According to the report, the global vegan supplements industry generated $6.30 billion in 2019, and is estimated to reach $13.59 billion by 2028, witnessing a CAGR of 6.9% from 2021 to 2028.
Drivers, restraints, and opportunities
Rise in awareness regarding vegan supplement products and their associated benefits and increase in usage in sports nutrition drive the growth of the global vegan supplements market. However, presence of counterfeit dietary products and challenging regulatory environment hinder the market growth. On the other hand, untapped potential in developing countries and the trend of mergers and acquisitions present new opportunities in the coming years.
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Covid-19 Scenario
- The demand for vegan supplements increased during the Covid-19 pandemic as people became more health-conscious than before to improve immunity.
- Though production activities of vegan supplements were hindered partially due to lockdown measures and supply chain disruptions, market players have been trying to scale up the production to meet the increase in demand.
- Distribution channels such as supermarkets and online portals suffered discontinuity for a certain period during the lockdown. However, their operations continued during the post-lockdown and governments also offered some relaxation to maintain continuity.
The protein segment to maintain its lead position throughout the forecast period
Based on product type, the protein segment accounted for the highest share in 2019, contributing to more than two-fifths of the global vegan supplements market, and is expected to maintain its lead position throughout the forecast period. This is due to vegan proteins help in improving digestion and cardiovascular health and eliminating additional hormones & antibiotics from the diet. In addition, increase in health-conscious people and rise in need for active, healthy lifestyle across the world drive the growth. However, the minerals segment is estimated to manifest the highest CAGR of 9.6% from 2021 to 2028, owing to health benefits such as cellular function, DNA production, detoxification, and synthesis of glutathione along with its role in regulation of blood pressure and heart health.
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The pharmacies/drug stores segment to maintain its dominant share during the forecast period
Based on distribution channel, the pharmacies/drug stores segment held the highest market share in 2019, accounting for nearly two-fifths of the global vegan supplements market, and is projected to maintain its dominant share in terms of revenue during the forecast period. This is attributed to personalized services, professional guidance, and ease of availability. However, the online sales channel segment is expected to witness the largest CAGR of 9.7% from 2021 to 2028, owing to rise in penetration of various online portals in developing countries and rise in number of offers or discounts.
North America to continue its lead position by 2027
Based on region, North America contributed to the largest market share in 2019, holding more than two-fifths of the global vegan supplements market, and is estimated to continue its lead position by 2027. This is due to improved lifestyle, increase in purchasing power, and surge in vegan population. However, Asia-Pacific is estimated to portray the fastest CAGR of 9.9% during the forecast period, owing to rise in urbanization, increase in the number of middle-class consumers in the developing and developed nations, and adoption of convenience-oriented lifestyles.
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Leading market players
- Aloha
- BHU Foods
- Danone S.A.
- Jarrow Formulas, Inc.
- Kerry Group, PLC
- Kikkoman Corporation
- Nestle S.A.
- NuGo Nutrition
- Nutrazee
- PepsiCo, Inc.
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