A recent study by Future Market Insights (FMI) opines global vegan supplements market is set to growth at 10.9% CAGR between 2020 and 2028, supported by a growing base of vegan and vegetarian consumers. The rise of the conscientious consumer has led to new opportunities for vegan supplement market players.
Plant-based diets reduce the risks of cancers, coronary disease, diabetes and other lifestyle-based ailments. Also, efforts towards sustainable food production management and ethical consideration in terms of sourcing animal-based ingredients are likely to bolster demand for plant-based product offerings.
As governments set up favorable policies towards plant-based diets, FMI opines bullish prospects for the vegan supplements market.
- Surge in demand for botanical ingredient sources owing to clean label trends
- Online retail distribution channels to gain traction as people look to minimize risks
- Demand for vegan supplements in capsule form continues to grow
- Europe maintains its position as the most lucrative market globally
“Varied advantages associated with vegan supplements including lower toxicity, superior bioavailability, and natural smell & flavor is expected to bolster the vegan supplements market through the forecast period,” says an FMI analyst.
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COVID-19 Impact Analysis
Sales of vegan supplements through online channels has picked up since early 2020, following the outbreak of the coronavirus outbreak. On the other hand, sales from brick-and-mortar outlets have witnessed a moderate drop. OTC offerings are expected to witness higher demand with higher levels of health consciousness driving the demand for immunity-boosting offerings.
This trend is also contributing to increasing adoption of plant-based diets, which will contribute to long term growth in the post pandemic era. Revenue from the vegan supplements market is expected to continue growing as lockdown restrictions are eased, with growing sales coming out of sports nutrition applications.
Who is Winning?
The vegan supplements market is largely competitive and fragmented. Key market players are increasingly focused on product development and launch strategies aimed towards bolstering product portfolios and geographical expansion.
Market leaders include General Mills Inc., Garden of Life, Danone S.A., PepsiCo Inc., Blue Diamond Growers Inc., ALOHA, NuGo Nutrition, One Brands, BHU Foods, and G&G Foods among others.
FitLivings in December 2020 introduced its Okinawa Flat Belly Tonic, which is a non-GMO, vegan friendly, powder-based supplement for consumers in the United States.
HealthyCell a leading dietary supplement company has entered into a partnership with KeHE for the distribution of its Vegan Essentials range of products, which comprises a proprietary gel delivery system.
More Valuable Insights on Vegan Supplements Market
A new report by Future Market Insights has provided readers with an unbiased analysis of the global vegan supplements market with historical data between 2014 and 2019 and forecast statistics for 2020 to 2028. For better comprehension of the global market potential, the study covers market segmentation in terms of product type (powder, liquid, capsules, bars, and others), ingredients (vitamins & minerals, amino acids, botanical supplements, and others), and distribution channels (hypermarket/supermarket, convenience stores, health & wellness stores, online retailing, and others) across six key regions.
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Key questions answered in the report
- How will the vegan supplements market rise through 2028?
According to Future Market Insights (FMI), the global vegan supplements market is likely to receive impetus from increasing awareness about environmental and health benefits of vegan supplements, expanding at a CAGR of 10.9%.
- Which is the largest vegan supplements market?
Europe is the leading market for vegan supplements, generating close to 40% of the global revenue share through the forecast period. Growth in this region is largely attributed to favorable government policies and changes in consumer preferences.
- How is COVID-19 impacting the vegan supplements growth projections?
As per the vegan health supplements market research report, the COVID-19 pandemic has supported the prospects of the vegan supplements market. The demand for immunity boosting product offerings and higher levels of health awareness will drive short-term growth.