A report by leading market intelligence company Fior Markets expects the vegan protein powder market to reach a value of $13.19 Bn within six years. With a CAGR of 14.01% from 2019 to 2016, consumer demand for vegan protein continues to manifest itself in the numbers.
The most notable markets are the US and Canada, where a burgeoning flexitarian, vegetarian and vegan population, particularly among younger generations, is driving demand. Growing awareness of the health benefits of plant-based diets, along with emerging information on the improved performance of vegan athletes, have been major contributors to the shift.
Vegans can easily get more than enough protein by consuming legumes, greens, nuts, etc. But weightlifters, regardless of their dietary regimen, tend to take protein supplements, often in the form of powders, to ensure additional muscle mass. In early 2019, James Cameron released the documentary The Game Changers, featuring some of the world’s top athletes, including bodybuilders, who thrive on plant-based diets. The film received outstanding reviews and was seen by millions worldwide. The film may have also contributed to the recent uptick in vegan protein powder consumption versus those from traditional animal-based sources.
The report by Fior Markets is a comprehensive analysis that takes into account market type, applications, and regions. It also provides a company profile of the key players in this market.
Companies offering other forms of plant-protein have also shown huge potential in the vegan protein market, such as Plantible Foods, which earlier this year announced a $4.6 million investment for a proprietary plant protein created by harnessing lemna, an aquatic plant also known as duckweed, considered among the most sustainable and nutrient-dense plants on the entire planet.