Vegan Protein Balls: Market outlook
The growing healthy snacking trend, increasing demand for proteinaceous diet, and escalating vegan/vegetarian demographics is resulting in the increasing market for vegan protein balls over the forecast period. The vegan protein balls are a mixture of plant protein (pea protein, rice protein, and others) along with other protein-rich ingredients like almonds, cashew, fruits, chocolates, oats, etc., rolled up to form healthy nutritious on-the-go snacks. Vegan protein balls are a rich source of protein and fibers which are required by the body to prevent muscle loss and to retain strength. The vegan protein balls aim to target the population that prefers a plant-based diet and avoids animal-based products; besides, focusing on a people that are health conscious, fitness freaks, and gym lovers.
Increasing Number of Vegan Demographics and Growing Demand for Proteinaceous Snacking Option is Fuelling the Growth for Vegan Protein Balls
The expanding number of health-conscious consumers across the globe are encouraging food manufacturers in the market to produce healthier and nutritious food options. Many consumers are opting for a vegetarian or vegan diet to follow healthy lifestyles. Consumers are becoming more conscious about their food consumption habits, which is driving the manufacturers in the global protein ball market to come up with vegan ingredients to capture the health-conscious consumer base in the market. Targeting vegetarian or vegan consumers has become another popular trend, which results in the production of vegan protein balls. Increasing urbanization and industrialization have resulted in busy and hectic lifestyles. This fast lifestyle has given upswing to new eating habits that are unlike the three-square meals eaten at the family table. Consumers are turning towards round-the-clock snacks when hungry. Many are opting for healthier snacks containing nutritious and natural ingredients, free-from claims and labels that are beneficial to their health and wellness. Consumers are increasingly moving towards snacks that offers clearer and cleaner labels. Vegan or plant-based foods fulfill the demand for cleaner, healthier and natural snacking; thus, vegan protein balls market is anticipated to witness a growing demand in the near future. Moreover, the market for vegan protein balls is seeing an increasing demand from fitness enthusiasts and gym lover who are highly dependent on the protein intake for maintaining a healthy diet. The fitness enthusiasts and gym lover are inclined towards vegan protein balls to fulfill their protein requirement, and thus fuelling the market growth for vegan protein balls.
Global Vegan Protein Balls: Market Segmentation
On the basis of nature, the global vegan protein balls market has been segmented as-
- Organic vegan protein balls
- Conventional vegan protein balls
On the basis of plant protein, the global vegan protein balls market has been segmented as-
- Rice Protein
- Pea Protein
On the basis of flavor, the global vegan protein balls market has been segmented as-
- Fruit Flavored
- Nut Flavored
- Chocolate Flavored
- Coconut Flavored
- Lemon Flavored
On the basis of claim, the global vegan protein balls market has been segmented as-
- GMO Free
- Gluten Free
- Wheat Free
- Soy Free
- No Added Sugar
- All Natural
- High in Fibre
- Dairy Free
On the basis of flavor, the global vegan protein balls market has been segmented as-
- Store Based Retailing
- Convenience Stores
- Specialty Stores
- Sports and Nutrition Stores
- Forecourt retailers
- Small Groceries
- Online retailing
On the basis of region, the global vegan protein balls market has been segmented as-
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Global Vegan Protein Balls: Key Players
Some of the major players of vegan protein balls market include: The Protein Ball Co, Bounce Foods ltd, The Daily Nourish Co., Nibble Group Ltd, Tom & Luke Ltd, Creation Nation, Boostball, Health Lab, Health Nutt Pty Ltd
In 2018, The Protein Ball Co launched vegan protein balls wrapped for breakfast on the go. The vegan protein balls are available in three flavours including hazelnut & cacao, strawberry & vanilla, and apple & blueberry. The vegan breakfast protein balls are made with natural protein sources including rice, pumpkin, and pea.
In 2017, Bounce, a well-known brand for energy ball, launched five-strong V life range to its snacks product offering. The vegan protein balls are available in beetroot cashew, almond kale, and coconut cumin variants along with cashew peanut and almond spirulina. The company aims launched vegan protein ball range to cater the demand from the growing vegan population and encourage smarter snacking habits of the consumers.
Opportunities for Participants of Vegan Protein Balls Market:
Regions like North America and Western Europe will have an increasing demand for vegan protein balls due to increasing health and wellness conscious population and the growing prevalence of dietary restriction due to problems like lactose intolerance, food allergies, etc. Besides, consumers’ inclination towards a vegan/vegetarian diet is also boosting the market for vegan protein balls in these regions. For instance, there’s been a 600% increase in people identifying as vegans in the U.S in the last three years, which shows veganism has been growing exponentially. Additionally, consumers are becoming more fitness conscious and are preferring proteinaceous snacks like vegan protein balls. Among the regions globally, Asia Pacific is expected to have a growing market for vegan protein balls. This can be attributed to raising awareness amongst consumers regarding natural products and increasing per capita expenditure on food and beverages in countries such as China, India, and ASEAN.
Market Strategies: Vegan Protein Balls
Global players are expected to witness a growth in the demand for vegan protein balls majorly from vegan and health-conscious consumers. Key players are expected to continue expanding their production capacities and enhance capabilities with the incorporation of latest technologies. Besides, the manufacturers of protein balls are focusing on innovation and developments by offering products with better tastes and improved nutritional values. The manufacturers are blending their vegan protein balls with different ingredients and providing their products in different types, forms and flavors to cater more consumers. Besides, most of the significant shareholding manufacturers of vegan protein balls are now strategizing on improving their distribution base in the global market to make sure the vegan protein balls are readily available to its target customers.
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