Vegan Protein Concentrate Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

Vegan Protein Concentrate Industry Prospective:

The global vegan protein concentrate market size was evaluated at $3,000 million in 2023 and is slated to hit $8,000 million by the end of 2032 with a CAGR of nearly 12.1% between 2024 and 2032.

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Vegan Protein Concentrate Market: Overview

Vegan protein concentrates are gaining huge popularity as plant-based alternatives to conventional protein sources such as whey. These products extract protein from ingredients such as soy, peas, and rice. They are a popular alternative among vegans who prefer high-protein supplements to aid their dietary requirements.

Key Insights

• As per the analysis shared by our research analyst, the global vegan protein concentrate market is projected to expand annually at the annual growth rate of around 12.1% over the forecast timespan (2024-2032)
• In terms of revenue, the global vegan protein concentrate market size was evaluated at nearly $3,000 million in 2023 and is expected to reach $8,000 million by 2032.
• The global vegan protein concentrate market is anticipated to grow rapidly over the forecast timespan owing to an increase in the vegan population along with a preference for a vegetarian lifestyle.
• In terms of source, the pea protein segment is slated to register the highest CAGR over the forecast period.
• Based on application, the dietary supplements segment is predicted to contribute majorly towards segmental space in the upcoming years.
• Based on distribution channel, the online segment is set to dominate the segmental growth in the ensuing years.
• Region-wise, the European vegan protein concentrate industry is projected to register the fastest CAGR during the projected timespan.

Vegan Protein Concentrate Market: Growth Factors

Growing inclination towards vegan food intake is likely to bolster the global market surge over 2024-2032

An increase in the vegan population along with a preference for a vegetarian lifestyle are likely to drive the growth of the global vegan protein concentrate market. Furthermore, the focus on improving the fitness & health of athletes along with the need for supporting muscle growth is anticipated to push the market expansion globally.

In addition to this, a rise in the health consciousness among people about the intake of plant-based foods along with the adoption of healthy food habits have paved the way for humungous growth of the global market. A massive increment in lifestyle disorders such as diabetes and heart disorders is predicted to proliferate the expansion of the market globally. Flourishing e-commerce sector and innovations in food technology for improving the texture, nutrients, and taste of vegan protein concentrates will extend the growth of the global market.

Vegan Protein Concentrate Market: Restraints

Complexity involved in the manufacture of the product can restrict the global industry surge by 2032

Low consumer awareness about the benefits offered by plant-based protein powders and the gritty taste of vegan foods can deter the expansion of the global vegan protein concentrate industry. Furthermore, the complicated production process for vegan protein powders can further hamper the expansion of the global industry.

Vegan Protein Concentrate Market: Opportunities

Rise in product demand in various end-use sectors to create new growth horizons for the global market

Large-scale use of vegan protein concentrates in the food & beverages sector and sports nutrition along with diverse product offerings is expected to create new growth avenues for the global vegan protein concentrate market. Furthermore, surging preference for a vegan diet and popularity of clean-label food products requiring minimum processing are expected to spearhead the expansion of the global market.

Vegan Protein Concentrate Market: Challenges

Rising prices of raw materials can create hurdles in the growth rate of the industry globally

Huge raw component costs can challenge the expansion of the global vegan protein concentrate industry. Furthermore, supply chain oscillations can obstruct the expansion of the global industry. Moreover, there is a chance that the product will cross-contaminate with allergens, thereby further impeding the expansion of the global industry. 

Vegan Protein Concentrate Market: Segmentation

The global vegan protein concentrate market is divided into source, application, distribution channel, and region.                                             

In terms of source, the vegan protein concentrate market across the globe is segmented into pea protein, rice protein, soy protein, and hemp protein segments. Apparently, the pea protein segment, which amassed nearly 71% of the global market revenue in 2023, is anticipated to record the fastest CAGR in the coming eight years. This can be due to the large-scale consumption of pea protein owing to its hypoallergenic features. Apart from this, pea protein has a positive impact on digestive health and neutral taste, thereby increasing the growth of the segment.  

Based on the application, the global vegan protein concentrate industry is segmented into food & beverages, sports nutrition, infant formula, and dietary supplements segments. Apparently, the dietary supplements segment, which led the global industry in 2023, is anticipated to account remarkably towards the segmental expansion in the ensuing years. This can be due to consumers' surging awareness of the benefits of dietary supplements.

On the basis of distribution channel, the global vegan protein concentrate market is sectored into retail, online, and foodservice segments. Moreover, the online segment, which led the distribution channel segment in 2023, is likely to lead the segmental sphere in the forecast timespan. Moreover, the segmental progression can be owing to direct-to-consumer models adopted by vegan protein concentrate manufacturers which can help the latter in the direct selling of products to customers.

Vegan Protein Concentrate Market: Report Scope

Vegan Protein Concentrate Market: Regional Insights

North American is likely to maintain leading status in the global market over the projected time-interval

North America, which contributed about 45% of the global vegan protein concentrate market size in 2023, is likely to establish a leading position in the global market in the ensuing years. Apart from this, the regional market progression in the next couple of years can be credited to the presence of a strong customer base along with the launch of new products in countries such as Canada and the U.S. In addition to this, supportive laws promoting intake of vegan proteins will drive the regional market trends.

The European vegan protein concentrate industry is set to register the highest CAGR annually in the ensuing years. The progression of the industry in Europe can be a result of a surge in the vegan population in countries such as Germany, the UK, and Italy. Growing need for reducing heart disorders and diabetes risks has promoted the demand for vegan protein concentrates in Europe.

Key Developments

• In October 2023, Optimum Nutrition®, a key player in sports nutrition, launched a clear protein, a new product using cutting-edge systems for making clear protein shakes. Such moves will contribute remarkably towards the growth of vegan protein concentrate market earnings.

Vegan Protein Concentrate Market: Competitive Space

The global vegan protein concentrate market profiles key players such as:

• Ingredion Incorporated
• Herbalife
• Archer Daniels Midland Company
• Cargill Inc.
• Glanbia Nutritionals
• Kerry Group
• Axiom Foods
• Emsland Group
• The Coca-Cola Company
• PepsiCo
• Garden of Life LLC
• Nutiva Inc.

The global vegan protein concentrate market is segmented as follows:

By Source

• Pea Protein
• Rice Protein
• Soy Protein
• Hemp Protein

By Application

• Food & Beverages
• Sports Nutrition
• Infant Formula
• Dietary Supplements

By Distribution Channel

• Retail
• Online
• Foodservice

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa