The vegan protein concentrate market is likely to record a strong CAGR 7% during the forecast period. The market is currently valued at US$ 11.79 Bn and is likely to reach US$ 21.68 Bn by 2032.
| Attributes | Details |
| Vegan Protein Concentrate CAGR (2022-2032) | 7% |
| Vegan Protein Concentrate CAGR Value (2022) | US$ 11.79 Bn |
| Vegan Protein Concentrate CAGR Value (2032) | US$ 21.68 Bn |
Vegan protein or plant-based protein extracted from multiple sources are used in the applications like food and beverages, functional foods, pharmaceuticals, dietary supplements etc. The vegan protein concentrate is developed with the process of producing a concentrated form of multiple products that fulfil the nutritional needs that bodies ask for, increasing the demand for vegan protein concentrate.
The increasing awareness about the benefits of vegan protein-enhanced demand for vegan protein concentrate after the pandemic has risen as people got the time to explore their food habits. The strong supply chain creates better opportunities for the market in new regions. Competitors provide vegan protein concentrate in liquid and powder form with multiple flavours to target the larger consumer base, increasing the sales of vegan protein concentrate.
The increasing vegan, vegetarian, and flexitarian population is anticipated to serve as one of the major drivers for the vegan protein concentrate market. As per Google Search, the vegan trend has increased by over four times in the period between 2012 and 2017.
An increase in animal concern and the growing awareness about the ill effects of the antibiotics and hormones that are present in animal products are some of the drivers for the increasing vegan and flexitarian population.
The increasing inclination of the consumers towards the consumption of vegan products is estimated to have a positive impact on the vegan protein concentrate market, increasing the demand for vegan protein concentrate.
The rise in health and fitness trends is estimated to boost the sales of vegan protein concentrate. Vegan protein concentrate is used as a dietary supplement as it contains a high amount of proteins which helps in muscle building and damage recovery.
Due to the hectic and sedentary lifestyle, the millennial population is focusing on joining the gym and other fitness facilities to maintain a healthy lifestyle. Also, as the health and fitness trends increase, it becomes necessary to fulfill the protein needs of the body because excessive exercise can cause tissue damage. Therefore, the demand for vegan protein concentrates is estimated to increase as it helps in tissue repair.
The consumer demand for clean-label ingredients and healthy products is estimated to drive the sales of vegan protein concentrate. The manufacturers are focusing on incorporating nutritionally rich and natural ingredients in their products. Thus, the demand for vegan protein concentrate is expected to increase in the food and beverage industry as it is aligned with the requirements of the manufacturers and end-use consumers.
North America is the biggest market for vegan protein concentrate and will hold the largest portion in the forecast period. Though, the demand for vegan protein concentrate is estimated to increase in the Asia Pacific region.
The presence of a large youth population, the influence of the western lifestyle, and increasing disposable income are some of the factors that are estimated to drive the sales of vegan protein concentrate in the Asia Pacific region.
According to the United Nations organization, the Asia Pacific region accounts for about 60% of the global youth population. Also, the health trends are increasing, and thus, the requirement for dietary supplements is estimated to increase, which is further expected to boost the vegan protein concentrate market.
The key players of the vegan protein concentrate market are focusing on better taste, new flavours and texture. The competitors also focus on factors like approvals, tests and consumer reviews that drive the demand for Vegan protein concentrate business. This drives the sales of Vegan protein concentrate.
Key players in vegan protein concentrate market include Glanbia plc, Tate & Lyle Plc, Archer Daniels Midland Company, Cargill, Incorporated, True Nutrition, Jarrow Formulas Inc, Nutrimed Healthcare, Axio Foods Inc and Fuji Plant Protein Labs.
| Report Attribute | Details |
| Growth Rate | CAGR of 7% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Historical data | 2015 - 2020 |
| Forecast period | 2022 - 2032 |
| Quantitative units | Revenue in USD billion, volume in kilotons, and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis, |
| Segments covered | Source, Form, Nature, Flavour, End-Use, Distribution Channels, Region |
| Regional scope | North America; Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia and New Zealand |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Spain; Russia; Belgium; Poland; Czech Republic; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; UAE; Iran; South Africa |
| Key companies profiled | Glanbia plc, Tate & Lyle Plc, Archer Daniels Midland Company, Cargill, Incorporated, True Nutrition, Jarrow Formulas Inc, Nutrimed Healthcare, Axio Foods Inc, Fuji Plant Protein Labs |
| Customization scope | Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
North America is the biggest market for the vegan protein concentrate market and is expected to hold a big portion of the market in the forecast period due to the rising awareness around the vegan protein in this region.
Key competitors holding substantial vegan protein concentrate market share are Glanbia plc, Tate & Lyle Plc, Archer Daniels Midland Company, Cargill, Incorporated, True Nutrition, Jarrow Formulas Inc, Nutrimed Healthcare, Axio Foods Inc and Fuji Plant Protein Labs.
Demand for vegan protein concentrate is likely to rise with the factors like advent of corona virus, spreading awareness about healthy diet and veganism. This increases the demand for vegan protein concentrate.
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Vegan Protein Concentrate Market
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