According to MenaFM, the vegan protein powder market size was valued at $3.5 billion in 2021 and is estimated to reach $7.3 billion by 2031, growing at a CAGR of 7.8% from 2022 to 2031. In 2021, the soy and pea segments collectively accounted for around 67.3% market share, with soy protein constituting around 53.3% share.

Protein supplement products are consumed by people building up muscle, or who aim to increase and maintain body mass — or to lose weight. Therefore, athletes and sports people who are increasingly turning plant-based have become one of the most important customers for such products. 

Vegan protein powder is one of the most common protein supplements available in the market as protein concentrates, protein isolates, and protein hydrolysates. The concentrates consist of 60%-80% protein and 20% to 30% fat and carbohydrates, the isolates contain 90%-95% protein, and hydrolysates boost the absorption of protein subsequently enhancing the muscle growth response to exercise.

According to the study, during the forecast period, the baby boomers and generation X segments are expected to see considerable compound annual growth rates (CAGR) of 8.5% and 8.2%, respectively, while the cumulative share of these two segments was 46.1% in 2021. The jar and bags/pouch segments collectively accounted for around 64.1% market share in 2021.

In August this year, InsightAce Analytic Pvt. Ltd. a US market research and consulting firm, released a market assessment report that concluded that the Global Fermentation Enabled Alternative Protein Market Size was valued at US 370.39 Mn in 2022, and it is expected to reach US$ 1191.06 Mn in 2031, recording a promising CAGR of 14% during the forecast period of 2023-2031. The fermentation process uses microscopic bacteria and fungi to produce proteins or other biological molecules that can become ingredients (such as flavourings, enzymes, proteins, and fats) to be incorporated into plant-based products, and if no animal ingredients are added in the process, these proteins are suitable for vegans. 

Jordi Casamitjana
“Originally from Catalonia, but resident in the UK for several decades, Jordi is a vegan zoologist and author, who has been involved in different aspects of animal protection for many years. In addition to scientific research, he has worked mostly as an undercover investigator, animal welfare consultant, and animal protection campaigner. He has been an ethical vegan since 2002, and in 2020 he secured the legal protection of all ethical vegans in Great Britain from discrimination in a landmark employment tribunal case that was discussed all over the world. He is also the author of the book, ‘Ethical Vegan: a personal and political journey to change the world’.