Market Outlook
Protein is one of the most important nutrients required to maintain health. Vegan protein is a protein derived from plants. It is also called as plant-based protein. Some of the sources from where the vegan protein is obtained include oats, green peas, lentils, leafy greens & vegetables, and quinoa. The vegan protein market is going to experience high growth in the years to come. Manufacturers of vegan protein have a huge opportunity in the global market. A large number of market participants are entering in the manufacturing and supplying of vegan protein. The rising competition is compelling manufacturers to come up with competitive prices. Some of the economies that are ahead in the global vegan protein market are the United Kingdom, the United States, Canada, Australia, and some of the Asian countries. Some of the leading players in the vegan protein market include Country Life, LLC, Hammer Nutrition Direct, and Ghost, LLC.
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Vegan Protein Market Growth due to Increase in the Awareness about Healthy Diet
Vegan protein market has seen remarkable growth in the last few years. The main growth driver of the vegan protein market is the increasing awareness regarding healthy diet amongst people across the globe. Moreover, people are moving towards embracing a healthy lifestyle for which they are working out every day and following their diet regularly, which has led to an increase in the consumption of products having vegan protein. Awareness amongst people about plant-based protein being healthier and better absorbed by the body than animal based protein has compelled the use of vegan protein in the day to day diet. The shift of consumer preferences from synthetic food to more organic and natural food has given rise to the vegan protein market. But, the main restraint in this market is most of the people still prefer animal-based protein than plant-based protein which can hinder the market growth of vegan protein, but overall the market is expanding rapidly and consumers’ shift towards consumption of plant-based protein is also growing across the globe.
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Global Vegan Protein: Market Segmentation
On the basis of source, the vegan protein market is segmented as:
- Quinoa
- Green peas
- Oats
- Nuts
- Almond
- Cashew
- Walnut
- Pistachio
- Hazelnut
- Soy
- Leafy greens & vegetables
- Others (Amaranth, Potatoes, Rice, etc.)
On the basis of nature, the vegan protein market is segmented as:
- Organic
- Conventional
On the basis of form, the vegan protein market is segmented as:
- Powder
- Liquid
On the basis of flavor, the vegan protein market is segmented as:
- Chocolate
- Vanilla
- Strawberry
- Others (Banana, Mixed berries)
On the basis of application, the vegan protein market is segmented as:
- Beverages
- Supplements
- Nutritional powders
- Dairy products
- Snacks
- Others (bars, human food, and animal food)
Global Vegan Protein: Key Players
Some of the key players in the vegan protein market include Country Life, LLC, Hammer Nutrition Direct, Ghost LLC, Australian Natural Protein Company, Garden of Life, LLC, ALOHA, Puris, Genuine Health, Inc., Reliance Private Label Supplements, Vitamer Laboratories, Manitoba Harvest Hemp Foods, and Archon Vitamin, LLC, Prevention LLC, Sequel Natural Ltd., Riff Enterprises, Inc., Orgain, Inc.. Archon Vitamin, LLC’s Biooriginal Food & Science Corp is looking for the companies who are interested in joining them.
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Opportunities for Market Participants:
Market participants have huge opportunities in the BCAA supplement market. The manufacturers of BCAA supplement have huge opportunities by making products available on e-commerce websites and on their own website too due to the overall growth of the e-commerce industry. The noteworthy increase in the per capita income of consumers provides manufacturers with great opportunities as consumers are willing to spend money for better quality and taste. Manufacturers also have numerous opportunities in the BCAA supplement market by bringing up more innovative and unusual flavors in the supplement. Many sportspersons, athletes and common people are including BCAA supplement as a part of their daily diet as consuming these improve the muscles and overall body stamina. This renders more opportunities for the market participants of the BCAA supplement. Manufacturers have huge opportunities in the BCAA supplement market as a consequence of an increase in the overall consumption of nutritional supplement around the globe.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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