Vegan Supplements Market Size, Share & Trends Analysis Report By Ingredient (Vitamins & Minerals, Protein Supplements), By Form (Capsules, Tablets), By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2030

Vegan Supplements Market Size, Share & Trends Analysis Report By Ingredient (Vitamins & Minerals, Protein Supplements), By Form (Capsules, Tablets), By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2030

Vegan Supplements Market Growth & Trends

The global vegan supplements market size is expected to reach USD 17.64 billion by 2030, and is estimated to register a CAGR of 11.30% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing awareness of veganism plays a vital role in driving the market growth. As more people become aware of the ethical, environmental, and health implications of animal products, there has been a growing interest in veganism. This awareness has led to an increase in the number of people adopting a vegan lifestyle, which, in turn, drives the demand for vegan supplements. For instance, as per the Vegan bits article, in 2023, about 19.6 million population are vegans in the U.S. This reflects the surge in number of vegan consumers, which contributes to the overall market growth.

Moreover, athletic and fitness trends further contribute to the overall market growth. Athletes and fitness enthusiasts require adequate protein intake to support muscle recovery and growth. Plant-based protein supplements, such as pea protein, hemp protein, and brown rice protein, have gained popularity as alternatives to animal-based protein sources. Thus, as the demand continues to grow, companies are likely to invest in research and development to create effective products tailored to the unique needs of individuals pursuing plant-based lifestyles in the realm of fitness and athletics. For instance, in March 2023, M&M Labs and Lyxia launched new vegan algal Omega-3 supplements in the Natural Product Expo West show in California, U.S.

The expansion of retail and e-commerce channels has played a crucial role in driving the overall market growth. Retail and e-commerce expansion allows supplement brands to reach a larger and more diverse consumer. E-commerce platforms provide an opportunity for vegan supplement brands to showcase their products through detailed product descriptions. Thus, as these distribution channels continue to evolve, the market is likely to benefit from ongoing innovations and improvements in the online shopping experience.

Vegan Supplements Market Report Highlights

• On the basis of ingredient, the vitamins & minerals segment dominated the market with the largest share of 35.25% in 2023, due to their ability to play an essential role in addressing potential nutrient gaps and supporting overall health in individuals following a vegan lifestyle
• In terms of form, the capsule segment dominated the market in 2023 due to its convenience and ease of consumption over other forms
• Based on distribution channel, the offline distribution channel segment dominated the market in 2023 due to the widespread presence of health food stores, pharmacies, and traditional retail outlets, providing consumers with in-person access and immediate product availability
• Asia Pacific region dominated the global industry in 2023 with a revenue share of 35.44% owing to the presence of key market players in the region

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