[228+ Pages Report] According to Facts and Factors, the global vegan supplements market size is valued at USD 9.27 billion in 2022 and is anticipated to reach USD 15.62 billion during 2023-2030. The global vegan supplements market is expected to grow at an annual compound rate of 6.74% during the forecast period.
The report comprehensively analyzes the vegan supplements industry’s growth factors, barriers, opportunities, and challenges during the forecast period. It also covers the geographical market and offers a comprehensive study of the competitive landscape in the global marketplace.
Vegan supplements refer to plant-based dietary supplements. These supplements do not include any animal-derived ingredients and are ideal for people who choose to follow the vegan lifestyle. Vegan supplements help bridge nutritional gaps in the plant-based diets to fulfill daily nutritional requirements.
Growing awareness regarding the harmful effects of animal-based diets on the human body is diverting people towards plant-based vegan diets. Additionally, the rising issues of environmental health and animal cruelty are further encouraging people to go for vegan products.
Therefore, such a landscape will propel the growth of the global vegan supplements market during the forecast period. People are increasingly focusing on their health and awareness, which in turn is also expected to accentuate the growth of the industry. For instance, Beyond Meat in January 2021 partnered with PepsiCo. The collaboration aims to offer the best quality plant-based drinks and snacks.
Omega 3 fatty acids, vitamin B12, and others are majorly found in animal-based products. Therefore, manufacturing supplements with such ingredients is a big challenge in the vegan supplements industry. Additionally, creating similar tastes and texture is also likely to hamper the growth of the industry.
Companies are increasing their investments in research and development activity to come up with new and improved vegan supplements. Companies are constantly improving their formulations to achieve nutritional profiles as their animal counterparts and also improve flavor and texture. Such innovations are expected to appeal to a broader audience, thereby widening the scope of the global vegan supplements market.
Fitness enthusiasts and athletes are increasingly adopting plant-based diets to support muscle recovery and enhance performance which in turn positively influences other people to come up with vegan diets and supplements. For instance, Nutritional Growth Solution came up with multivitamin shakes in 2022 for kids and children in the vegan sector.
Misleading marketing tactics and greenwashing of the practices confuse consumers. Also, consumers are confused regarding the sustainability and authenticity of vegan supplements, which is a big challenge in the global vegan supplements industry. Moreover, the availability of limited options in vegan supplements, which in turn is also likely to slow down the group of the global market.
The global vegan supplements market can be segmented into sales channels, ingredients, form, and region.
By sales channel, the market can be segmented into online retail stores, department stores, convenience stores, pharmacies & drug stores, hypermarkets, and others. The pharmacies & drug store segment is noted to observe significant growth in the forthcoming years due to the wide expansion of pharmacy retail stores. Drug stores are ubiquitously increasing, thereby offering convenience to customers to buy pharmaceutical products like supplements.
Also, the health care professional recommendation impacts the minds of consumers, which in turn propels them to purchase the products from the advised pharmacist or drug stores, thereby leading to an increase in the sales of the segment.
However, the online retail store segment is also likely to grow steadily in the forthcoming years due to the increasing coverage of online e-commerce stores globally. Online stores offer discounts, convenience, a wide number of products, and several other attractive parameters to encourage people to shop online. Therefore, the online retail store segment is likely to flourish in the vegan supplement industry.
By ingredients, the market can be segmented into vitamins & minerals, amino acids & protein, herbals & botanicals, and others. The vitamins and minerals segment accounts for the largest share of the global vegan supplements market. The growth can be highly attributed to the nutritional requirements of the human body. Vitamins and minerals are the essential micronutrients required for the proper working of the human body. Vegan diets require additional supplementation to meet the daily needs of individuals.
Additionally, there are certain ingredients that are only found in animal-based products, which limits vegan diets. Therefore, supplementation helps in preventing these deficiencies in the human body. Certain essential nutrients like vitamin D, calcium, iron, and Vitamin B12 are required externally to meet the nutritional requirement.
By form, the market can be segmented into gummies, bars, gels, tablets, and powders. The powder segment is expected to register a prominent growth rate during the anticipated period due to the high sales of vegetarian protein powder.
Additionally, the sports and fitness community is inclining more towards plant-based nutrition, thereby increasing the popularity of a vegan lifestyle. Vegetarian protein powder, meal replacement powders, and other powdered supplements are the most consumed vegan supplements all across the globe. Powder supplements offer a convenient and easy way to consume the ingredient without much hassle. Additionally, it is more easily digested in the body than the other available forms.
Market Size in 2022
USD 9.27 Billion
Projected Market Size in 2030
USD 15.62 Billion
CAGR Growth Rate
Key Market Players
PepsiCo Inc., Ora Organic, Nutrazee, NOW Foods, Nestlé S.A., Jarrow Formulas Inc., HTC Health, Eversea Inc., DuPont de Nemours Inc., Deva Nutrition LLC, Amway Corp., Aloha Inc., Garden of Life, Vega, Sunwarrior, Nutiva, Nature's Plus, Now Foods, Pure Synergy, Amazing Grass, and Others.
By Sales Channel, By Ingredients, By Form, and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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North America accounts for the largest share of the global vegan supplements market in the forthcoming years due to the high demand for vegan protein powder in the region. The major reason for the growth of plant-based protein is the growing cases of lactose intolerance in the region.
Furthermore, the shifting perception of people from animal-based supplements to plant-based food products is also likely to support the growth trajectory of the regional market. Additionally, the retail sector in the region is adopting plant-based food items, which is further expected to thrive the growth of the market.
Asia Pacific is likely to grow steadily during the forecast period due to the rising trend of preventive healthcare practices. Growing cases of vitamin deficiency among people in the region are also anticipated to strengthen the growth of the regional market. Manufacturers and retailers are coming up with innovative solutions like customization according to individual requirements which are also expected to swipe larger market revenue.
For instance, Indian vegan supplements and sports nutrition came up with a range of innovative products, sublingual from beetroot extract to caffeine strips, to enhance the health quality of endurance athletes in April 2022.
Europe is another region expected to experience a high growth rate during the forecast period. The growing intervention by the government regarding the labeling of ingredients on products is also promoting the adoption of vegan products in the region. Moreover, the rising awareness among people regarding the health benefits of vegan supplements will also support the market's growth during the anticipated period.
The key leaders in the global vegan supplements market include:
For instance, Holland & Barrett revealed its collaborations with Deliveroo in 2020 to provide a range of its health products profile on the Deliveroo app.
The global vegan supplements market is segmented as follows:
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