Overview and Scope
Vegan supplements are animal-by-product-free supplements that contain no ingredients from animals. They are sourced from natural sources, and plant-based supplements are more unlikely to cause allergies and negative effects.
Sizing and Forecast
The vegan supplements market size has grown strongly in recent years. It will grow from $9.66 billion in 2023 to $10.52 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to increasing health awareness, rising vegan population, ethical and environmental concerns, product innovation, celebrity endorsement.
The vegan supplements market size is expected to see strong growth in the next few years. It will grow to $14.86 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to continued health and wellness trend, growing middle-class population, expansion of distribution channels, climate change concerns, evolving consumer preferences. Major trends in the forecast period include growing demand for plant-based nutrition, sustainable and eco-friendly practices, innovation in ingredients and formulations, focus on clean label products, personalization of products.
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Segmentation & Regional Insights
The vegan supplements market covered in this report is segmented –
1) By Product Type: Minerals, Vitamins, Protein, Other Products
2) By Form: Powder, Liquid, Capsules, Bars, Other Forms
3) By Distribution Channel: Hypermarket Or Supermarket, Convenience Stores, Drug Stores And Pharmacies, Health And Wellness Stores, Online Retailing, Other Distribution Channels
North America was the largest region in the vegan supplements market in 2023. The regions covered in the vegan supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising popularity of veganism is expected to propel the growth of the vegan supplements market going forward. Veganism is a diet that solely consists of plant-based meals and avoids the consumption and use of animal products. Veganism’s growing popularity is bolstering the vegan supplement business, as vegans use supplements for vitamins such as vitamin B12, vitamin D3, and folic acid. For instance, in October 2023, according to the World Animal Foundation, a US-based website that advocates for animal rights, ethical pet ownership, and compassionate awareness, 6% of Americans identified as vegan. Nearly a third of Americans would want to eat more vegan meals. In 2021, sales of plant-based meals climbed by 27%. Therefore, the rising popularity of veganism is driving the vegan supplements market.
Key Industry Players
Major companies operating in the vegan supplements market are adopting a strategic partnership approach, aiming to launch the first vegan and animal-free chocolate. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in June 2022, Mars, Inc., a US-based manufacturing company of vegan chocolates and confectionery, announced a partnership with Perfect Day Inc. to introduce the company’s very first environmentally friendly and animal-free chocolate invention, CO2COA, in the United States. The moniker CO2COA is a thoughtful and creative nod to the company’s Rainforest Alliance-certified chocolate and commitment to reducing emissions of greenhouse gases (CO2) in product sourcing. This latest sustainability-inspired invention from Mars gives consumers a delightful green, vegan, and lactose-free chocolate delight. CO2COA is an ingenious representation of how Mars collaborates with technological entrepreneurs like Perfect Day to provide excellent new solutions to our users. Perfect Day, Inc. is a US-based food technology company.
The vegan supplements market report table of contents includes:
1. Executive Summary
2. Vegan Supplements Market Characteristics
3. Vegan Supplements Market Trends And Strategies
4. Vegan Supplements Market – Macro Economic Scenario
5. Global Vegan Supplements Market Size and Growth
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31. Global Vegan Supplements Market Competitive Benchmarking
32. Global Vegan Supplements Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Vegan Supplements Market
34. Vegan Supplements Market Future Outlook and Potential Analysis
35. Appendix
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