Vegan Supplements Market 2024 - Future Trends, Business Strategies, Revenue Value And Forecast By 2033

February 04, 2024

The Vegan Supplements by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Vegan Supplements, The vegan supplements market size has grown strongly in recent years. It will grow from $9.66 billion in 2023 to $10.52 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to increasing health awareness, rising vegan population, ethical and environmental concerns, product innovation, celebrity endorsement.

The vegan supplements market size is expected to see strong growth in the next few years. It will grow to $14.86 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to continued health and wellness trend, growing middle-class population, expansion of distribution channels, climate change concerns, evolving consumer preferences. Major trends in the forecast period include growing demand for plant-based nutrition, sustainable and eco-friendly practices, innovation in ingredients and formulations, focus on clean label products, personalization of products.

The rising popularity of veganism is expected to propel the growth of the vegan supplements market going forward. Veganism is a diet that solely consists of plant-based meals and avoids the consumption and use of animal products. Veganism's growing popularity is bolstering the vegan supplement business, as vegans use supplements for vitamins such as vitamin B12, vitamin D3, and folic acid. For instance, in October 2023, according to the World Animal Foundation, a US-based website that advocates for animal rights, ethical pet ownership, and compassionate awareness, 6% of Americans identified as vegan. Nearly a third of Americans would want to eat more vegan meals. In 2021, sales of plant-based meals climbed by 27%. Therefore, the rising popularity of veganism is driving the vegan supplements market.

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The vegan supplements market covered in this report is segmented –

1) By Product Type: Minerals, Vitamins, Protein, Other Products

2) By Form: Powder, Liquid, Capsules, Bars, Other Forms

3) By Distribution Channel: Hypermarket Or Supermarket, Convenience Stores, Drug Stores And Pharmacies, Health And Wellness Stores, Online Retailing, Other Distribution Channels

Top Major Players

Aloha Inc.

Amway Corp.

Deva Nutrition LLC

DuPont Inc.

HTC Health Ltd.

Product innovation is the key trend gaining popularity in the vegan supplement market. Major businesses operating in the vegan supplement market are focused on developing innovative products to strengthen their position in the market. For instance, in August 2022, Vital Nutrients, a US-based company that develops and markets nutraceuticals, launched Ultra Pure Vegan Omega SPM+. Ultra Pure Vegan Omega SPM+ is a revolutionary vegan algae omega composition in a 40% smaller pill than standard fish oils for better patient adherence. The initial and exclusive plant-based composition of omega-3 fatty acids with therapeutically significant quantities of active SPMs may aid in treating inflammatory conditions up to five times more efficiently than omega-3s alone. The supplement also includes 390 mg of DHA, which helps maintain good immune system reactions and heart health. It also promotes healthy cognitive performance and nervous system function.

The vegan supplements market report table of contents includes:

1. Executive Summary

2. Vegan Supplements Market Characteristics

3. Vegan Supplements Market Trends And Strategies

4. Vegan Supplements Market - Macro Economic Scenario

5. Global Vegan Supplements Market Size and Growth

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31. Global Vegan Supplements Market Competitive Benchmarking

32. Global Vegan Supplements Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Vegan Supplements Market

34. Vegan Supplements Market Future Outlook and Potential Analysis

35. Appendix