Vegan Supplements Market by Distribution Channel and Geography - Forecast and Analysis 2022-2026

The vegan supplements market share is expected to increase to USD 3.43 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.1%.

This vegan supplements market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers vegan supplements market segmentation by distribution channel (offline and online) and geography (Europe, North America, APAC, South America, and Middle East and Africa). The vegan supplements market report also offers information on several market vendors, including Amway Corp., Deva Nutrition LLC, Du Pont De Nemours Inc., FORGE Supplements, FUTURE KIND, Glanbia Plc, HTC Health, Jagzee Enterprises, Jarrow Formulas Inc., Kikkkoman, 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 among others.

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

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Vegan Supplements Market: Key Drivers, Trends, and Challenges

The expanding global vegan population base is notably driving the vegan supplements market growth, although factors such as the availability of counterfeit dietary supplements may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the vegan supplements industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Vegan Supplements Market Driver

• One of the key factors driving growth in the vegan supplements market is the expanding global vegan population base.
• With the rising awareness about the various health benefits of vegan diets, the number of people adopting vegan lifestyles is increasing across the world.
• Vegan diets provide more fibers, antioxidants, and beneficial plant compounds.
• Vegan diets help improve kidney function and lower blood sugar levels.
• It is estimated that the number of consumers opting for plant-based diets over animal-based diets is increasing, and the trend is more common among millennials.
• The number of vegan consumers is growing in countries such as the US and Canada. The number of people adopting a vegan lifestyle is growing in countries such as the UK, Germany, and France. There are more than three million vegans in the UK, and the number is expected to increase during the forecast period. Thus, the growing global vegan population will help in the growth of the global vegan supplements market during the forecast period.

Key Vegan Supplements Market Trend

• The growing prominence of online shopping is a vegan supplements market trend that is expected to have a positive impact in the coming years.
• E-commerce enables customers to access regional and global brands of vegan supplements.
• Brand-owned online portals and pure-play e-retailers are among various types of e-commerce platforms offering vegan supplements.
• E-commerce vendors allow customers to collect information and compare various vegan supplements available on the portal.
• Vendors operating in the global vegan supplements market are strengthening their e-commerce presence to enhance their product reach.
• For instance, NOW Health Group Inc. offers its products, including vegan supplements, on HealthKart.com to reach the Indian customer base. This trend of sharing region and country-specific products among cross-border consumers of vegan supplement products through e-commerce platforms increases brand visibility and sales globally.
• With the increasing online retailing, the sales of vegan supplements through this channel are expected to increase significantly.

Key Vegan Supplements Market Challenge

• The availability of counterfeit dietary supplements will be a major challenge for the vegan supplements market during the forecast period.
• Along with the increasing consumption of vegan supplements, there has been an equal increase in the presence of counterfeit products. These products are sold online to those who are unaware of fraudulence and buy these products as they are imported.
• The supplements are advertised with false claims of health benefits while these are made of sugar and powdered form of certain chemical substances.
• Counterfeit vegan supplements are manufactured using low-cost non-standard materials and are not tested or approved by regulatory authorities; therefore, they are unfit for human consumption.
• Regulatory authorities in many countries have identified several cases of counterfeit supplement manufacturing and sales and have banned the use of such products. Such factors are expected to hinder the growth of the global vegan supplements market.

This vegan supplements market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global vegan supplements market as a part of the global packaged food and meat under the global food products segment of the global food, beverage, and tobacco market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the vegan supplements market during the forecast period.

Who are the Major Vegan Supplements Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Amway Corp.
• Deva Nutrition LLC
• Du Pont De Nemours Inc.
• FORGE Supplements
• FUTURE KIND
• Glanbia Plc
• HTC Health
• Jagzee Enterprises
• Jarrow Formulas Inc.
• Kikkkoman
• 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

 

This statistical study of the vegan supplements market encompasses successful business strategies deployed by the key vendors. The vegan supplements market is fragmented and the vendors are deploying growth strategies such as innovative product launches to compete in the market.

Product Insights and News

• futurekind.co - The company offers vegan chocolate protein powder which helps the body to build muscle, repair tissue and ensure to meet protein goals.

• futurekind.co - Under the unified segment, the company is involved in offering clean, sustainable, and plant-based nutrients products to complement health supplements for humans.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The vegan supplements market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Vegan Supplements Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the vegan supplements market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Vegan Supplements Market?

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37% of the market's growth will originate from Europe during the forecast period. Germany and UK are the key markets for vegan supplements in Europe. Market growth in this region will be faster than the growth of the market in the North American and MEA regions.

Consumers in Europe are mainly focusing on health, leading to the greater adoption of food products manufactured from plants. This will facilitate the vegan supplements market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 outbreak positively impacted the growth of the vegan supplements market in the region in 2020. The interest in immune-related compounds and foods such as vitamins C and D, zinc, omega-3, garlic, ginger, and turmeric, and their consumption, dynamically increased to boost immunity levels during the pandemic. To encourage online sales, vendors started shipping vegan supplements with zero shipping charges. 

What are the Revenue-generating Distribution Channel Segments in the Vegan Supplements Market?

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The vegan supplements market share growth by the offline segment will be significant during the forecast period. The offline segment of the global vegan supplements market comprises supermarkets, hypermarkets, departmental stores, pharmacies, and other stores. Retail outlets attract a high footfall as products such as vegan supplements are on display, and sales representatives present at the stores guide buyers in selecting products as per their requirements. Retail outlets may have higher operating costs, but with the availability of sales representatives for product consultation, they have scope for higher profit margins. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the vegan supplements market size and actionable market insights on post COVID-19 impact on each segment.

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North America Vegan Supplements market - The market share from 2021 to 2026 is USD 768.62 million at a progressing CAGR of 7.75%.

Vegan Supplements Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 8.1%
Market growth 2022-2026	$ 3.43 billion
Market structure	Fragmented
YoY growth (%)	7.7
Regional analysis	Europe, North America, APAC, South America, and Middle East and Africa
Performing market contribution	Europe at 37%
Key consumer countries	US, China, Japan, Germany, and UK
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Amway Corp., Deva Nutrition LLC, Du Pont De Nemours Inc., FORGE Supplements, FUTURE KIND, Glanbia Plc, HTC Health, Jagzee Enterprises, Jarrow Formulas Inc., Kikkkoman, 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 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.

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

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive vegan supplements market growth during the next five years
• Precise estimation of the vegan supplements market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the vegan supplements industry across Europe, North America, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of vegan supplements market vendors

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