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. 

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. 

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. 

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.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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