Vegan Protein Concentrate Market

Vegan Protein Concentrate Market Overview

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.

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.

What are the Key Drivers and Restraints to the Vegan Protein Concentrate Market?

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.

Nandini Roy Choudhury

Principal Consultant

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Which Region is the Leading Vegan Protein Concentrate Market?

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.

How’s the Competitive Landscape in 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.

Recent Market Development:

• Cargill’s food and beverages chain has launched plant protein concentrate series with new and enriched flavors and label-friendly appeal, increasing the sales of vegan protein concentrate.
• True Nutrition has launched its new line of plant-based protein that is gluten free, third party tested, soy-free and Non-GMO, grabbing consumer’s attention, increasing the overall sales of vegan protein concentrate.

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