Vegan Supplements Market Growth Size is Estimated to Grow at Incredible CAGR till 2030

Theglobal vegan supplements market size was valued at USD 8,582.0 million in 2021 and is projected to reach USD 14,635.5 million by 2030, registering a CAGR of 6.9% from 2022 to 2030. Many countries have recognized lifestyle-related diseases as the main problem in the past few years, leading to a rise in health consciousness among consumers. A rise in consumer awareness regarding the health benefits of vegan supplements, such as benefits against chronic diseases to promote optimal health, quality of life, and longevity, fuels the demand for vegan supplements.

The rise in the aging population, increase in life expectancy rates, and growth in instances of chronic diseases have changed consumers' eating patterns. Also, owing to busy lifestyles, consumers now look for vegan supplements, which provide the essential nutrition and help them enhance their physical and mental wellness.

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In the past years, there has been an increase in vegan supplements powder among consumers across the globe. Powders are highly soluble, easier to handle, less bulky, and less prone to spoilage in long-term storage. Therefore, vegan supplement manufacturers are strategizing on extending production in powder form. Moreover, this powder is highly nutritious and free from artificial colors, flavors, and sweeteners. In addition, vegan supplement powder is available in various flavors such as vanilla, chocolate, berry, and others, which further boosts the market's growth.

COVID-19 Impact on the Global Vegan Supplements Market

The vegan supplements industry is estimated to benefit consumers who want to lead healthier lifestyles and improve their dietary habits during COVID-19. Consumers believe that vegan supplements boost immunity power and could help them fight against coronavirus disease boost the adoption of vegan supplements, which propels the market growth.

Moreover, there is an increase in social media users due to a rise in internet penetration. Considering this, most of the players in the vegan supplements market strategize on promoting their products and services on the social media platforms such as Facebook, YouTube, Instagram, and others.

Social media marketing is one of the major strategies various companies and industries adopted during the COVID-19 pandemic on imparting awareness about their product offerings among target customers on social media channels. Furthermore, due to the COVID-19 crisis, many vegan supplement-producing companies increased their production to meet customer requirements. Thus, COVID-19 has completely impacted the vegan supplements market, as companies' production and sales increased in 2020, owing to the COVID-19 pandemic across the world.

Global Vegan Supplements Market Dynamics

Drivers: Increase in population of vegetarians and vegans

Across the globe, customers are moving toward a healthier lifestyle and are turning toward vegetarian diets or vegan. Moreover, many consumers are inclined toward vegans and vegetarians due to personal health, environmental concerns, and animal welfare. Moreover, there is an increase in the transition rate from vegetarians to vegans owing to global movements such as veganuary. In addition, the number of vegans in the United States has risen from 0.4% to 3.5% in the last two years. According to Vegetarian Times Magazine's "Vegetarianism in America" report, the number of vegans in the United States is on the rise.

Restraints: Threat of counterfeit dietary supplements

The rise in the consumption of vegan supplements has simultaneously led to an increase in the influx of fake and counterfeit supplements in the market. Moreover, counterfeiting refers to fake branding and the sale of non-authorized products and signifies a challenge for the real vendors of vegan supplements. Counterfeit brands are usually prevalent in developing economies where customers are highly price-sensitive. These brands are of low quality and often lead to inconvenience & safety issues that subsequently develop negative perceptions among customers. The online distribution channel is one of the major platforms where transactions of counterfeited brands can be easily concealed. Thus, the development of the counterfeited industry is anticipated to hamper the sale of the existing original vegan supplement brands in the market.

Opportunities: Untapped developing market

The Asian-Pacific region market offers lucrative growth opportunities for the operating players due to countries such as China, India, New Zealand, Australia, and others. An increase in the adoption of the western lifestyle, a surge in population, and a rise in the disposable income of consumers drive the growth of the vegan supplements market. Moreover, an increase in awareness regarding vegan supplement products and their associated benefits has further augmented the market's growth. The developing region offers potential market players growth opportunities for innovative meat substitute products. Countries in Latin America, such as Brazil, are anticipated to unfold attractive business opportunities owing to a high prevalence of obesity in this region.

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Scope of the Vegan Supplements

The study categorizes the vegan supplements market based on product type, form, and distribution channel at the regional and global levels.

By Product Type Outlook (Thousand Units, Revenue, USD Million, 2017-2030)

• Minerals
• Vitamins
• Protein
• Others

By Form Outlook (Thousand Units, Revenue, USD Million, 2017-2030)

• Capsules/Tablets
• Powder
• Others

By Distribution Channel Outlook (Thousand Units, Revenue, USD Million, 2017-2030)

• Hypermarket/Supermarket
• Specialty Stores
• Pharmacies/Drug Stores
• Online Sales Channel

By Region Outlook (Thousand Units, Revenue, USD Million, 2017-2030)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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By product type, the protein segment is projected to account for the largest market share

Based on product type, the global vegan supplements market is segmented into minerals, vitamins, protein, and others. In 2021, the protein segment accounted for the largest market share of 44.4% in the global vegan supplements market. Proteins are considered to be the building blocks of life. There has been a rise in the number of health-conscious consumers across the globe in the last couple of years. Moreover, vegan supplement protein powder is becoming the first choice for vegan dieticians as it is a substitute for animal-based protein.

Vegan protein supplement improves digestion, cardiovascular health, and helps avoid added hormones & antibiotics, owing to which health-conscious people use it. Moreover, an increase in health awareness and the rise in the need for an active, healthy lifestyle worldwide majorly drive the growth of the protein segment. Furthermore, the easy availability of vegan supplement protein powder in online and offline platforms further contributes toward the growth of the vegan supplements market. A sedentary lifestyle and changes in eating habits have led to increased health risks.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global vegan supplements market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia Pacific is projected to hold the highest CAGR of 9.9% in the global vegan supplements market during the forecast period. There has been an increase in the demand for vegan supplements in the last 2-3 years in this region due to the surge in interest of people toward sports and fitness. Moreover, trust, good quality products, and safety are top vegan supplements purchase attributes in developing countries like India and China.

An increase in urbanization and a rise in the number of middle-class consumers in the developed and developing markets has encouraged the adoption of convenience-oriented lifestyles, making vegan supplements more desirable for all age groups. In addition, a rise in awareness and health concerns among consumers in the region is also expected to boost market growth. Moreover, the outbreak of coronavirus disease, coupled with the desire to boost immunity to fight against the disease among people, propels the vegan supplements market growth in the region.

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Key Market Players

The key players in the vegan supplements industry report include Bhu Foods, Danone S.A., Jarrow Formulas, Inc., Aloha, PLC, Kikkoman Corporation, NuGo Nutrition, Nestle S.A., Kerry Group, Nutrazee, and PepsiCo, Inc. Every company follows its business strategy to attain the maximum market share.

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