The vegan supplements market share in North America will post an incremental growth of USD 768.62, progressing at a CAGR of 7.75% during the forecast period. The increasing demand for natural products will offer immense growth opportunities to market vendors. The market is concentrated, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Vegan Supplements Market in North America by Distribution Channel and Geography - Forecast and Analysis 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The vegan supplements market in North America is segmented by Distribution Channel (Online and offline) and Geography (US, Canada, and Mexico).
The growth of the vegan supplements market size in North America by the online segment will be significant during the forecast period. The growth of the vegan supplements market in North America by online stores is directly proportional to the increase in the number of Internet users. Moreover, the US records the fastest Internet penetration due to technological advances.
The increasing demand for natural products will directly influence the sales of vegan supplements in North America. In addition, the factors such as the rise in promotional and marketing initiatives are the major vegan supplements market trends in North America that will positively impact the market growth. However, factors such as the availability of counterfeit dietary supplements will hamper the vegan supplements market growth in North America.
The market is fragmented due to the presence of several players. Some of the major vegan supplements market vendors in North America are Aloha, Canopy Growth Corp., Danone SA, Deva Nutrition LLC, FORGE Supplements, Future Kind, Jarrow Formulas Inc., Kerry Group Plc, Kikkoman Corp., Lauras Original Boston Brownies Inc., Natrol LLC, Nestle SA, NOW Health Group Inc., NuGo Nutrition, PepsiCo Inc., Vital Amine Inc., Wonder Laboratories, and DuPont de Nemours Inc.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2022-2026.
CAGR of the vegan supplements market in North America forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the vegan supplements market share in North America.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the vegan supplements market in North America.
Vegan supplements industry growth across North America