Global Vegan Supplements Market, By Type (Vitamin B-12, Iron, Omega-3 Fatty Acids, Vitamin D, Vitamin K-2, Zinc, Iodine, Calcium), Form (Powder, Capsule), Nature (Organic, Conventional), Application (Healthcare Products, Pharmaceuticals, Food and Beverages, Infant Food, Dairy Products, Bakery and Confectionery Products, Beverages, Others, Snacks, Flours, Breakfast Cereals, Personal Care Products), Distribution Channel (Hypermarket, Supermarket, Mass Merchandisers, Specialty Stores, Others), Country (U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India , South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, U.A.E, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
The vegan supplements market is expected to witness market growth at a rate of 10.5% in the forecast period of 2021 to 2028 and is expected to reach USD 17.78 billion by 2028. Data Bridge Market Research report on vegan supplements market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The rise in awareness regarding the healthy diet among consumers is escalating the growth of vegan supplements market.
Vegans are people who strictly follow a vegetarian diet that forbids the consumption of animal products in their diet. Vegan supplements refer to the additional nutrients as people consume when they have some deficiency or they want to lead a healthy, balanced vegetarian and vegan diet. Vegetarians and vegans don't eat any red meat, poultry, game, fish, shellfish or crustacea, thus these supplements are derived from plant based sources. Vitamin C, vitamin D and omega 3 and iron are some of the common vegan supplements.
The increasing consumer inclination towards eating vegetarian food over animal-based products and avoiding an omnivore diet acts as one of the major factors driving the growth of vegan supplements market. The rise in demand for vegan vitamins and supplements among the consumers who prefer vegan food and the increasing popularity of these products as they have more advantages over their counterpart including synthetic or animal based-supplements accelerate the vegan supplements market growth. The high adoption rate of these supplements because of their health benefits such as low risk of heart disease, LDL, blood pressure, diabetes and cancer and the emergence of social media as a platform to share information making it more visible to the public further influence the vegan supplements market. Additionally, expansion of health and fitness industry, shift in demand for meat alternatives, rising awareness around the benefits of protein-rich diet and proteins, growing vegan population and increasing demand from food and beverage industry positively affect the vegan supplements market. Furthermore, research and development activities and product innovations extend profitable opportunities to the vegan supplements market players in the forecast period of 2021 to 2028.
On the other hand, availability of wide range of synthetic supplements and their low price compared to the vegan supplements are the factors expected to obstruct the vegan supplements market growth. The implementation of stringent regulations and norms in some regions is projected to challenge the vegan supplements market in the forecast period of 2021-2028.
This vegan supplements market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on vegan supplements market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Vegan Supplements Market Scope and Market Size
The vegan supplements market is segmented on the basis of type, form, nature, application and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the vegan supplements market is segmented into vitamin B-12, iron, omega-3 fatty acids, vitamin D, vitamin K-2, zinc, iodine and calcium.
- On the basis of form, the vegan supplements market is segmented into powder and capsule.
- On the basis of nature, the vegan supplements market is segmented into organic and conventional.
- On the basis of application, the vegan supplements market is segmented into healthcare products, pharmaceuticals, food and beverages, infant food, dairy products, bakery and confectionery products, beverages, others, snacks, flours, breakfast cereals and personal care products.
- On the basis of distribution channel, the vegan supplements market is segmented into hypermarket, supermarket, mass merchandisers, specialty stores and others.
Global Vegan Supplements Market Country Level Analysis
The vegan supplements market is analyzed and market size, volume information is provided by country, type, form, nature, application and distribution channel as referenced above.
The countries covered in the global vegan supplements market report are the U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America and Europe dominate the vegan supplements market because of the rising awareness about vegan diet along with shifting trend towards vegetarianism, increasing consumer awareness about the intake of a nutritious diet, consumption of sports nutrition supplements and growing concerns regarding weight management. Asia-Pacific is expected to witness significant growth during the forecast period of 2021 to 2028 due to the increase in spending for the development of natural ingredients, rapid urbanization and rising disposable income in the region.
The country section of the vegan supplements market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Vegan Supplements Market Share Analysis
The vegan supplements market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to vegan supplements market.
The major players covered in the vegan supplements market report are DuPont, Jarrow Formulas, Inc., Vitamin Energy, Solgar Inc., Deva Nutrition LLC, NOW Foods, Natrol, LLC, Vitacost, Garden of Life, Pure Encapsulations, LLC, Orgenetics, Inc., Ora Organic, HTC Health, Danone, Roquette Frères, Kerry Group, BENEO, Glanbia PLC, Amway India Enterprises Pvt. Ltd, Sakara Life, NUZEST among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.