Vegan Supplements Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Vegan Supplements Market is segmented By Product Type (Vitamins, Minerals, Protein, Omega Supplements, Others), By Form (Powder, Capsules, Others), By Distribution Channel (Supermarkets/Hypermarkets, Pharmacies & Drug Stores, Online Sales, Others), and By Region (North America, Europe, South America, Asia Pacific, Middle East, And Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Vegan Supplements Market Size

Global Vegan Supplements Market reached USD 9.7 billion in 2022 and is expected to reach USD 21.0 billion by 2030 growing with a CAGR of 10.2% during the forecast period 2024-2031. The practice of veganism involves abstaining from using meat, dairy, and other goods obtained from animals. Vegan supplements are plant-based sources of extra nutrients that meet the body's need for sustenance.

Essential minerals like iron, calcium, vitamins B12 and D, zinc, iodine, omega-3 fatty acids, and proteins are present in these supplements, which are primarily consumed by vegans. They come in a variety of forms, including liquids, powders, tablets, gummies, pills, and capsules. 

Vegan supplements deliver the same amount and caliber of nutrients as non-vegan supplements while leaving a smaller carbon impact and being more environmentally friendly. They also promote food intake in the right amounts, improve cognitive function, boost athletic performance, support weight control, and fortify the immune system.

The market for vegetarian supplements has encountered quick extension as of late because of the developing acknowledgment of veganism and developing purchaser information on the natural and well-being benefits of plant-based products.

Vegan Supplements Market Scope

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Vegan Supplements Market Dynamics

Rise in Veganism and Vegetarianism is Driving the Vegan Supplements Market Growth

The growing number of individuals adopting vegan and vegetarian lifestyles has created a larger consumer base for vegan supplements. As people eliminate or reduce their consumption of animal-derived products, they often need alternative sources of essential nutrients found in animal-based foods. According to the Vegan Society, in 2022, there are over 629,000 vegan people present globally. Vegan supplements offer a convenient and reliable way to fulfill these nutritional needs, driving demand in the market.

Plant-based diets, particularly strict vegan diets, may lack certain essential nutrients such as vitamin B12, iron, calcium, and omega-3 fatty acids, which are commonly found in animal products. Vegan supplements provide a solution to bridge these nutritional gaps and ensure individuals following plant-based diets meet their recommended intake of key nutrients.

Numerous Health Benefits from Vegan Supplements are Expected to Drive The Market Growth

In especially when consuming plant-based diets that could have vitamin gaps, vegan supplements are essential for helping people satisfy their nutritional demands. Supplements made from vegan ingredients support general health and wellbeing by supplying necessary nutrients such vitamins, minerals, omega-3 fatty acids, and protein.

A lower risk of cardiovascular illnesses has been linked to plant-based diets when they are paired with the right supplements. According to research, vegan supplements can help reduce cholesterol levels, blood pressure, and the risk of heart disease when used with a balanced plant-based diet.

The Limited Awareness and Misconceptions are Restraining the Vegan Supplements Market

The advantages, effectiveness, and accessibility of vegan supplements may not be well-known to many consumers. They might not be aware that there are plant-based substitutes available to meet their nutritional demands. This ignorance may impede the use of vegan supplements and constrain industry expansion.

Compared to non-vegan supplements, vegan supplements may not receive as much marketing and promotion. Smaller marketing budgets, less endorsements from medical professionals, or lower mainstream recognition could all be contributing factors. The lack of industry advertising may be a factor in the decreased consumer acceptance of vegan supplements.

Vegan Supplements Market Segmentation Analysis

The global vegan supplements market is segmented based on product type, form, distribution channel, and region.

The Powder Form Segment Holds the Largest Market Share in the Vegan Supplements Market

Powder-form supplements offer versatility and convenience to consumers. They can be easily mixed into various beverages and foods, such as smoothies, juices, or plant-based milk alternatives. This adaptability allows individuals to incorporate the supplements seamlessly into their daily routines, making them a popular choice among vegans seeking to enhance their nutritional intake.

Powders provide a higher degree of customization and flexibility compared to other forms, such as capsules or tablets. Users can adjust the dosage according to their specific needs or preferences. This attribute is particularly valuable in the vegan community, where individuals may have specific dietary requirements or seek targeted supplementation.

Vegan Supplements Market Geographical Share

The North America Region Held the Largest Market Share of the Vegan Supplements Market

In North America, there has been a rise in health consciousness as more people try to better their overall wellbeing. Vegan supplements have grown in popularity among those who are concerned about their health since they are frequently seen as natural and ethical substitutes for animal-derived supplements.

The food and dietary supplement industries in North America are renowned for their inventiveness. Businesses have been working hard to create new vegan supplement formulations and conduct research to improve the performance and nutritional composition of these goods. This ongoing innovation has helped the business expand and boost customer trust in vegan supplements.

Vegan Supplements Companies 

The major global players in the market include Aloha Inc., Amway Corp., Deva Nutrition LLC, DuPont de Nemours Inc., Eversea Inc., HTC Health, Jarrow Formulas Inc., Nestlé S.A., NOW Foods, and Ora Organic.

COVID-19 Impact On Vegan Supplements Market

The pandemic heightened awareness about the importance of maintaining good health and a strong immune system. This led many individuals to adopt healthier lifestyles and seek out supplements, including vegan options, to support their immune function. With lockdowns and social distancing measures in place, there was a significant shift towards online shopping. This benefited the vegan supplements market as consumers turned to e-commerce platforms to purchase their preferred products conveniently and safely.

By Product Type

• Vitamins
• Minerals
• Protein
• Omega Supplements
• Others

By Form

• Powder
• Capsules
• Others

By Distribution Channel

• Supermarkets/Hypermarkets
• Pharmacies & Drug Stores
• Online Sales
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • The U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In November 2022, Jollywell, a premium online nutraceutical brand known for its life-enhancing nutrition supplements, launched a new range of products that help people stay healthy for longer. The clean, plant-based, non-GMO supplements are scientifically formulated with nature’s best superfoods that make them safer for the body.
• In May 2022, Symega Food Ingredients, a leading manufacturer of seasonings, culinary products, flavors, and natural colors, announced their foray into the plant-based protein space, and the launch of a purpose-built manufacturing unit in Kochi.
• In February 2021, Danone acquired 100% of the shares of Earth Island, a plant-based foods company whose brands include Follow Your Heart, which is maybe best known for its vegan mayonnaise, Vegenaise. 

Why Purchase the Report?

• To visualize the global vegan supplements market segmentation based on product type, form, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development. 
• Excel data sheet with numerous data points of vegan supplements market-level with all segments.
• The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study. 
• Product mapping is available as Excel consists of key products of all the major market players.

The global vegan supplements market report would provide approximately 61 tables, 60 figures and 190 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies