According to the report titled ‘Global Vegan Protein Powder Market Size study, Type (Vegetable, Nuts, Others), Application (Adult Male, Adult Female, Youth, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global vegan protein powder market was valued at USD 5.3 billion in 2019 and is estimated to reach USD 15.2 billion over 2020-2027, growing at an annual rate of 14.04% throughout.
 

Rising cognizance of benefits of plant-based nutrition, amplifying sports nutrition sector, and rising popularity of high-protein diets among fitness enthusiasts are key factors facilitating the growth of global vegan protein powder market.
 

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Moreover mergers, partnerships, acquisitions, launch of new products, investments, and other strategies adopted by leading companies for gaining a competitive advantage will also proliferate industry expansion. For example, Glanbia plc acquired a US based non-diary ingredient solutions company, Watson Inc., in order to order to offer products like high-quality edible films, baking products, and customized premixes among others.
 

For the unversed, protein powder is a prevalent dietary supplement used for building muscle strength and weight loss. It is an easy way to improve quality of protein in the diet with little preparation. Vegan protein powder is derived not from dairy, eggs, meat or other animal products, but is sourced from plants like legumes, nuts, beans, and grains.
 

Inclination towards veganism, along with importance of protein micronutrient for enzyme & hormone development, muscle building, and tissue repair are stimulating global vegan protein powder industry outlook. Contrastingly, lack of better flavors, and increasing raw material costs are posing as challenge for the business scenario.
 

According to type, worldwide vegan protein powder market is divided into nuts, vegetables, and others. Whereas, various application areas include adult males, adult females, youth, and others.
 

Regionally speaking, North America led the global vegan protein powder market forecast in the recent past. Meanwhile, an increase in number of people following protein rich diets, evolving fitness trends, and incorporation of sports nutrition will bolster the market revenues in Asia Pacific over 2020-2027.
 

Key competitors in global vegan protein powder industry include Garden of Life LLC, AGT Food and Ingredients Inc., Cargill Inc., Glanbia plc, MRM Nutrition, Hammer Nutrition, Australian Sports Nutrition (ASN), Private Label Superfoods, Health Warrior Inc., and WhiteWave Foods.