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
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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.
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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.
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.