The Vegan Supplements market size is expected to reach a value of USD 13,598.7 Million by 2028, at a CAGR of 6.9% over the forecast period ending in 2028
The Vegan Supplements market size is expected to reach a value of USD 13,598.7 Million by 2028, at a CAGR of 6.9% over the forecast period ending in 2028. The Vegan Supplements Market Value was recorded at USD 6,309.1 Million in the historic forecast period which has ended in 2019. Vegan supplements are supplements that contain important elements such as vitamins, minerals, amino acids, and proteins, as well as blends that promote overall health. They contribute to the improvement of biological functioning by supplementing the nourishment obtained from a regular diet. Consumer inclination towards a vegan diet is a major factor driving the global vegan supplement market forward. In addition, the increased prevalence of lactose intolerance is also boosting the vegan supplements market growth. Vegan supplements are becoming more popular as customers become more conscious of the value of health and wellness. Vegan supplement marketing on social media and vegan supplement manufacturers' innovative marketing techniques are generating an opportunity market for players in the global vegan supplement market. Vegan supplement manufacturers' strategic sales plans include the use of online marketing and distribution methods, as well as product promotions at trade shows and other venues, and increase the vegan supplements market size.
COVID 19 Analysis
The COVID-19 epidemic has thrown people's lives into disarray. It has a variety of effects depending on various industries including the vegan supplements industry. The COVID-19 pandemic has flicked the growth switch in every sector of the economy. Because of the pandemic, countries all around the world have been obliged to implement a lockdown. The global outbreak of COVID-19 has sparked a rise in demand for vegan supplements and increased the vegan supplements market share. Vegan supplement items are becoming more popular as people become more aware of their health benefits. Furthermore, as a result of the COVID-19 situation, numerous vegan supplement manufacturers expanded their output to meet client demand. COVID-19 has thus had a favorable impact on the vegan supplement market, as company production and sales have surged in 2020 as a result of the global COVID-19 pandemic.
Consumers around the world are adopting a healthy lifestyle at an increasing rate. Preventive healthcare, such as fortified foods and beverages that provide health advantages and nutrition, is becoming more popular among consumers and thus, there is an increase in consumption of vegan supplements resulting in increased vegan supplements market trends. Consumers are becoming more aware of the health benefits of vegan supplement products, which are fueling the vegan supplements market outlook. Vegan supplements are becoming more well known for their health benefits and becoming the trend. An optimistic attitude toward sports nutrition is also a driver for the market growth. There are various marketing techniques too that worked for the market share.
The increasing awareness about the side effects of vegan supplements has hampered the vegan supplements market value. Also, there are stringent Government Regulations that have led to the market forecast to decrease. Plant-based protein supplements have higher production costs than animal-based protein supplements, which is a major barrier to adoption. The lack of palatability of plant-based end products is another issue in the sector. Detox and protein products have proved it true especially. Advancements in taste solutions, such as polymer coatings and microencapsulation, will help to solve these problems during the forecast period.
Consumers are becoming more open to vegetarian and vegan diets as a result of dietary, environmental, and ethical factors. According to the Vegan Society, the number of vegans in the UK increased by about fourfold during the forecast period. Vegans make up about 3-4% of the US population, depending on age group. Vegan supplements with customized component profiles aimed at specific nutritional needs, such as vegan iron supplements, vegan B12 supplements, vegan protein supplements, and vegan vitamin D supplements, are popular among vegetarians, flexitarians, and traditional consumers. For the foreseeable future, this is projected to be a major factor driving demand for vegan supplement options. The technology adopted to manufacture vegan supplements has helped a lot in increasing the vegan supplements market forecast and will also help in further vegan supplements market analysis.
The Market is further bifurcated into various segments that will help the market grow as per the predicted CAGR growth and prove the vegan supplements market forecast true by the end of the forecast period in 2028. The market has been segmented based on the following:
Based on the type, the market has been segmented as follows:
Based on the form, the market has been segmented as follows:
Based on the Distribution-Channel, the market has been segmented as follows:
Based on the region, the market has been segmented as follows:
During the forecast period, North America held a significant share of the global vegan supplements market. Increased medical service expenses across North America are driving market expansion in this area. The rising expense of medical services has prompted a shift in consumer behavior toward the incorporation of healthy alternatives into everyday routines, resulting in significant growth in the consumption and demand for vegan supplements leading to better market outlook. With the rise of ready-to-eat meals in the region, Europe dominated the global vegan supplement industry. The growing investment in research and development of new vegan supplements is projected to aid the European market's expansion. Vegan supplements market analysis is predicted to become more popular in Europe as people become more aware of their health benefits. Due to the existence of countries such as India, China, Australia, New Zealand, and others, the Asia-Pacific area offers significant expansion potential for operational players. The expansion of the market is primarily driven by the adoption of a western lifestyle, population growth, and an increase in consumer disposable income.
The vegan supplement industry in North America is highly competitive, with a significant number of domestic and global competitors vying for market dominance. Mergers, expansions, acquisitions, and partnerships, as well as new product development, are highlighted as strategic techniques used by prominent corporations to increase their brand exposure among customers. The major key players are as follows:
The report identifies the prevailing market prospects, also the research includes a quantitative analysis of the market segments, current trends, estimations, and dynamics of the vegan supplements market for the forecast period. The paper contains data on major drivers, limitations, and technological assessments. The research also emphasizes the importance of buyers and suppliers in assisting stakeholders in making profitable business decisions and strengthening their supplier-buyer network. An in-depth examination of the vegan supplements market segmentation aids in the identification of current market prospects. Market player positioning makes benchmarking easier and gives a clear picture of the current state of the market. The study examines regional and global trends in vegan supplements, as well as main competitors, market segmentation, and application areas.
|Market Size||USD 13,598.7 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Form, By Distribution Channel, By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Jarrow Formulas (US), Solgar Inc. (US), Deva Nutrition LLC (US), Natrol (US), NOW Foods (US), Garden of Life LLC (US), Pure Encapsulations (US), HTC Health (UK), Ora Organic (US)|
|Key Market Opportunities||
|Key Market Drivers||
The expected CAGR growth for the global vegan supplements market is estimated to grow at a 6.9% CAGR by the end of the forecast period in 2028.
The largest market share is expected to hold by the European region during the forecast period ending in 2028.
The major key players are Jarrow Formulas (US), Solgar Inc. (US), Deva Nutrition LLC (US), Natrol (US), Eversea (Canada), Nutrazee Inc. (India), NOW Foods (US), Garden of Life LLC (US), Pure Encapsulations (US), HTC Health (UK) and Ora Organic (US).