Authored By: Sarah
11 Jul 2024

 Vegan Supplements Market Size to grow by USD 3637.6 million between 2024-2028

According to a research report “ Vegan Supplements Market” by Distribution Channel (Offline, Online) Geography (Europe, North America, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 3637.6 million, at a CAGR of  8.51% during the forecast period. The global vegan population's expansion serves as a significant growth catalyst for the vegan supplements market. The surge in awareness regarding the health advantages of vegan diets is driving an increasing number of individuals to adopt this lifestyle worldwide. Vegan diets offer numerous health benefits, including higher fiber, antioxidant, and plant compound intake. These diets are also rich in essential nutrients like potassium, magnesium, folate, vitamins A, C, and E. Additionally, vegan consumers typically have lower body mass indices (BMIs) and exhibit improved kidney function and reduced blood sugar levels. The health benefits associated with vegan diets are compelling, making this market a lucrative investment opportunity for businesses.

Browse market data tables, figures, and in-depth TOC on “Vegan Supplements Market” by Distribution Channel (Offline, Online) Geography (Europe, North America, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Distribution Channel, the Offline segment is projected to dominate the market size in 2024

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By Geography, Europe  segment is expected to hold the largest market size for the year 2024

In the traditional vegan supplements market, retail channels such as supermarkets, hypermarkets, department stores, pharmacies, and other brick-and-mortar stores play a significant role. These outlets offer a distinct advantage over online platforms due to their physical presence and sales representatives. With a high footfall, these retailers provide an opportunity for direct consumer engagement, enabling consultative sales and ensuring product quality. Although operating costs are higher, the availability of knowledgeable staff can lead to increased profitability. The assurance of authenticity and quality that comes with purchasing from offline stores is a crucial factor for consumers in the vegan supplements market.

Europe is forecasted to hold the largest market size by region in 2024

The vegan supplements market represents a significant business opportunity, driven by the increasing consumer preference for ethical and plant-based dietary solutions. This trend is fueled by rising awareness regarding animal welfare, environmental sustainability, and health benefits associated with veganism. Key market segments include vitamins B12 and D, calcium, iron, and omega-3 fatty acids. Companies must focus on innovation, quality, and transparency to capture market share and meet the evolving demands of health-conscious consumers.

The Vegan Supplements Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Amway Corp.
  • Deva Nutrition LLC
  • DuPont de Nemours Inc.
  • FORGE Supplements
  • FUTURE KIND
  • Glanbia plc
  • HTC Health
  • Jagzee Enterprises
  • Jarrow Formulas Inc.
  • Kikkoman Sales USA Inc.
  • Natrol LLC
  • Nestle SA
  • NOW Health Group Inc.
  • Nuzest Life Pty Ltd.
  • Pure Encapsulations LLC
  • Sakara Life Inc.
  • Solgar Inc.
  • Unived
  • Vital Amine Inc.
  • Wonder Laboratories
.

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Research Analysis Overview

Title: Vegan Supplements Market: Thriving on the Flexitarian Diet Trend and Veganuary Campaign The vegan supplements market is a niche but rapidly growing sector, fueled by the increasing popularity of plant-based alternatives to meat and dairy. According to a report by FMI, the global vegan supplements market is projected to reach a value of USD12.6 billion by 2031. Key players in this market include NutraBlast, Nutricost, PlantFusion, Solgar, Vegetarian Times Magazine, WAF, NOW Foods, Orgain, Nestlé Health Science, AlgaeCal, Vital Nutrients, VegNews, Elderberry, and Cymbiotika. These companies offer a wide range of vegan supplements in various forms, such as tablets, capsules, and powders. The market's growth can be attributed to the flexitarian diet trend, Veganuary campaign, and government support for plant-based diets. Regulations and certifications from organizations like the Vegan Society ensure the authenticity and quality of these supplements. Vegan supplements cater to the nutritional needs of individuals following a vegan or vegetarian diet, particularly for nutrients like B12, iron, calcium, and omega-3 fatty acids, which are often harder to obtain from plant-based sources. Algae-based supplements are increasingly popular for their sustainability and high nutrient density. In conclusion, the vegan supplements market is a thriving sector that caters to the growing demand for plant-based alternatives to meat and dairy. With continued innovation and government support, it is poised for significant growth in the coming years.

Market Research Overview

Title: Vegan Supplements Market: Growth Strategies, Stakeholders, and Innovative Products Shaping the Niche Market The vegan supplements market is witnessing significant growth due to the increasing number of flexitarians and vegans worldwide. According to a report by FMI, the global vegan supplements market is projected to reach a value of USD24.5 billion by 2031, growing at a CAGR of 8.2% from 2021 to 2031. Stakeholders in the vegan supplements market include vegetarian and vegan magazines like Vegetarian Times and VegNews, food technology companies, and startup firms like NutraBlast, Nutricost, PlantFusion, Solgar, Orgain, Nestlé Health Science, Algae, Vital Nutrients, and Cymbiotika. Growth strategies include the development of innovative plant-based meat substitute products and dairy-free alternatives, focusing on flavors and consumer base expansion. Food service channels, online shopping, and the beverage sector are also potential areas for growth. Social media and D2C (Direct-to-Consumer) platforms are crucial marketing channels for startups in the vegan supplements market. Regulations and government support are essential factors that impact market growth. Consumers are increasingly seeking plant-based alternatives to meat and dairy, with campaigns like Veganuary driving demand. Elderberry and vegan society certifications are essential for companies looking to cater to the niche market. The market is expected to continue growing, driven by consumer preferences and the increasing popularity of the flexitarian diet.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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