Which Vegan Supplements types offer lucrative growth opportunities?

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Vegan Supplements Market

Vegan Supplements Market Outlook, 2023- Forecasts and Opportunities by Type (vitamins, minerals, omega supplements, others), Form (Capsules, Tablets, Liquids, Powder, Others), Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Pharmacies and Drug Stores, Online Sales), Companies, and Countries to 2030

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Vegan Supplements Market
|Published Month : December, 2022
|No. of Pages : 190

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The growing drive towards veganism supports the market outlook for the $7.6 Billion vegan supplements industry. The vegan supplements market provides market analysis and outlook of vitamins, minerals, omega supplements, and other types of vegan supplements. Further, different forms of vegan supplements including capsules, tablets, liquids, powder, and other forms are forecast for 2030. Key distribution channels for marketing vegan supplements including Supermarkets and Hypermarkets, Specialty Stores, Pharmacies and Drug Stores, Online Sales, and others are included in the research study. Further, leading companies and country-wise vegan supplements market size outlook if provided.

Introduction to Vegan Supplements Market, 2023-

The growing drive towards veganism supports the market outlook for supplements. In particular, to fill the vitamin and mineral gap, companies are opting for supplements in general wellness, kids’ nutrition, and sports nutrition space, customers are increasingly opting for vegan supplements.

The growing interest in health among millennials is expected to be a major driver for vegan supplements. In addition, the aging population is taking a more proactive approach toward their health, encouraging increased intake of supplements.

The recent COVID-19 pandemic led to increased awareness of health including vegan sources of calcium and vitamin D. Whole food, and plant-based multivitamin supplements are quickly gaining market penetration across consumer segments.

In addition to preventive healthcare practices, vegan plant-based protein supplements for weight loss/gain, and muscle gain applications are sold worldwide. Plant-based, non-GMO ingredients are increasingly marketed by companies.

Naturally sourced vegan-based supplements sales stood significantly higher during the pandemic. An affordable and reliable source of vitamin and mineral supplements witnessed steady growth in sales over the past few years.

Growing awareness of deficiencies in the vegan population owing to campaigns from companies, NGOs, government entities, and others support the penetration of vegan supplements. In addition, companies are manufacturing vegan supplements in gel and other attractive forms, which is encouraging their widespread adoption.

Vegan Supplements Market Size Outlook, 2021- 2030

Leading companies are marketing vegan supplements enriched with vitamins and minerals to gain from the strong market growth. The trend towards an increasing preference for vegan foods and supplements is supporting companies to launch several vegan supplement products. In particular, supplements that contain ALA, DHA, and EPA to supply omega-3 fatty acids are widely launched by companies.

Vegan multivitamin supplements are packed with nutrients such as Vitamin B, Vitamin D, Vitamin K2, Zinc, Iodine, Iron, Calcium, Magnesium, and others are widely marketed for immunity boosting. The recent COVID-19 pandemic led to increased awareness among consumers to opt for immunity-boosting supplements. Accordingly, the demand for vegan supplements increased significantly. Further, the trend of consuming vegan supplements is expected to continue through the forecast period.

The global vegan supplements market is valued at $7.63 Billion in 2022. The market is poised to register a growth of 7.95%, compounded annually from 2023 to 2030, to reach a market size of $14 Billion in 2030.

Vegan Supplements Market Size Outlook to 2030

Vegan Supplements Market Trends- Potential health benefits of vegan diets

The vegan diet based on plants and foods made from plants is gaining wide popularity across countries. In addition to ethical concerns, veganism is quickly emerging as a style of life for a large volume of the population.

To overcome nutritional deficiencies that can develop while opting for the vegan diet, the need for supplements is increasingly felt in the population. The NHS recommends vitamin B12, omega-3 (EPA & DHA) and vitamin D, and others to be a compulsory part of supplements taken by the vegan population.

Accordingly, the demand for whole food, and plant-based supplements to suit the active lifestyle of the vegan population is growing steadily.

Vegan Supplements Market Driver- Rise in preventive health care

The growth in the preventive healthcare industry is supporting the market for vegan supplements. The global preventive healthcare industry has quickly grown in the recent few years and is currently valued at around $3.8 billion market. Further, with robust market potential over the forecast period, it is poised to register around a 9% compounded annual growth rate.

With the drive towards the consumption of healthier foods and beverages to avoid health disorders and maintain the general well-being of the body, the consumption of active digestive health ingredients such as vegan supplements is increasing steadily.

In addition to the benefits, aggressive promotion strategies of manufacturers, expanding the product portfolio with new flavors, and strengthening distribution channels are set to drive the global market for vegan supplements.

Vegan Supplements Market Share Analysis- Vitamins accounted for the highest market revenue

The vegan supplements market analyzes the global industry across different types including Vitamins, Minerals, Omega Supplements, and Others. Of these, vitamins held the largest market share worldwide. The report identifies the vitamins segment to account for 28.4% of global market revenue in vegan supplements. The vegan vitamin supplements market is further analyzed into Multi-Vitamin, Vitamin A, Vitamin B, Vitamin C, Vitamin D, and Vitamin D.

The multi-vitamin sub-segment held the dominant share in the vitamin supplements industry. Multivitamin supplements are a combination of several minerals and vitamins and with the growing awareness among consumers, the sales of vitamins, minerals, proteins, and other vegan supplements are expected to support several small and medium-scale companies to expand in the industry.

The chart below details the market share held by different vegan supplement types including vitamins, minerals, omega supplements, and others.

Vegan supplements market segmentation by sales channel- Supermarkets and Hypermarkets held the dominant market share

Increasing consumer awareness towards the use of dietary supplements, increasing volume of the geriatric population, and other factors are encouraging the purchase of vegan supplements in the OTC segment. Accordingly, companies are increasingly marketing their products in offline channels such as supermarkets and hypermarkets, and specialty Stores in addition to pharmacy and drug stores. During 2022, the supermarkets and hypermarkets segment accounted for the highest market share in the global vegan supplements industry. In addition, rapid growth in the vegan supplements market volume is observed in online retail in the past few years. The trend is expected to strengthen in the forecast period, supporting the fastest growth rate of the online retail sales channel.

Vegan Supplements industry analysis by Form

Leading companies are marketing vegan supplements in diverse forms for attracting a wide range of customer base. As the pediatric, adult, and geriatric populations continue to purchase vegan supplements, the forms in which the products are marketed are also widening. The report identifies major forms of vegan supplements including Capsules and Tablets, Powder, and Others. Of these, capsules and tablets remain the dominant form marketed across countries.

Vegan supplements companies

The vegan supplements industry is fragmented with several small and large-scale companies operating in the industry. However, the global players invest significantly in marketing and new product launches, supporting their rapid market penetration. Key companies analyzed in the report include Aloha, Bhu Foods, Danone S.A., Jarrow Formulas, Inc., Kerry Group, PLC, Kikkoman Corporation, Nestle S.A., NuGo Nutrition, Nutrazee, and PepsiCo, Inc.

Vegan Supplements Market Segmentation

Types

vitamins
minerals
omega supplements
others

Distribution Channels

Supermarkets and Hypermarkets
Specialty Stores
Pharmacies and Drug Stores
Online Sales

Forms

Capsules
Tablets
Liquids
Powder
Others

Companies

Aloha
Bhu Foods
Danone S.A
Jarrow Formulas Inc
Kerry Group PLC
Kikkoman Corporation
Nestle S.A
NuGo Nutrition
Nutrazee
PepsiCo, Inc.

Regions

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

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1. Executive Summary

1.1 Introduction to Vegan Supplements Markets

1.2 Vegan Supplements Market Size Outlook, 2021- 2030

1.3 Growth Opportunities in Vegan Supplements Industry

1.4 Winning Strategies for the post-pandemic future

2. Report Guide

2.1 Market Definition and Scope

2.2 Market Segmentation

2.3 Research Methodology

2.4 Forecast Methodology

2.5 List of Abbreviations

3. Growth Opportunity Analysis

3.1 Key Vegan Supplements Market Trends

3.1.1 Shift in consumer preference for vegan foods and supplements

3.1.2 Increasing penetration of online sales volume

3.1.3 New product launches specific to the customer base

3.2 Key Vegan Supplements Market Growth Drivers

3.2.1 Rise in preventive health care

3.2.2 Potential Benefits of Vegan supplements

3.2.3 Aggressive marketing campaigns

3.3 Key Vegan Supplements Market Growth Restraints

3.3.1 Threat of counterfeit dietary supplements

3.3.2 Fluctuations in supply and availability of raw materials

4 Vegan Supplements Market Outlook – Scenario Analysis

4.1 Low Growth Case Scenario Forecasts: Vegan Supplements Market Size Outlook to 2030

4.2 Reference Growth Case Scenario Forecasts: Vegan Supplements Market Size Outlook to 2030

4.3 High Growth Case Scenario Forecasts: Vegan Supplements Market Size Outlook to 2030

5. Vegan Supplements Market Segmentation- Outlook by Type

5.1 Vegan Supplements Market Share Analysis by Type, 2023

5.2 Vitamins Market Outlook to 2030

5.3 Minerals Market Outlook to 2030

5.4 Omega supplements Market Outlook to 2030

5.5 Other Types

6. Vegan Supplements Market Segmentation- Outlook by Form

6.1 Vegan Supplements Market Share Analysis by Form, 2023

6.2 Capsules: Vegan Supplements Market Outlook to 2030

6.3 Tablets: Vegan Supplements Market Outlook to 2030

6.4 Liquids: Vegan Supplements Market Outlook to 2030

6.5 Powder: Vegan Supplements Market Outlook to 2030

6.6 Other Forms

7. Vegan Supplements Market Segmentation- Outlook by Distribution Channel

7.1 Vegan Supplements Market Share Analysis by Sales Channel, 2023

7.2 Supermarkets and Hypermarkets: Vegan Supplements Market Outlook to 2030

7.3 Specialty Stores: Vegan Supplements Market Outlook to 2030

7.4 Pharmacies and Drug Stores: Vegan Supplements Market Outlook to 2030

7.5 Online Sales: Vegan Supplements Market Outlook to 2030

8. North America Vegan Supplements Market Outlook and Opportunities to 2030

8.1 Market Snapshot, 2023

8.2 North America Vegan Supplements Market Growth Opportunities

8.2.1 North America Vegan Supplements Market Outlook by Type, 2021 to 2030

8.2.2 North America Vegan Supplements Market Outlook by Distribution Channel, 2021 to 2030

8.2.3 North America Vegan Supplements Market Outlook by Country, 2021 to 2030

8.3 United States Vegan Supplements Market Outlook, 2021 to 2030

8.4 Canada Vegan Supplements Market Outlook, 2021 to 2030

8.5 Mexico Vegan Supplements Market Outlook, 2021 to 2030

9. Europe Vegan Supplements Market Outlook and Opportunities to 2030

9.1 Market Snapshot, 2023

9.2 Europe Vegan Supplements Market Growth Opportunities

9.2.1 Europe Vegan Supplements Market Outlook by Type, 2021 to 2030

9.2.2 Europe Vegan Supplements Market Outlook by Distribution Channel, 2021 to 2030

9.2.3 Europe Vegan Supplements Market Outlook by Country, 2021 to 2030

9.3 Germany Vegan Supplements Market Outlook, 2021 to 2030

9.4 France Vegan Supplements Market Outlook, 2021 to 2030

9.5 United Kingdom Vegan Supplements Market Outlook, 2021 to 2030

9.6 Spain Vegan Supplements Market Outlook, 2021 to 2030

9.7 Italy Vegan Supplements Market Outlook, 2021 to 2030

9.8 Other Europe Vegan Supplements Market Outlook, 2021 to 2030

10. Asia Pacific Vegan Supplements Market Outlook and Opportunities to 2030

10.1 Market Snapshot, 2023

10.2 Asia Pacific Vegan Supplements Market Growth Opportunities

10.2.1 Asia Pacific Vegan Supplements Market Outlook by Type, 2021 to 2030

10.2.2 Asia Pacific Vegan Supplements Market Outlook by Distribution Channel, 2021 to 2030

10.2.3 Asia Pacific Vegan Supplements Market Outlook by Country, 2021 to 2030

10.3 China Vegan Supplements Market Outlook, 2021 to 2030

10.4 Japan Vegan Supplements Market Outlook, 2021 to 2030

10.5 India Vegan Supplements Market Outlook, 2021 to 2030

10.6 South Korea Vegan Supplements Market Outlook, 2021 to 2030

10.7 Indonesia Vegan Supplements Market Outlook, 2021 to 2030

10.8 Other Asia Pacific Vegan Supplements Market Outlook, 2021 to 2030

11. South and Central America Vegan Supplements Market Outlook and Opportunities to 2030

11.1 Market Snapshot, 2023

11.2 South and Central America Vegan Supplements Market Growth Opportunities

11.2.1 South and Central America Vegan Supplements Market Outlook by Type, 2021 to 2030

11.2.2 South and Central America Vegan Supplements Market Outlook by Distribution Channel, 2021 to 2030

11.2.3 South and Central America Vegan Supplements Market Outlook by Country, 2021 to 2030

11.3 Brazil Vegan Supplements Market Outlook, 2021 to 2030

11.4 Argentina Vegan Supplements Market Outlook, 2021 to 2030

11.5 Other Latin America Vegan Supplements Market Outlook, 2021 to 2030

12. Middle East and Africa Vegan Supplements Market Outlook and Opportunities to 2030

12.1 Market Snapshot, 2023

12.2 Middle East and Africa Vegan Supplements Market Growth Opportunities

12.2.1 Middle East and Africa Vegan Supplements Market Outlook by Type, 2021 to 2030

12.2.2 Middle East and Africa Vegan Supplements Market Outlook by Distribution Channel, 2021 to 2030

12.2.3 Middle East and Africa Vegan Supplements Market Outlook by Country, 2021 to 2030

12.3 Saudi Arabia Vegan Supplements Market Outlook, 2021 to 2030

12.4 United Arab Emirates (the UAE) Vegan Supplements Market Outlook, 2021 to 2030

12.5 Other Middle East Vegan Supplements Market Outlook, 2021 to 2030

12.6 Egypt Vegan Supplements Market Outlook, 2021 to 2030

12.7 South Africa Vegan Supplements Market Outlook, 2021 to 2030

12.8 Other Africa Vegan Supplements Market Outlook, 2021 to 2030

13. Profiles of major world Vegan Supplements Companies

13.1 Aloha

- Key Statistics

- Business Operations