ID: MRFR/F-B & N/8885-HCR | February 2021 | Region: Global | 90 pages
Global Vegan Supplements Market size is projected to reach approximately USD 7.5 Billion by 2027, at a CAGR of 5% from 2020 to 2027. Vegan supplements are products containing essential nutrients such as vitamins, minerals, amino acids & proteins, and blends that support good health. They help enhance bodily functions by adding to the nutrition derived from the regular diet. Growing consumer preference for a vegan diet is the key factor supporting the growth of the global vegan supplements market. Furthermore, the rising prevalence of lactose intolerance is supporting the growth of the market. Rising awareness and the importance of health and wellness have resulted in the growing adoption of vegan supplements among consumers. Marketing of vegan supplements on social media and innovative marketing strategies by vegan supplement manufacturers are creating an opportunistic market for the players in the global vegan supplements market. The strategic sales plans of vegan supplement manufacturers include the use of online channels for marketing and distribution along with product promotions at exhibitions and other platforms. Product launches by the key players are endorsing the growth of vegan supplements among consumers. For instance, Glanbia Nutritional has introduced HarvestPro vegan proteins. All the above factors are expected to create substantial growth opportunities for the global vegan supplements market.
The COVID-19 outbreak has turned the lives of the people upside down. Its impact across the industries is different. The COVID-19 outbreak has flipped the growth switch in every sector of the economy. The pandemic has forced countries all over the world to impose the lockdown. The outbreak of COVID-19 has resulted in a surge in demand for vegan supplements around the world. An increase in awareness of the health benefits of vegan supplement products is fueling their demand among consumers.
The global vegan supplements market has witnessed exponential growth in the last few years. In addition, the COVID-19 pandemic has created lucrative opportunities for vegan supplement manufacturers across the globe. Several health benefits are offered by vegan supplements, such as the reduction in blood pressure, improvements in the immune system, strengthening the bones, improvement in skin health, and prevention of kidney disease. Rising awareness of health benefits offered by vegan supplements is further expected to fuel the demand for vegan supplements among consumers.
Increase in consumer preference shifting from synthetic food to natural vegan-based diets.
By Distribution Channel
|Market Size||USD 7.5 Billion|
|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||