Vegan Supplements Market Growth Trajectory – Insights On Key Drivers, Major Trends, And Top Opportunities
6 Jun, 2023
The global vegan supplements market size is expected to grow from $8.87 billion in 2022 to $9.66 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global vegan supplements market size is expected to reach $13.49 billion in 2027 at a CAGR of 8.7%.
Global Vegan Supplements Market Key Driver
The growing popularity of veganism is projected to move the vegan supplements market ahead. Veganism is a diet that consists entirely of plant-based foods and excludes the consumption and usage of animal products. Veganism's growing popularity is boosting the vegan supplement industry, as vegans utilise supplements for vitamins including B12, D3, and folic acid. For instance, in August 2020, according to the European Vegetarian Union, a Switzerland-based non-profit, non-governmental organization, vegan food sales in Germany climbed by 37% in the first quarter of 2020 compared to the same period in 2019. Sales of vegan food in the US increased by 90% over the previous year during the pandemic's peak stock-buying period. Therefore, the rising popularity of veganism is driving the vegan supplements market.
Get a sample of the global vegan supplements market reportGlobal Vegan Supplements Market Segments
The global vegan supplements market 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
4) By Geography: The regions covered in the vegan supplements market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global vegan supplements market.
Major Vegan Supplements Industry Players
Aloha Inc., Amway Corp., Deva Nutrition LLC, DuPont, HTC Health, Jarrow Formulas Inc., Nestlé S.A., Nutrazee, PepsiCo, Kerry Group PLC, Danone S.A., Bhu Foods, Vitamin Energy, Solgar Inc., NOW Foods, Natrol LLC, Garden of Life, Pure Encapsulations LLC, Orgenetics Inc., Ora Organic
Get the full global vegan supplements market reportVegan Supplements Market Overview
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.
Vegan Supplements Global Market Report 2023 provides data on the global vegan supplements market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The vegan supplements market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.