Global Vegan Supplements Market - 2023-2030

Global Vegan Supplements Market - 2023-2030

Global Vegan Supplements Market reached US$ 9.7 billion in 2022 and is expected to reach US$ 21.0 billion by 2030 growing with a CAGR of 10.2% during the forecast period 2023-2030.

Vegan protein supplements are dietary supplements that offer protein from plant-based sources. Common plant-based proteins used in these supplements include pea protein, hemp protein, rice protein, and soy protein. They are popular among vegans, vegetarians, and individuals seeking alternative protein options to support muscle building, recovery, and overall nutrition. Plant-based supplements refer to dietary supplements made from plant sources, excluding any animal-derived ingredients. These supplements cater to individuals following a plant-based or vegan lifestyle and aim to provide essential nutrients and health benefits derived solely from plants.

Omega-3 fatty acids, traditionally sourced from fish oil, can also be obtained from plant-based sources such as algae. Vegan omega-3 supplements provide a sustainable and cruelty-free alternative for individuals looking to support heart health, brain function, and inflammation management. Vegan multivitamins offer a comprehensive blend of essential vitamins and minerals designed to support overall health and well-being for individuals following plant-based diets. These supplements aim to bridge potential nutrient gaps and ensure adequate intake of vitamins like B12, D, iron, calcium, and zinc that may be challenging to obtain solely from plant-based sources.

Market Dynamics

Increasing Health Consciousness of Consumers is Driving the Vegan Supplements Market

Health-conscious consumers are often seeking natural and sustainable alternatives in their dietary choices. Vegan supplements, derived from plant-based sources, are perceived as more natural and sustainable compared to supplements derived from animal sources. This aligns with the growing preference for products that are free from artificial ingredients, chemicals, and additives. According to a report by The Good Food Institute, the plant-based food market reached USD 7 billion in 2020, with sales growing by 27% compared to 2019. This shift towards plant-based diets creates a demand for vegan supplements, for food and beverage products.

Health-conscious individuals strive to ensure they are meeting their nutritional needs through a well-balanced diet. Vegan diets, while rich in many nutrients, may require additional attention to certain nutrients that are predominantly found in animal-derived foods. Vegan supplements, such as multivitamins and specific nutrient supplements, provide a convenient and reliable way to fill potential nutrient gaps and ensure nutritional adequacy.

An Increase in Geriatric Population and Consumer Health Concerns is Expected to Foster the Vegan Supplements Market

The global population is aging, with a significant increase in the number of older adults. According to the latest population estimates and projections from UN DESA’s Population Division, 9.7% of the world’s population is aged 65 years and over. This is equivalent to 753,129,700 people. By 2050, this is projected to be 1.5 billion people. As people age, their nutritional needs may change, and they may require additional support to maintain optimal health. Vegan supplements can play a role in meeting the specific nutrient requirements of older adults who may follow plant-based or vegan diets.

The elderly population may face challenges in meeting their nutritional needs due to various factors, including reduced appetite, changes in metabolism, and decreased absorption of nutrients. Vegan supplements, such as multivitamins and specific nutrient supplements, can help bridge nutritional gaps and support overall health and vitality in the aging population.

Regulatory and Labeling Challenges are Holding Back the Vegan Supplements Market

Regulations vary across countries and regions regarding the labeling of vegan supplements. In some jurisdictions, there may be specific requirements for disclosing the source of ingredients or making claims related to vegan or plant-based attributes. Complying with these labeling regulations can be complex and may require additional testing, documentation, or certifications, which can create challenges for manufacturers and potentially limit market availability.

Certifications such as vegan, vegetarian, or plant-based are important for consumers seeking assurance that the products they purchase align with their dietary preferences or ethical considerations. However, establishing and adhering to recognized certification standards can be a costly and time-consuming process for supplement manufacturers. Meeting these standards, such as those set by reputable vegan organizations, may require audits, documentation, and ongoing compliance measures.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global vegan supplements market is segmented based on product type, form, distribution channel, and region.

By Product Type, the Vitamins Segment is Estimated to have Significant Growth During the Forecast Period

The preservation of general health and wellbeing depends heavily on vitamins. They are vital micronutrients that support many biological activities, including as the synthesis of energy, operation of the immune system, cellular repair, and brain processes. Vegan vitamins offer a handy solution to satisfy these needs because people who eat vegan or plant-based diets may have particular nutrient needs.

The rise in popularity of veganism and plant-based diets has influenced the need for vegan vitamins and supplements. As more people choose vegan lifestyles, they look for vegan-friendly substitutes for their dietary requirements. Vitamins are a popular option in the vegan supplement market because they are among the most well-known and often used nutritional supplements.

Geographical Analysis

Asia Pacific is the Fastest Growing Market in the Vegan Supplements Market

The Asia Pacific region has experienced a shift towards greater health and wellness consciousness. Consumers are becoming more mindful of their dietary choices and seeking products that support their overall well-being. Vegan supplements, which are perceived as natural, sustainable, and aligned with plant-based diets, are gaining popularity as individuals in the region prioritize health and seek alternatives to traditional dietary supplements.

The Asia Pacific region has been experiencing economic growth, leading to an expanding middle-class population with increased purchasing power. According to the Vegan Society, as of January 2021, the total number of vegans across the world is around 79 million. India is the leading nation by share of vegans. A total of nine percent of the Indian population are vegans. As disposable incomes rise, consumers in the region are more willing to spend on health and wellness products, including vegan supplements. This has contributed to the growth of the vegan supplements market in the region.

Competitive Landscape

The major global players in the market include Aloha Inc., Amway Corp., Deva Nutrition LLC, DuPont de Nemours Inc., Eversea Inc., HTC Health, Jarrow Formulas Inc., Nestlé S.A., NOW Foods, and Ora Organic.

Why Purchase the Report?
• To visualize the global vegan supplements market segmentation based on product type, form, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of vegan supplements market-level with all segments.
• The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The global vegan supplements market report would provide approximately 61 tables, 60 figures and 190 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies