According to the latest report by IMARC Group, titled “Vegan Supplements Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global vegan supplements market size reached a value of US$ 6.97 Billion in 2021. Vegan supplements are additional health-food supplies derived from plant-based sources that meet the body's nutritional requirements. Typically available in pills, capsules, gummies, powders, tablets, and liquid forms, these supplements contain iron, calcium, vitamins B12 and D, iron, zinc, iodine, omega-3 fatty acids, and proteins. In general, vegans consume these products as they allow them to abstain from consuming animal by-products for meeting their dietary requirements. These supplements have a lower carbon footprint and are more eco-friendly while providing the same quality and dosage of nutrients as conventional foods. Besides promoting proper nutrition, they also augment cognitive abilities, enhance athletic performance, improve weight management, and boost immunity.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Vegan Supplements Market Trends:
The global market is primarily driven by the augmenting adoption of veganism among the masses. This can be attributed to the rising health and environmental concerns, along with the escalating focus on animal welfare. In addition to this, the increasing prevalence of numerous lifestyle diseases is resulting in a paradigm shift of consumer focus towards a healthier lifestyle, thereby fueling the market growth. Moreover, the widespread adoption of natural, energy-rich, clean-label products is leading to a higher uptake of vegan supplements on the global level. Continual product innovations, such as the launch of products with extended shelf life, diverse flavor profiles, and medicinal qualities, are further creating a positive outlook for the market. Some of the other factors providing an impetus to the market include the rising applications of vegan supplements in sports nutrition, the growing geriatric population, inflating disposable income levels of the masses, extensive research and development (R&D) activities, and easy product availability via online and offline organized retail channels. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 10.88 Billion by 2027, exhibiting a CAGR of 7.50% during 2022-2027.
- Based on the product type, the market has been segmented into protein, minerals, vitamins, and others.
- On the basis of the form, the market has been divided into powder, capsules/tablets and others.
- Based on the distribution channels, the market has been categorized as pharmacies/drug stores, supermarkets and hypermarkets, specialty stores, and online stores.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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.
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