Vegan Supplements Market by Form (Capsule, Powder), Type (Calcium, Iodine, Iron), Distribution channel, Application - Global Forecast 2024-2030

Vegan Supplements Market by Form (Capsule, Powder), Type (Calcium, Iodine, Iron), Distribution channel, Application - Global Forecast 2024-2030

The Vegan Supplements Market size was estimated at USD 8.23 billion in 2023 and expected to reach USD 9.24 billion in 2024, at a CAGR 12.71% to reach USD 19.03 billion by 2030.

Vegan supplements are dietary enhancements derived from plant-based sources tailored to supplement the diet of individuals following a vegan lifestyle. The vegan supplements encompass a range of products, including vitamins, minerals, proteins, amino acids, and various specialty nutrients. Plant-based products generally have a low carbon footprint, require few natural resources, and result in less pollution than animal-based products. Plant-based supplements are rich in phytonutrients and are often easy for the body to digest, which can contribute to improved health outcomes. Often suitable for individuals with other dietary restrictions, vegan supplements cater to a broader audience. The vegan supplements market is experiencing a significant growth phase, driven by the increasing adoption of veganism and a growing consumer awareness regarding health and wellness. However, high costs of production, premium pricing, and stringent regulations limit the growth of the vegan supplements market growth. Innovative product development by manufacturers, personalized nutrition, and a focus on sustainable practices, including eco-friendly packaging and sourcing, provide lucrative opportunities for the expansion of the vegan supplements market.

Regional Insights

In Americas, the rising health consciousness among the population and preferences toward natural ingredients propel the demand for vegan supplements. The U.S. has a robust distribution network, advanced e-commerce platforms, and high consumer purchasing power, which fuels the demand for vegan supplements market growth. Moreover, countries such as Canada, Brazil, and Mexico are also experiencing growth, with domestic companies entering the market and international brands expanding their regional presence. In Asia Pacific, rising disposable income in countries such as China, India, and Australia and the prevalence of nutritional deficiency among the population created the need for dietary supplements, offering opportunities for penetration of vegan supplements in the regional market. The growing e-commerce sector, social media, and influencer endorsements also play a significant role in educating and influencing consumer choices, propelling market growth in this region. The upcoming opportunities for the rise in consumption of vegan supplements in Asia-Pacific include technological advancements in production, customization and personalization, government initiatives, and strategic partnerships. The vegan supplements market in the EMEA region showcasing growth with new supplement formulations and a growing vegan population in Europe. The development factors, including innovations in supplement formulations, enhanced distribution channels, and strategic marketing initiatives in Europe, the Middle East, and Africa, are expected to boost vegan supplement consumption further. Additionally, regulatory support for sustainable products and endorsements by health professionals are expected to amplify consumer interest, resulting in the upward trajectory of vegan supplements.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Vegan Supplements Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Changing lifestyle and food habits supplementing demand shift to supplements
• Inclination towards vegan supplements among the health-conscious crowd to boost immunity
• Growing consumption of plant-based multivitamin supplements

Market Restraints

• High cost associated with availing raw material

Market Opportunities

• Availability on retail and e-commerce portals
• Focus on product traceability and authenticity

Market Challenges

• Misleading advertising and promotion strategies

Market Segmentation Analysis

• Type: Consumer inclination toward vegan calcium consumption
• Application: High adoption of vegan supplement for health and wellness

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Vegan Supplements Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Vegan Supplements Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Danone Collaborated with Else Nutrition

Danone has entered into a collaboration with the startup Else Nutrition. Else Nutrition manufactures infant and children's formulas using an array of plant-based ingredients, including almonds, buckwheat, and tapioca. The collaboration, initiated by a letter of intent, signifies a momentous pivot toward diversification, with Danone looking to enhance its product range with Else's distinct formulations.

Valio-backed Oddlygood Acquires Kavli’s Vegan Brand Planti

Oddlygood Global Ltd has acquired the Swedish vegan brand Planti from Kavli Holding, a subsidiary of Norway's renowned Kavli Group. The acquisition, includes a transfer of ownership of the Planti brand along with all associated intellectual property rights. Planti's diverse array of vegan-friendly products, which feature alternatives to dairy staples such as milk, yogurt, and crème fraîche, complement Oddlygood's existing portfolio and expand their market offering.

Herbalife Launches Plant-based Supplement Line Herbalife V

Herbalife Nutrition introduced its Herbalife V series, a new line of vegan supplements developed in response to the burgeoning demand for plant-based nutritional options. This new collection of products is grounded in a commitment to wholesome, environmentally conscious living, as affirmed by its USDA Organic certification, Non-GMO Project Verification, kosher accreditation, and a vegan certification by FoodChain ID.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Vegan Supplements Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Vegan Supplements Market, highlighting leading vendors and their innovative profiles. These include ALOHA, Country Life LLC, Deva Nutrition LLC, G&G Foods, Jarrow Formulas, Inc., Kerry Group, Natrol LLC, Nestlé Health Science S.A., Now Health Group Inc., NuGo Nutrition, Nutrazee, Nutritional Growth Solution, Ora Organics, Orgenetics, Inc., PepsiCo Inc., and Vitamin Energy Inc..

Market Segmentation & Coverage

This research report categorizes the Vegan Supplements Market to forecast the revenues and analyze trends in each of the following sub-markets:

Form

Capsule

Powder

Type

• Calcium
• Iodine
• Iron
• Omega-3 fatty acids
• Vitamin B-12
• Vitamin D
• Vitamin K-2
• Zinc
• Distribution channel
• Mass Merchandisers
• Specialty Stores
• Supermarket/ Hypermarket

Application

• Food & Beverages
• Health & Wellness
• Personal Care Products

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year