North America Vegan Supplements Market - Growth, Trends, and Forecasts (2023 - 2028)

North America Vegan Supplements Market - Growth, Trends, and Forecasts (2023 - 2028)

North America's vegan supplements market is projected to register a CAGR of 6.5% over the next five years.

Consumers in the region are becoming more conscious of their health and diet. The demand for vegan food supplements is increasing in the region owing to their benefits and nutritional composition. Vegan supplements are made from different vitamins, minerals, long-chain fatty acids, and other ingredients made from plant-based sources. Vegan and vegetarian consumers often become deficient in essential vitamins and minerals; therefore, vegan supplements are used by them. The market players are launching new products in the market because of increasing consumer demand. For instance, in November 2022, Cymbiotica launched a new plant-based supplement called Creatine+ in Canada. The health-conscious supplements include improving strength, increasing lean muscle mass, improving recovery time, increasing energy, improving stamina in high-intensity activities, boosting ATP, boosting brain function, and supporting overall gut health.

The health-conscious consumers in the region are becoming fitness conscious as well and are joining fitness centers and gyms due to increasing lifestyle diseases like obesity, diabetes, and hypertension. Pre- and post-workout consumers need supplements to regain the strength in their muscles and build strength for a long time. Market players are considering the demand for such supplements and launching new products in the market. For instance, in November 2022, Pangea Natural Foods Inc. launched a new single-serving vegan supplement. The supplement is used for pre-workout sessions. Over the medium term, the market is expected to grow in the region owing to the increasing vegan population and rising lifestyle diseases in the region.

Vegan food is more popular among consumers due to its health benefits and nutritional quality over meat products. Demand for plant-based food is growing in the region because of its environmental, ethical, and dietary components. According to a Dalhousie University report from 2021, 40% of the Canadian population gave up on meat because there were better plant-based options. Furthermore, vegan supplements tend to provide more nutritional benefits and help in reducing chronic diseases like diabetes, cardiovascular diseases, obesity, and many more. Additionally, healthcare expenditure is increasing in the region owing to preventive health measures taken to avoid chronic diseases. Vegan supplements like omega-3 supplements, protein supplements, and vitamin supplements provide strength and build immunity. According to a recent report by the Canadian Institute for Health Information, the total amount spent on health care in Canada in 2022 is expected to reach USD 246.86 billion. Due to this, the demand for vegan supplements is increasing in the region.

Consumers in the United States are becoming more conscious of their health and well-being. Due to the increasing number of chronic diseases among consumers and nutritional deficiency, the country's demand for dietary supplements is growing. Additionally, several people are shifting their diets to a vegan one due to environmental and religious beliefs. According to the study on vegetarianism in America published by Vegetarian Times Magazine in 2021, the vegan population in the United States is increasing rapidly, with a record of 9.7 million people in the region following the vegetarian-based diet. Global and regional market participants have been introducing and innovating new vegan supplements that are more beneficial to consumers. Therefore, consumer preference for vegan supplements is growing in the country.

The North American vegan supplement market is competitive by nature, with a large number of domestic and multinational players competing for market share. Emphasis is given to the merger, expansion, acquisition, and partnership of the companies, along with new product development, as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Key players dominating the regional market include Nestlé S.A., NOW Health Group, Inc., Country Life, LLC, Ora Organic, and Future Kind.

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