The global vegan supplements market size was valued at $ 6,309.1 million in 2019, and is projected to reach $ 13,598.7 million by 2028, registering a CAGR of 6.9% from 2021 to 2028. Across the globe consumers are moving toward a healthier lifestyle and are turning towardv egetarian or vegan diets. Moreover, consumers preference toward vegans and vegetarians owing to personal health, environmental concerns, and animal welfare. Moreover, there has been an increase in the global transition rate from vegetarians to vegans to global movements such as veganuary. Furthermore, in the U.S. the population of vegans increased from 0.4% to 3.5% in the last two years. According to the “Vegetarianism in America” study published by Vegetarian Times Magazine, there has been an increase in the percentage of vegans residing in the U.S. In addition, according to The Vegan Society's larger survey, the population of vegans quadrupled from 2014 to 2018. In 2018, there were around 6,00,000 vegans in the UK, which is equivalent to 1.16% of the British population. Thus, increase in vegetarians and vegans population across the globe drives the growth of the market.
The market in the Asia-Pacific region offers lucrative growth opportunities for the operating players owing to presence of countries such as India, China, Australia, New Zealand, and others. Increase in adoption of western lifestyle, rise in population, and surge in disposable income of consumers majorly drive the growth of the vegan supplements market. Moreover, increase in awareness regarding vegan supplements products and its associated benefit has further augmented the growth of the market. Developing region offers potential growth opportunities to the market players for launching innovative meat substitute products.
Moreover, countries in Latin America, such as Brazil, are anticipated to unfold attractive business opportunities owing to high prevalence of obesity in this region. However, the growth in the vegan supplements market brings about a significant need for governmental intervention and it also strengthens regulations pertaining to the distribution, production, safety testing and claims related to the effectiveness and efficiency of vegan supplements. In the last couple of years the U.S. Food and Drug Administration (USFDA) has become severe with the safety standards and has observed a rise in number of labelling violation related to dietary supplement and vegan supplement. Moreover, strict regulatory compliance across all the countries related to vegan supplement products affects the growth of the global vegan supplements market.
The vegan supplements industry is segmented on the basis of product type, form, distribution channel, and region. By product type, it is classified into minerals, vitamins, protein, and others. By form, it is divided into capsules/tablets, powder, and others. By distribution channel, it is categorized into hypermarket/supermarket, specialty stores, pharmacies/drug stores, and online sales channel. By region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
By product type, the protein segment constitutes a major market share; however, the mineral segment is projected to experience growth at the highest CAGR during the vegan supplements market forecast period.
By Product Type
Protein segment dominates the global market and is expected to retain its dominance throughout the forecast period.
By form, the powder segment leads in terms of vegan supplements market share and is expected to continue to grow with a highest CAGR during the forecast period. Furthermore, powder form vegan supplement is 100% vegan, gluten free, dairy free, soy free, and non-GMO which makes it suitable for people on a certain diet. This vegan supplement powder is a good as a meal replacement and smoothie booster. It also helps in muscle recovery and can be consumed post or pre workouts.
By Form
Capsules/Tablets segment is expected to grow at a highest CAGR of 8.1% during the forecast period.
By distribution channel, the pharmacies/drug stores segment held the major share, and is projected to remain dominant during the forecast period. Pharmacies sell vegan supplement products along with other supplements. Consumers are concerned regarding health and therefore spend more on supplement products for their better health. In addition, pharmacy retailers offer professional consulting services to consumers, which helps consumer in purchasing the product
By Distribution Channel
Online sales channel segment is expected to grow at a highest CAGR of 9.7% during the forecast period.
The key players profiled in the market report are Aloha, Bhu Foods, Danone S.A., Jarrow Formulas, Inc., Kerry Group, PLC, Kikkoman Corporation, Nestle S.A., NuGo Nutrition, Nutrazee, and PepsiCo, Inc.
By Region
North America dominates the market and is expected to grow with a CAGR of 5.3% during the forecast period
Covid-19 Impact Analysis
- Covid-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December 2020.
- During the COVID-19 outbreak, consumers have become more concerned about their overall health and wellness as COVID-19 has impacted mental and physical well-being of almost everyone across the globe. Moreover, consumers are now more conscious about their immunity and weight gain, which has become an issue during the pandemic as people have become extremely inactive. Such factors lead to various chronic diseases such as diabetes and obesity and thus people seek for healthy alternatives to combat the same.
- Furthermore, due to COVID-19 crisis many vegan supplements producing companies increased their production to meet the demand of the customers. Thus, COVID-19 has positively impacted the vegan supplements market, as production and sales of companies have increased in 2020, owing to COVID-19 pandemic across the world.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the vegan supplements market analysis from 2019 to 2028 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and vegan supplements market opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis of the vegan supplements market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market industry.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global vegan supplements market trends, key players, market segments, application areas, and vegan supplements market growth strategies.
Key Market Segments
By Product Type
- Minerals
- Vitamins
- Protein
- Others
By Form
- Capsules/Tablets
- Powder
- Others
By Distribution channel
- Hypermarket/Supermarket
- Specialty Stores
- Pharmacies/Drug Stores
- Online sales channel
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Russia
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia & New Zealand
- South Korea
- Rest of Asia-pacific
- LAMEA
- Brazil
- South Africa
- U.A.E
- Saudi Arabia
- Rest of LAMEA
Vegan Supplements Market Report Highlights
| Aspects | Details |
 By PRODUCT TYPE |
|
 By FORM |
|
 By DISTRIBUTION CHANNEL |
|
 By Region |
|
 Key Market Players | PLC, Danone S.A., Kerry Group, Nestle S.A., Aloha, Bhu Foods, Jarrow Formulas, Inc., PepsiCo, Inc., NuGo Nutrition, Nutrazee, Kikkoman Corporation |
Analyst Review
According to the perspective of top-level CXOs, innovation is the key for the growth of the vegan supplements market, in terms of value sales. Rise in demand for various vegan supplements products among customers makes way for the manufacturers to come up with innovative products along with affordable prices and eco-friendly packaging.
Key players operating in the global vegan supplements market have adopted developmental strategies such as new product launch to strengthen their foothold in the market, in terms of value sales. They emphasize on continuous innovation to formulate products and gain a competitive edge in the global market and to boost the demand for vegan supplements. According to the key market players, changes in lifestyle and rise in health concerns of consumers across the globe boost the growth of the vegan supplements market. These players are focused on investing in R&D activities to launch improved products for consumers and maintain their position in the market. According to some key vegan supplements companies, rise in trend to improve immunity among people is expected to fuel the demand for vegan supplements across the globe. Thus, this factor is anticipated to offer lucrative opportunities for growth of the vegan supplements market. Moreover, key manufacturers are providing vegan supplements in different formats including liquid, capsules, powders, and others to make consumption easy and convenient for consumers. However, high cost associated with these products hampers the market growth. Furthermore, increase in penetration of various online portals globally and rise in number of offers or discounts attract large consumer base to purchase vegan supplement products through online channels. Moreover, online sales channel has increased the consumer reach, making it the key source of revenue for many companies.
The total market value of the Vegan Supplements Market report was valued at $ 6,309.1 million in 2019, and is projected to reach $ 13,598.7 million by 2028.
The forecast period in the Vegan Supplements Market report is 2021-2028.
The base year calculated in the Vegan Supplements Market report is 2019.
The top companies hold the market share in the Vegan Supplements Market are Aloha, Bhu Foods, Danone S.A., Jarrow Formulas, Inc., Kerry Group, PLC, Kikkoman Corporation, Nestle S.A., NuGo Nutrition, Nutrazee, and PepsiCo, Inc.
The most influencing segment growing in the Vegan Supplements Market report is protein.
The powder segment holds the maximum market share of the Vegan Supplements Market.
The company profile has been selected on the basis of prominent players in the market.
The total market value of the Vegan Supplements Market report is $ 6,309.1 million in 2019.
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