Vegan Supplements Market - Growth, Trends, and Forecasts (2022 - 2027)

The Vegan supplements market is projected to register a CAGR of 6.7% during the forecast period, 2022-2027.

During the COVID-19 pandemic, the demand for vegan supplements had increased among the vegan population owing to its health benefits such as boosting immune function to fight against the virus. Additionally, consumers were increasingly inclined to lead a healthy lifestyle and improve their dietary habits during COVID-19 which in turn, raised the adoption of vegan supplements and propels the market growth. For instance, in 2020 the United States based Cymbiotika unveiled the launch of a vegan elderberry supplement to boost the immune function of consumers. Since the pandemic, social media marketing has been a major strategy that was adopted by various supplement manufacturers to impart awareness about their product offerings among the targeted customers.

In the short term, the trend toward strict vegan diets and the more lenient flexitarian approach and perception of dietary supplements are likely to boost the vegan supplements in the market.

Furthermore, the key factors augmenting the market growth are the increasing prevalence of lifestyle diseases, the rising aging population, and growing consumer awareness about the benefits of the products. Additionally, continuous development in product innovation and easy availability of vegan supplements on online and offline platforms is contributing to the market growth.

Key Market Trends

Growing Penetration of Veganism

In the past few years, the trend of veganism or vegan diets has witnessed higher among global consumers supported by dietary, environmental, and ethical factors. According to the study on Vegetarianism in America published by Vegetarian Times Magazine in 2021, the veganism population in the United States is increasing rapidly with a record of 9.7 million people in the region following the vegetarian-based diet. Moreover, veganism is observed highly among health-conscious consumers due to the heightening of people's awareness regarding the consumption of plant-based food products. According to the American Dietetic Association study 2021, the consumer prefers a vegan diet as it is associated with lowering the risk of heart disease, type 2 diabetes, and obesity. Although veganism is one of the healthiest diets, the group of the population is deficient in a few nutrients that are essential for healthy growth. Thus, the increasing need for vegan supplements to support the deficiencies among vegans is expected to drive the growth of vegan supplements in the market.

Vegan supplements with optimized ingredient profiles for specific nutritional needs such as vegan protein supplements, vegan iron supplements, vegan B12 supplements, and vegan vitamin D supplements are gaining popularity among vegans and flexitarians as well. Thereby, the increasing number of veganism in associated with a health-conscious population has further promoted the sales of vegan supplements in the market.

Asia-Pacific is the Fastest Growing Region

The growth in the plant-based sector has largely been driven by the mainstream emergence of flexitarian consumers and the increased number of vegetarians and vegans owing to the consumer's inclination toward health, ethical and environmental concerns. According to the UN FAO report, India is the leading country in the consumption of vegan diets which accounts for 500 million vegetarians in the country in 2020. Moreover, the significant growth in the plant-based market is driven by the flexitarian consumer. As a result, the demand for vegan supplements has been witnessed over the past few years, due to a surge in people's interest in sports and fitness. This, in turn, encourages the manufacturers to introduce new products in the market. For instance, in April 2021, United, Indian vegan supplements, and sports nutrition company launched a series of new products from sublingual caffeine strips to beetroot extract to improve the performance of endurance athletes. On the other hand, the growing urbanization and a rise in disposable income across the Asia-Pacific region have encouraged the adoption of a healthy lifestyle, making vegan supplements more desirable, which drives the market growth. Multivitamin supplements are gaining popularity among all adult consumers, thus the launch of vegan multivitamins in the region is expected to propel the growth of the market during the forecast period.

Competitive Landscape

The global vegan supplements market is competitive in nature owing to the presence of global and regional players. Major players in the market studied include Holland & Barrett, Sylphar N.V.(Nutravita Limited), Swisse Wellness PTY LTD, Garden of Life, Vital Nutrients, and Now Health Group, Inc. among others. companies are focusing on product innovations and mergers & acquisitions to develop their presence and increase market share across the globe. For instance, in 2020, Hollard & Barrett announced its partnership with Deliveroo, (the leading food delivery business in the United Kingdom) to offer a range of its most popular health products on the Deliveroo app and website.

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