Plant Based Iron Supplements Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[207+ Pages Report] According to Facts and Factors, the global plant-based iron supplements market size was valued at USD 237.48 million in 2022 and is anticipated to reach USD 383.62 million during the forecast period. The plant-based iron supplements industry is likely to grow with a CAGR of 6.14% between 2023-2030.

Market Overview

Plant supplements refer to dietary products that are extracted from plant-based iron sources. Such supplements are ideal for people following vegan diets and have difficulty getting sufficient iron from their regular meals. Iron is an important mineral that helps in various bodily functions, including enhancing energy metabolism and the production of hemoglobins.

The vegan iron supplements are extracted from seeds, nuts, whole grains, and legumes. Also, these iron supplements come in various forms, like liquid, powder, tablets, and capsules. Consumers can choose among these according to their personal preferences and ease of consumption.

Key Insights

• As per the analysis shared by our research analyst, the global plant-based iron supplements market size is estimated to grow annually at a CAGR of around 6.14% over the forecast period (2023-2030).
• In terms of revenue, the global plant-based iron supplements market size was valued at around USD 237.48 million in 2022 and is projected to reach USD 383.62 million by 2030.
• Growing awareness of water quality is expected to positively influence the growth of the global plant-based iron supplements market.
• Based on the form, the tablet segment is likely to dominate the global market.
• Based on the application, the sports nutrition segment is blooming at a high rate and is projected to dominate the global market.
• Based on the type, the ferrous gluconate accounts for the largest share of the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.           

Growth Drivers

• Surging interest in plant-based diets is likely to boost the growth of the global market.

The increasing adoption of vegan diets has significantly widened the customer base for plant-based supplements, which is likely to be a primary factor in the growth of the global plant-based iron supplements market. People following vegan diets pose a huge demand for plant-based iron supplements to fulfill the daily nutritional needs of their bodies.

Also, the increasing focus of people on health and wellness has significantly raised awareness of proper nutrition. Therefore, consumers are looking forward to supplements that can support their overall well-being. For instance, Garden of Life, in 2021 launched Blood Builder Liquid. It is an iron supplement designed to maintain energy levels while being non-constipating and soft on the stomach.

Restraints

• Competition from traditional supplements is likely to hamper the growth of the global market.

Traditional iron supplements make use of synthetic iron forms. However, the plant-based iron supplements are completely different, which is likely to restrain the growth of the plant-based iron supplements industry because people are well-settled with the traditional products.

Also, plant-based iron supplements are a little expensive when compared to traditional supplements because of the different sourcing and production methods. The higher production cost is likely to deter cost-sensitive consumers globally.

Opportunities

• Increasing awareness of the iron deficiency issue is expected to offer lucrative opportunities in the global market.

Iron deficiency is a common nutritional issue worldwide. People are becoming more aware of its health implications, which is likely to offer significant opportunities in the plant-based iron supplements industry. However, health-conscious people are looking forward to the plant-based iron supplement as an alternative to people with iron deficiency problems.

Companies are boosting their research and development activities to come up with more effective and bio-available iron supplements, which are also expected to widen the scope of the industry with better products and enhanced efficacy. For instance, Nestle, in 2022, launched BUNYAD iron+ for children in Pakistan. It is a type of dairy powder drink that is considered to be a novel iron source.

Challenges

• Limited product variety is a big challenge in the global market.

The product range of plant-based iron supplements is quite narrow when compared to the range of animal-based iron supplements. Therefore, it is expected to be a big challenge in the global plant-based iron supplements market. Also, plant-based iron sources contain non-heme iron, which is less efficiently absorbed by the body, thereby limiting the effectiveness of the supplements, and preventing consumers from using them.

Segmentation Analysis

The global plant-based iron supplements market can be segmented into form, application, type, and region.

By form, the market can be segmented into syrup, capsules, liquid, and tablets. The tablet segment is likely to dominate the plant-based iron supplements industry because of its high popularity among common people. It is the most widely consumed form of any supplement.

They are more in demand due to the ease of consumption and the convenience offered by the iron supplement tablets. These hold standardized dosing and are portable products. Moreover, the high growth rate can be attributed to their ease of inclusion into the daily routines, control of the release of nutrients, and a longer shelf life.

By application, the market can be segmented into medicinal supplements, sports nutrition, and additional supplements. The sports nutrition segment is blooming at a high rate and is projected to dominate the plant-based iron supplements industry in the forthcoming years. Sports drinks are landing in the top-selling category, followed by protein bars and powders. These nutrients are gaining popularity among active individuals and athletes who are looking forward to enhancing their recovery or performance.

Moreover, the combination of sports supplements and plant-based nutrition is a surging trend that is changing the market landscape. Companies are increasingly responding to the growing demand by coming up with innovative plant iron supplements to create the requirements of the sports nutrition market.

The increasing popularity of plant diets has significantly raised the interest of people in sports nutrition. Sports nutrition is considered to be more sustainable and ethically sourced products, which heavily contributes to good health.

By type, the market can be segmented into ferric sulphate, ferric citrate, ferrous gluconate, ferrous sulphate, and others. Ferrous gluconate accounts for the largest share of the global market. Ferrous gluconate is basically an iron supplement usually used to treat the issues of iron deficiency. It is added to vegan iron supplements to help people avoid upset stomach and constipation problems, which usually happen when an individual is on supplements. These products come in the form of tablets, which can be taken orally.

Reportedly, ferrous gluconate is an easy-to-use product and is safe to consume. It is largely derived from plant sources like spinach, legumes, lentils, and others. However, ferrous sulphate is another leading segment widely used in iron supplements because of its wide range of usage in the supplement industry.

Report Scope

Regional Analysis

• North America to dominate the global market.

North America accounts for the largest share of the global plant-based iron supplements market because of the growing interest of people in plant-based diets. The demand is basically driven by increasing concerns regarding animal welfare, environmental sustainability, and human health.

Moreover, the increasing cases of iron deficiency are further likely to impact the growth trajectory of the regional market. Plant-based diets sometimes are not able to offer enough iron to the body, therefore leading to a demand for plant-based iron supplements.

Additionally, the region is witnessing a significant shift in preference of people, particularly to the vegan lifestyle. Therefore, more and more people are looking to substitute their daily meals and supplements with vegan ones.

Asia Pacific is expected to witness a steady growth rate in the coming years due to the presence of diverse cultural diets in the region. However, the region is largely driven by vegetarian people, and therefore, the region is expected to show exponential growth during the anticipated period.

Another major reason positively impacting the growth trajectory of the regional market is the high preference for iron deficiency anemia. Increasing urbanization has significantly changed the dietary habits of people. Nowadays, people are looking forward to more convenient foods and supplements. Therefore, plant-based iron supplements can serve as an ideal solution for the people in the region.

Europe is also expected to grow parallelly in the global plant-based iron supplements market because the European supplementary market is highly regulated. Consumers and manufacturers look for products that qualify the given standard and are backed by qualitative scientific research. Therefore, the region is expected to see significant growth prospects in the industry in the forthcoming years.

Competitive Analysis

The key players in the global plant-based iron supplements market include:

• Mary Ruth Organics 
• Global Healing 
• Nuzest 
• Vitron-C 
• Floradix 
• Garden of Life 
• Nature's Plus 
• VegLife 
• MegaFood 
• Gaia Herbs 
• Solgar 
• Deva Nutrition 
• Thorne Research 
• NATURELO

For instance, Wellnex Life in May 2022 unveiled its iron gummies, which work on the slow release of chemicals and thereby do not trigger gastric issues or stomach upsets.

The global plant-based iron supplements market is segmented as follows:

By Form Segment Analysis

• Syrup
• Capsules
• Liquid
• Tablets

By Application Segment Analysis

• Medicinal Supplements
• Sports Nutrition
• Additional Supplements

By Type Segment Analysis

• Ferric Sulphate
• Ferric citrate
• Ferrous Gluconate
• Ferrous Sulphate
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America