Vegan Supplements Market 2023 by Key players and Vendors

Industry Overview of Vegan Supplements Market

The popularity of vegan supplements is on the rise as more individuals adopt a vegan lifestyle, which avoids animal-derived products. These supplements are specifically formulated to provide additional nutrients sourced from plant-based ingredients, addressing the unique nutritional needs of vegans. They are enriched with essential nutrients like calcium, vitamins B12 and D, iron, zinc, iodine, omega-3 fatty acids, and proteins. Vegan supplements are available in various forms, including capsules, gummies, powders, pills, tablets, and liquids. They offer a sustainable alternative to non-vegan supplements, with a smaller carbon footprint and more environmentally friendly production processes, while maintaining the same quality and dosage of vital nutrients. Beyond meeting nutritional requirements, vegan supplements provide additional benefits such as enhancing cognitive abilities, improving athletic performance, supporting proper nutrient intake, aiding in weight management, and boosting immune function. By incorporating vegan supplements into their diet, individuals can ensure they receive the necessary nutrients to support overall health and well-being while adhering to a vegan lifestyle.

How Big Is The Vegan Supplements Market?

The global vegan supplements market size reached US$ 7.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.2 Billion by 2028, exhibiting a growth rate (CAGR) of 6.8% during 2023-2028.

What Are The Growth Prospects And Trends In The Vegan Supplements Industry?

The market for vegan supplements is witnessing substantial growth, driven by various factors. The expanding vegan population, motivated by concerns about health, environmental impact, animal welfare, and the pursuit of a healthier lifestyle, is a key driver. The rising prevalence of chronic diseases has also contributed to market growth as individuals seek plant-based alternatives to support their well-being. Product innovations, particularly in terms of flavor profiles like vanilla, chocolate, and berry, are enhancing the appeal of vegan supplements and attracting a wider consumer base. Growing awareness of the benefits associated with vegan supplements, coupled with the demand for clean label and energy-rich options, is fueling market expansion. The extensive use of vegan supplements in sports nutrition is another significant growth factor. These supplements provide valuable dietary fiber, which can help reduce inflammation and improve cholesterol levels, blood viscosity, and arterial flexibility, thereby supporting athletic performance and recovery. Additionally, there is a rising demand for vegan supplements with an extended shelf life, reflecting consumer preferences for products that maintain quality over longer periods of storage. Increased consumer disposable income and the easy availability of vegan supplements through e-commerce platforms also contribute to market growth. Overall, the combination of factors, including the expanding vegan population, product innovations, awareness of benefits, sports nutrition applications, shelf life demands, consumer spending power, and convenient product availability, is driving the growth of the vegan supplements market.

Vegan Supplements Market Growth and Trends

The vegan supplements market has been experiencing significant growth and evolving trends in recent years. The rising awareness of health and environmental concerns has led to a growing number of individuals adopting plant-based diets and lifestyles. As a result, the demand for vegan supplements has surged, as people seek alternative sources of essential nutrients typically found in animal-based products. Vegan supplements offer a wide range of options, including vitamins, minerals, protein powders, omega-3 fatty acids, and other essential nutrients derived from plant-based sources. The market has also witnessed an influx of innovative and specialized vegan supplements tailored to specific health needs, such as vegan prenatal vitamins, sports nutrition supplements, and vegan-friendly probiotics. Moreover, increased research and development activities have led to the development of more bioavailable and effective vegan supplements, further bolstering market growth. The growing popularity of veganism, coupled with advancements in supplement formulations and increasing accessibility through e-commerce platforms, is expected to continue driving the growth of the vegan supplements market in the foreseeable future.

What Is Included In Market Segmentation?

The report has segmented the market into the following categories:

Product Type:

  • Protein
  • Minerals
  • Vitamins
  • Others

Form:

  • Powder
  • Capsules/Tablets
  • Others

Distribution Channel:

  • Pharmacies/Drug Stores
  • Supermarkets and Hypermarkets
  • Specialty Stores
  • Online Stores

Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa

Who Are The Key Players Operating In The Industry?

The report covers the major market players including:

  • Aloha Inc.
  • Amway Corp.
  • Deva Nutrition LLC
  • DuPont de Nemours Inc.
  • Eversea Inc., HTC Health
  • Jarrow Formulas Inc.
  • Nestlé S.A.
  • NOW Foods
  • Nutrazee
  • Ora Organic and PepsiCo Inc.

Table of Content:

1   Preface

2   Scope and Methodology
2.1    Objectives of the Study
2.2    Stakeholders
2.3    Data Sources
2.3.1    Primary Sources
2.3.2    Secondary Sources
2.4    Market Estimation
2.4.1    Bottom-Up Approach
2.4.2    Top-Down Approach
2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

4.1    Overview
4.2    Key Industry Trends
5   Global Vegan Supplements Market
5.1    Market Overview
5.2    Market Performance
5.3    Impact of COVID-19
5.4    Market Forecast

6   Market Breakup by Product Type

6.1    Protein
6.1.1 Market Trends
6.1.2 Market Forecast
6.2    Minerals
6.2.1 Market Trends
6.2.2 Market Forecast
6.3    Vitamins
6.3.1 Market Trends
6.3.2 Market Forecast
6.4    Others
6.4.1 Market Trends
6.4.2 Market Forecast
7   Market Breakup by Form
7.1    Powder
7.1.1 Market Trends
7.1.2 Market Forecast
7.2    Capsules/Tablets
7.2.1 Market Trends
7.2.2 Market Forecast
7.3    Others
7.3.1 Market Trends
7.3.2 Market Forecast
8   Market Breakup by Distribution Channel
8.1    Pharmacies/Drug Stores
8.1.1 Market Trends
8.1.2 Market Forecast
8.2    Supermarkets and Hypermarkets
8.2.1 Market Trends
8.2.2 Market Forecast
8.3    Specialty Stores
8.3.1 Market Trends
8.3.2 Market Forecast
8.4    Online Stores
8.4.1 Market Trends
8.4.2 Market Forecast

9   Market Breakup by Region

9.1    North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2    Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3    Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4    Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5    Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10  SWOT Analysis
10.1    Overview
10.2    Strengths
10.3    Weaknesses
10.4    Opportunities
10.5    Threats

11  Value Chain Analysis


12  Porters Five Forces Analysis

12.1    Overview
12.2    Bargaining Power of Buyers
12.3    Bargaining Power of Suppliers
12.4    Degree of Competition
12.5    Threat of New Entrants
12.6    Threat of Substitutes
13  Price Analysis
14  Competitive Landscape

14.1    Market Structure
14.2    Key Players
14.3    Profiles of Key Players
14.3.1    Aloha Inc.
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.2    Amway Corp.
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 SWOT Analysis
14.3.3    Deva Nutrition LLC
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.4    DuPont de Nemours Inc.
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 Financials
14.3.4.4 SWOT Analysis
14.3.5    Eversea Inc.
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.6    HTC Health
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.7    Jarrow Formulas Inc.
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.8    Nestlé S.A.
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9    NOW Foods
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.10    Nutrazee
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.11    Ora Organic
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.12    PepsiCo Inc.
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.12.4 SWOT Analysis

 

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