According to the latest report by IMARC Group, titled “Vegan Supplements Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global vegan supplements market forecast.The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global vegan supplements market size reached US$ 7.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 11.2 Billion on by 2028, exhibiting a growth rate (CAGR) of 6.8% during 2023-2028.
Veganism represents a practice that refrains from the use of animal by-products, such as eggs, milk, or meat. Vegan supplements refer to additional nutrients that are emanated from plant-based sources to fulfill the nutritional needs of the human body. Generally consumed by the vegan population, they are rich in calcium, vitamins B12 and D, iron, zinc, iodine, omega-3 fatty acids, and proteins. Vegan supplements are commonly available in capsules, gummies, powders, pills, tablets, and liquid forms. Compared to non-vegan components, they exhibit a smaller carbon footprint and are more environmentally sustainable while delivering the same quality and dosage of underlying nutrients. In addition, vegan supplements improve cognitive abilities, provide better athletic performance, ensure the intake of proper nutrients, manage weight, and boost immunity.
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Industry Definition and Application:
The expanding vegan population, owing to health concerns, environmental impact, animal welfare, the increasing instances of various chronic diseases, and the shifting consumer inclination toward a healthier lifestyle, is among the primary factors driving the vegan supplements market. Besides this, continuous product innovations in several flavor profiles, such as vanilla, chocolate, berry, and others, are further augmenting the market growth.
Moreover, the rising awareness toward the associated benefits of vegan supplements and the escalating demand for clean label, energy-rich offerings are also catalyzing the global market. Apart from this, the extensive application of this component in sports nutrition as a good source of dietary fiber to minimize the risk of inflammation and improve cholesterol levels, blood viscosity, and arterial flexibility is acting as another significant growth-inducing factor. Furthermore, the elevating requirement for this powder with enhanced shelf life, the inflating expenditure capacities of consumers, and the easy product availability across e-commerce platforms are expected to bolster the vegan supplements market in the coming years.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has been segmented the market into following categories:
Breakup by Product Type:
Breakup by Form:
Breakup by Distribution Channel:
- Pharmacies/Drug Stores
- Supermarkets and Hypermarkets
- Specialty Stores
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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