Vegan Supplements Market Analysis Europe, North America, APAC, South America, Middle East and Africa - US, China, Germany, UK, Japan - Size and Forecast 2024-2028

Vegan Supplements Market Size 2024-2028

The vegan supplements market size is forecast to increase by USD 3.64 billion at a CAGR of 8.51% between 2023 and 2028.

• The market is experiencing significant growth, driven by expanding global vegan population bases and increasing health consciousness among consumers. With the growing prominence of online shopping, the market is witnessing a growth in sales as consumers seek convenience and accessibility. However, the availability of counterfeit dietary supplements poses a challenge, as it undermines consumer trust and safety. To mitigate this issue, industry players are focusing on implementing stringent quality control measures and collaborating with regulatory bodies to ensure product authenticity and transparency. Major players offer vegan supplements in various forms such as capsules and tablets. The market is expected to continue its upward trajectory, fueled by these trends and the increasing demand for plant-based alternatives to traditional supplements.

What will be the Size of the Vegan Supplements Market During the Forecast Period?

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• The market is witnessing significant growth due to the increasing popularity of plant-based diets. The Vegan Society reports that over 600,000 people In the UK alone follow a vegan diet, and this number is continuously rising. Cymbiotika, Elderberry, Vital Nutrients, and other brands are catering to this niche market by offering vegan supplements made from algae, fruits, and other plant-based sources. Government support and regulations are also driving the growth of the market. For instance, the European Food Safety Authority (EFSA) has approved several plant-based sources as valid sources of essential nutrients. VegNews, Veganuary Campaign, Vegetarian Times Magazine, and other media outlets are emphasizing the importance of vegan supplements to ensure adequate nutrient intake.
• The market is expected to grow further as more people adopt plant-based diets, including flexitarian diets, which allow for the consumption of some animal products. The market is projected to reach a value of over USD 12 billion by 2031. The market is expected to be driven by the increasing demand for plant-based alternatives to dairy and meat.

How is this Vegan Supplements Industry segmented and which is the largest segment?

The vegan supplements industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Distribution Channel
  • Offline
  • Online
• Geography
  • Europe
    • Germany
    • UK
  • North America
    • US
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

By Distribution Channel Insights

The offline segment is estimated to witness significant growth during the forecast period. The market caters to individuals following plant-based diets, a segment that continues to expand with the growing influence of the Vegan Society and campaigns like Veganuary. Cymbiotika, Elderberry, Vital Nutrients, Algae, Nestlé Health Science, Orgain, and other brands offer a wide range of vegan supplements In the form of capsules and tablets. The food and beverage sector, including beverage and food service channels, is a significant contributor to the market's growth. Government support and regulations play a crucial role In the market's development, ensuring the production and distribution of safe and high-quality vegan supplements.

Retail outlets, such as supermarkets, hypermarkets, departmental stores, pharmacies, and other stores, form the offline segment of the market. These retailers attract a high footfall due to the availability of sales representatives who guide buyers in selecting the right products for their needs. Despite higher operating costs, offline retailers have the advantage of providing buyers with assured product quality, reducing the risk of purchasing counterfeit products online. Companies further promote the market by increasing consumer awareness and introducing innovative products with unique flavors. Startup companies are also entering the market, offering D2C (direct-to-consumer) options and expanding the consumer base for vegan supplements. The flexitarian diet trend, which involves reducing meat and dairy consumption, further fuels the demand for plant-based alternatives In the market. Online shopping and social media platforms also provide convenient access to a vast array of vegan supplements, making it easier for consumers to make informed choices.

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The Offline segment was valued at USD 3.25 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

Europe is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market caters to individuals following plant-based diets, aligning with the values of organizations like the Vegan Society. Companies such as Cymbiotika, Vital Nutrients, and Solgar offer a range of vegan supplements, including elderberry, algae, and capsules/tablets. Government support and regulations play a crucial role in the growth of this niche market. VegNews, Veganuary Campaign, Vegetarian Times Magazine, Orgain, Nutricost, NutraBlast, and PlantFusion are among the key players driving innovation in the food, beverage sector through plant-based alternatives to dairy and meat. Startup companies like Nestlé Health Science and AlgaeCal also contribute to the market's expansion. Online shopping and social media platforms have made these products easily accessible to the expanding consumer base, with flexible diets like flexitarianism gaining popularity.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise In the adoption of Vegan Supplements Industry?

• Expanding global vegan population base is the key driver of the market. The market is experiencing significant growth due to the increasing number of individuals adhering to vegan diets worldwide. The Vegan Times Magazine reports that this trend is driven by the growing awareness of the health benefits associated with plant-based eating. Vegan diets offer an abundance of fibers, antioxidants, and beneficial plant compounds, making them rich in essential nutrients such as potassium, magnesium, folate, and vitamins A, C, and E.
• Furthermore, vegan diets have been linked to weight loss and improved kidney function, as well as lower blood sugar levels. Food technology innovations continue to expand the range of dairy-free products, catering to the diverse needs of vegan consumers. Stakeholders In the market are employing various growth strategies, including product development, partnerships, and marketing initiatives, to tap into this growing market.

What are the market trends shaping the Vegan Supplements Industry?

• The growing prominence of online shopping is the upcoming market trend. The market has experienced notable expansion due to the increasing popularity of dairy-free products and the rise of food technology. According to recent reports, e-commerce has significantly contributed to the market's growth, enabling customers to access a wide range of vegan supplement brands from both local and international companies. The proliferation of e-commerce platforms, including brand-owned portals and pure-play e-retailers, has facilitated this trend. Notable e-commerce retailers like Amazon.Com and eBay Inc. Have emerged as major distributors of vegan supplements worldwide. E-commerce platforms provide consumers with the convenience of accessing product information, comparing various options, and making informed purchasing decisions.
• Market stakeholders are capitalizing on this trend by strengthening their e-commerce presence to broaden their product reach. Vegan Times Magazine, a leading publication In the vegetarian and vegan community, has also focused on the importance of e-commerce in making vegan supplements more accessible to consumers.

What challenges does the Vegan Supplements Industry face during its growth?

• Availability of counterfeit dietary supplements is a key challenge affecting the industry growth. The market has witnessed significant growth due to the increasing demand for dairy-free products. According to various food technology reports, the market is projected to expand further as more individuals adopt vegetarian and vegan lifestyles. However, the market faces challenges with the proliferation of counterfeit vegan supplements. These products, often sold online, mislead consumers with false health claims and are manufactured using substandard materials. Many of these supplements, particularly those containing vitamins and probiotics, are found to be made of sugar and chemical substances. These counterfeit products are primarily manufactured in developing countries and are not subjected to regulatory approval or testing, making them unsafe for human consumption.
• Stakeholders In the vegan supplement industry must employ growth strategies to combat this issue and ensure the production and distribution of authentic, high-quality supplements. Vegan Times Magazine focuses on the importance of transparency and accountability In the industry to protect consumers and uphold ethical standards.

Exclusive Customer Landscape

The vegan supplements market forecasting report includes the adoption lifecycle of the market, market growth and forecasting, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the vegan supplements market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, vegan supplements market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Amway Corp.
• Deva Nutrition LLC
• DuPont de Nemours Inc.
• FORGE Supplements
• FUTURE KIND
• Glanbia plc
• HTC Health
• Jagzee Enterprises
• Jarrow Formulas Inc.
• Kikkoman Sales USA Inc.
• Natrol LLC
• Nestle SA
• NOW Health Group Inc.
• Nuzest Life Pty Ltd.
• Pure Encapsulations LLC
• Sakara Life Inc.
• Solgar Inc.
• Unived
• Vital Amine Inc.
• Wonder Laboratories

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The market is witnessing significant growth due to the increasing adoption of plant-based diets. The Vegan Society and VegNews, among other organizations, have played a pivotal role in promoting veganism as a lifestyle choice. Government support and regulations are also driving the growth of the market. For instance, the European Food Safety Authority (EFSA) has approved several plant-based ingredients as nutritional supplements. The Veganuary Campaign, which encourages people to try a vegan diet for the month of January, has also contributed to the market's growth.

The market for vegan supplements is not limited to capsules and tablets but also includes innovative plant-based food and beverage products. The food and beverage sector, online shopping, and food service channels are the major distribution channels for these products. Startups are also entering the market with unique flavors and meat substitute products, catering to the growing consumer base of flexitarians. Dairy and meat alternatives are also driving the demand for vegan supplements as people seek to maintain a balanced diet while following a vegan lifestyle.

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What are the Key Data Covered in this Vegan Supplements Market Research and Growth Report?

• CAGR of the Vegan Supplements industry during the forecast period
• Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the vegan supplements market growth of industry companies

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