Industry Overview of Vegan Supplements Market
Vegan supplements are becoming increasingly popular as part of the practice of veganism, which avoids the use of animal-derived products. These supplements are designed to provide additional nutrients sourced from plant-based ingredients, catering to the specific nutritional needs of individuals following a vegan lifestyle. They are rich in essential nutrients such as calcium, vitamins B12 and D, iron, zinc, iodine, omega-3 fatty acids, and proteins. Vegan supplements are available in various forms including capsules, gummies, powders, pills, tablets, and liquids. They offer a sustainable alternative to non-vegan supplements, with a smaller carbon footprint and a more environmentally friendly production process, while providing the same quality and dosage of essential nutrients. The benefits of vegan supplements extend beyond meeting nutritional requirements. They are known to enhance cognitive abilities, improve athletic performance, support proper nutrient intake, assist in weight management, and boost immune function. By incorporating vegan supplements into their diet, individuals can ensure they are receiving the necessary nutrients to support their overall health and well-being while adhering to a vegan lifestyle.
How Big Is The Vegan Supplements Market?
The global vegan supplements market size reached US$ 7.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.8% during 2023-2028.
What Are The Growth Prospects And Trends In The Vegan Supplements Industry?
The vegan supplements market is experiencing significant growth driven by several factors. One of the key drivers is the expanding vegan population, motivated by concerns about health, environmental impact, animal welfare, and the desire for a healthier lifestyle. The increasing prevalence of chronic diseases is also contributing to the market growth as individuals seek plant-based alternatives to support their well-being. Furthermore, continuous product innovations in terms of flavor profiles, such as vanilla, chocolate, berry, and others, are enhancing the appeal of vegan supplements and attracting a wider consumer base. The growing awareness of the benefits associated with vegan supplements, along with the demand for clean label and energy-rich options, is also fueling market expansion. Another significant growth factor is the extensive application of vegan supplements in sports nutrition. These supplements serve as a valuable source of dietary fiber, which can help reduce the risk of inflammation and improve cholesterol levels, blood viscosity, and arterial flexibility, thereby supporting athletic performance and recovery. Moreover, there is an increasing demand for vegan supplements with an extended shelf life, reflecting the consumer preference for products that can be stored for longer periods without compromising quality. The rising disposable income of consumers and the easy availability of vegan supplements through e-commerce platforms further contribute to market growth. Overall, the combination of factors such as the expanding vegan population, product innovations, awareness of benefits, sports nutrition applications, shelf life demands, consumer spending power, and convenient product availability is driving the growth of the vegan supplements market.
What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Product Type:
- Protein
- Minerals
- Vitamins
- Others
Breakup by Form:
- Powder
- Capsules/Tablets
- Others
Breakup by Distribution Channel:
- Pharmacies/Drug Stores
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Stores
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who Are The Key Players Operating In The Industry?
The report covers the major market players including:
- Aloha Inc.
- Amway Corp.
- Deva Nutrition LLC
- DuPont de Nemours Inc.
- Eversea Inc., HTC Health
- Jarrow Formulas Inc.
- Nestlé S.A.
- NOW Foods
- Nutrazee
- Ora Organic and PepsiCo Inc.
