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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's growth is underpinned by several key factors. Firstly, the expanding global vegan population base has created a robust demand for plant-based products across various consumer segments. This demographic shift is driven by ethical, environmental, and health considerations, amplifying the market's appeal. Secondly, heightened awareness of lifestyle-related diseases has prompted individuals to adopt healthier dietary choices, including vegan products known for their nutritional benefits. Thirdly, the recognized health advantages associated with vegan diets, such as lower cholesterol levels and reduced risk of chronic illnesses, further bolster market expansion. As these trends converge, the market for vegan products continues to expand, supported by increasing consumer preferences for sustainable, health-conscious alternatives that align with modern dietary and ethical preferences.
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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. Major players in the market include Nestlé Health Science, Orgain, NOW Foods, WAF, Solgar, PlantFusion, Nutricost, and NutraBlast. These companies offer vegan supplements in various forms such as capsules and tablets. 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. According to a report by FMI, 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.
The expanding global vegan population base is notably driving market growth. 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. Thus, such factors are driving the growth of the market during the forecast period.
The growing prominence of online shopping is the key trend in the market. 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 vendors. 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.
Moreover, 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 emphasized the importance of e-commerce in making vegan supplements more accessible to consumers. Thus, such trends will shape the growth of the market during the forecast period.
The availability of counterfeit dietary supplements is the major challenge that affects the growth of the market. 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.
Further, 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 robust growth strategies to combat this issue and ensure the production and distribution of authentic, high-quality supplements. Vegan Times Magazine emphasizes the importance of transparency and accountability in the industry to protect consumers and uphold ethical standards. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
FORGE Supplements - The company offers SOLAR 2.0 thermogenic fat burner which has been designed to speed up metabolism, thermogenically burn calories, and suppress appetite/cravings
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
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 market 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.
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 market report by FMI reveals that 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.
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The offline segment was the largest and was valued at USD 3.25 billion in 2018. 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. VegNews, Vegetarian Times Magazine, Solgar, PlantFusion, Nutricost, NutraBlast, and other publications and 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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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. 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. The report by FMI predicts a significant increase in demand for vegan supplements, driven by consumer preferences for innovative products, flavors, and meat substitute products in the food service channels.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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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. Companies like Cymbiotika, Elderberry, Vital Nutrients, Algae, Nestlé Health Science, Orgain, PlantFusion, Nutricost, NutraBlast, and Solgar are some key players in this niche market. 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.
In addition, 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 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.
Market Scope |
|
Report Coverage |
Details |
Page number |
133 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.51% |
Market Growth 2024-2028 |
USD 3.64 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.67 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 44% |
Key countries |
US, China, Germany, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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., and Wonder Laboratories |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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