Allergy and Infectious Diseases, eggs, milk, seafood, and red meat cause the majority of food allergies. Because of their allergy to animal proteins, most meat eaters prefer meat substitutes manufactured of vegan protein, which boosts the plant protein market. Pea protein, a complete protein, can be used in a variety of egg-based items such as pasta, vermicelli, cakes, and cookies.
- Food makers in industrialized countries are introducing plant-based food ingredients to appeal to the vegan population, as animal-based protein consumption may raise the rates of allergies induced by them.
- The Largest Market Share belongs to North America
- As lifestyles have changed, a lack of balanced food intake, and better R&D to develop new types of plant-protein enhanced goods, demand for plant proteins is rapidly increasing. The U.S. continues to dominate the plant protein industry, with Canada and Mexico following closely after. The market for plant-based protein in the region has been fueled by the demand for processed and low-cholesterol foods. Consumers all over the world are switching to different items, such as green label food products, as a result of growing awareness of healthy and plant-based foods, which is propelling the market ahead.
Key Benefits of the Report
- This study presents the analytical depiction of the vegan protein industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the vegan protein market share.
- The current market is quantitatively analyzed to highlight the vegan protein market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed vegan protein market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Report
- Which are the leading players active in the ‘vegan protein market’?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What is “vegan protein market” prediction in the future?
- Which will be the niches at which players profiling with recent advancements should set a presence?
- What are the driving factors and opportunities in the market?
- What are the current trends and predicted trends?
- What are the challenges faced in the "vegan protein market"?
Vegan Protein Market Report Highlights
Key Market Players
Orgain, Inc., Garden of Life, LLC, Riff Enterprises, Inc., ALOHA, Puris, Sequel Natural Ltd., Reliance Private Label Supplements, Archon Vitamin, LLC, Manitoba Harvest Hemp Foods, Australian Natural Protein Company, Genuine Health, Inc., Prevention LLC, Ghost LLC, Country Life, LLC, Archon Vitamin, LLC’s, Biooriginal Food & Science Corp., Vitamer Laboratories, Hammer Nutrition Direct