PUBLISHER: Polaris Market Research | PRODUCT CODE: 1175538
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1175538
The global vegan supplements market size is expected to reach USD 22.11 billion by 2030, according to a new study by Polaris Market Research. The report "Vegan Supplements Market Share, Size, Trends, Industry Analysis Report, By Product (Vitamins, Minerals, Amino Acids, Botanical Supplements, and Others); By Form; By Distribution Channel; By Region; Segment Forecast, 2022 - 2030" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market's growth is related to consumers becoming more aware of the benefits of plant-based foods in terms of nutrition, such as their high levels of amino acids and low sodium content. Customers' preferences for plant-based protein supplements have evolved due to things like lowering meat consumption for food safety, food allergies, ethical considerations, and developing a vegan culture to stop animal cruelty. The market is growing as a result of the rising demand for proteins that are environmentally friendly.
In 2021, the United Kingdom will be the largest market in Europe. The European Union's efforts to harmony supplement rules have boosted the growth of the total dietary supplement sector, especially vegan supplements; divergent restrictions among member states are becoming more coordinated. Some businesses that provide vegan diets also have organic and natural products in their product lines, fueling the industry even more.
Utilizing appealing packaging techniques has raised customer awareness, which has in turn, encouraged the purchase of protein supplements. For instance, the vegan society filed 16,439 products in 2021 with the vegan trademark, a staggering quantity. More than 82% of product registrations have taken place over the last five years.
Due to the global COVID-19 epidemic, many countries have been placed under lockdown. As a result, there is a greater need for vegan diets, which has helped the vegan supplement market grow. More and more people are becoming aware of the health benefits of vegan dietary supplements. In order to meet consumer demand, many supplement manufacturers were additionally compelled to increase production as a result of the COVID-19 crisis. The global COVID-19 issue in 2020 has boosted demand for vegan supplements, which has helped the industry's growth from a manufacturing and sales perspective.
Vegan Supplements Market Report Highlights
Vitamins were the market's largest segment in 2021. Vegan vitamins and supplements outperform synthetic or animal-based supplements in many ways, which may be a factor for most people.
By 2021, capsule supplements are anticipated to dominate the market, making them the most common application. The rapid growth of capsule goods is attributed to their ease of production and cost advantages for consumers.
The online retailer's market share in 2021 was greater. Manufacturers are emphasizing faster means to reach clients due to increased consumer demand and a focus on core competencies.
The largest regional market was Europe. The region is leading the European market, led by the United Kingdom, by placing more emphasis on preventative healthcare.
The global players include DuPont, Jarrow Formulas, Vitamin Energy, Solgar, Deva Nutrition LLC, and Natrol.
Polaris Market Research has segmented the vegan supplements market report based on product, form, distribution channel, and region:
Vegan Supplements, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Vitamins
Minerals
Amino Acids
Botanical Supplements
Others
Vegan Supplements, Form Outlook (Revenue - USD Billion, 2018 - 2030)
Powder
Liquid
Capsules
Bars
Others
Vegan Supplements, Distribution Channel Outlook (Revenue - USD Billion, 2018 - 2030)
Hypermarkets/Supermarkets
Convenience Stores
Drug Stores & Pharmacies
Health & Wellness Stores
Online Retailing
Others
Vegan Supplements, Regional Outlook (Revenue - USD Billion, 2018 - 2030)
North America
U.S
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Figure 1. Global Vegan Supplements Market, 2018 - 2030 (USD Billion)
Figure 2. Integrated Ecosystem
Figure 3. Research Methodology: Top-Down & Bottom-Up Approach
Figure 4. Market by Geography
Figure 5. Porter's Five Forces
Figure 6. Market by Form
Figure 7. Global Vegan Supplements Market, by Form, 2021 & 2030 (USD Billion)
Figure 8. Market by Product
Figure 9. Global Vegan Supplements Market, by Product, 2021 & 2030 (USD Billion)
Figure 10. Market by Distribution Channel
Figure 11. Global Vegan Supplements Market, by Distribution Channel, 2021 & 2030 (USD Billion)
Figure 12. Vegan Supplements Market Assessment, By Geography, 2018 - 2030 (USD Billion)
Figure 13. Strategic Analysis - Vegan Supplements Market