Europe Vegan Supplements Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Europe Vegan Supplements Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The European vegan supplements market is forecasted to register a CAGR of 9.4% during the forecast period (2020-2025)

Key Highlights

• Europeans perceive dietary supplements as products that improve health and wellness. The purchase of such products are, thus, considered as a preventive measure to health disorders. The trend towards strict vegan diets and the more lenient flexitarian approach and perception for dietary supplements is likely boosting the vegan supplements market across the region. By type, the vitamins segment occupied a prominent market share in 2019.
• The harmonization of regulations, governing supplements undertaken by the European Union, has strengthened the growth of the overall dietary supplements market including vegn supplements, the diverging regulations among member states are increasingly synchronized.
• The regional growth is dominated by Western European countries, such as United Kingdom and Germany; however, Eastern markets, like Norway, Sweden, and others have shown promising potential.

Key Market TrendsIncreasing Preference for Vegan Vitamin Supplements

The preventive healthcare practices that are in vogue nowadays, coupled with multivitamins deficiency that is commonly observed owing to inadequate intake, supported by demand for plant-based supplements due to vegan factor is driving the demand for vegan vitamin supplements.Both manufacturers and retailers are beginning to offer free access to “wellness tools” that create a customized vitamin list based on a consumer’s specific conditions and need. Regular usage of vitamins seems to increase with increasing geriatric population, and women tend to take more supplements than men. Vegan vitamins represent a steadily growing segment driven by, growing discretionary spending, and consumers emphasis on improving their quality of life. Moreover, consumers are shifting their preferences for plant based or herbal supplements with growing vegan trend across the regions. Such factors raise the demand for vitamins segment in the region.​

United Kingdom Holds a Significant Share in the Market

The growth in the plant-based sector has largely been driven by the mainstream emergence of the flexitarian consumer, as well as increased numbers of vegetarians and vegans, as consumers respond to a combination of ethical, environmental and health concerns in the country.In recent years the number of vegetarians and vegans has increased, for example, the Vegan Society estimated that the number of vegans in the UK increased by a factor of 2.6 times in the ten years to 2016. However, the significant growth in the plant-based market is driven by the flexitarian consumer. Multivitamin supplements are gaining popularity among all adult consumers, thus launch of vegan multivitamins in the country is edxpected to propel the growth of the market during the foreacast period.

Competitive Landscape

The European Vegan supplements market is highly fragment due to the presence of numerous global as well as domestic payedrs such as , Glanbia Plc, Herbalife Nutrition, Holland & Barrett Retail Limited, and Sylphar N.V. (Nutravita Limited) are some of the major players in the vegan supplements market. Active companies in the European vegan supplements market are focusing on increasing their product line and cosnumer base to compettteieve edge. Companies employ diverse retail channels (pharmacies, par pharmacies, supermarkets, drug stores, herb stores, health stores, etc.) and other sales channels (example, direct sales, mail order), to market their products.​ Moreover, companies are focusing on product innovations and merger & acquisitions to develop their presence and increase market share across the globe. For instance,​ Holland & Barrett Sweden, which is a part of Holland & Barrett International, Europe’s health and wellness retailer announced its merger with Hälsa för alla, a specialist natural health and wellbeing retailer with 12 retail outlets across Stockholm, Sweden. ​

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Sylphar N.V. (Nutravita Limited)
Holland & Barrett
Deva Nutrition LLC
GreenVits
Vanatari International GmbH
Vitamin Buddy Limited.
MONK Nutrition Europe
Herbalife Nutrition
Glanbia Plc

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