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The predicted growth for the vegan supplements market share in North America from 2021 to 2026 is USD 768.62 million at a progressing CAGR of 7.75%.
This vegan supplements market in North America forecast report extensively covers segmentations by:
The vegan supplements market in North America report offers information on several market vendors, including Aloha, Canopy Growth Corp., Danone SA, Deva Nutrition LLC, FORGE Supplements, Future Kind, Jarrow Formulas Inc., Kerry Group Plc, Kikkoman Corp., Lauras Original Boston Brownies Inc., Natrol LLC, Nestle SA, NOW Health Group Inc., NuGo Nutrition, PepsiCo Inc., Vital Amine Inc., Wonder Laboratories, and DuPont de Nemours Inc. among others. Furthermore, our analysts have provided valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches for the coming years.
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The increasing demand for natural products is notably driving the vegan supplements market growth in North America, 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 in North America. 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 in North America
The increasing demand for natural products is one of the key drivers supporting the North America vegan supplements market growth. Consumers are now more aware of the harm caused by toxic and chemical products to the human body in the long run, which has increased the demand for natural products. There are major retailers such as Costco, Walmart, and Whole Foods who are driving food supplement producers to make sweeping changes such as using plant-based ingredients, along with natural flavors, in their products. As a result, food manufacturers have started including vegan supplements in their supply that are extracted from plants, which also provide essential nutrients. As there is an increasing demand for natural products, vendors are continuously introducing such products to cater to customer demands. Thus, such an increasing demand for natural products will drive the North America vegan supplements market growth during the forecast period.
Key Vegan Supplements Market Trend in North America
The rise in promotional and marketing initiatives is one of the key vegan supplements market trends in North America that is positively impacting the market growth. Vendors of vegan supplements are increasingly investing in promoting and marketing their products effectively. The results of such initiatives have been positive in the case of vegan supplements, which have been marketed extensively by vendors through various campaigns. In addition, vendors are marketing their products based on health claims that help to attract health-conscious people. Thus, the increase in marketing and promotional initiatives will positively influence the growth of the vegan supplements market in North America during the forecast period.
Key Vegan Supplements Market Challenge in North America
The availability of counterfeit dietary supplements is one of the challenges impeding the North America vegan supplements market growth. The counterfeit products are mostly sold online to those who are unaware of fraudulence and buy these products as they are imported. Most of these cases are associated with vitamins and probiotics. The supplements are advertised with false claims of health benefits while these are made of sugar and powdered form of certain chemical substances. Regulatory authorities have been identifying and taking legal actions against the manufacturers of such illegal products. Some manufacturers have faced the closure of their companies as they produced these products without legal approval from regulatory bodies of the countries. Furthermore, There have been instances where the manufacturers of dietary supplements have been charged and sued for deceptive advertisements. However, counterfeit products are still in high demand due to their cost-efficiency. This, in turn, will impede the North America vegan supplements market growth during the forecast period.
This vegan supplements market in North America 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.
Technavio categorizes the vegan supplements market in North America as a part of the global packaged foods and meats 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 in North America during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the vegan supplements market in North America encompasses successful business strategies deployed by the key vendors. The vegan supplements market in North America is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
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 in North America forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the vegan supplements market in North America, 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.
US, Canada, and Mexico are the key markets for vegan supplements market in North America in North America. The rising awareness about the health benefits derived from the consumption of such vegan supplements will facilitate the vegan supplements market growth in the US 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.
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The vegan supplements market share growth in North America by the online segment will be significant during the forecast period. Online stores have lower operating costs compared with retail outlets. They also allow buyers to see and compare many products and brands, with the added convenience of purchasing from the comfort of their homes. The growth of the vegan supplements market in North America by online stores is directly proportional to the increase in the number of Internet users. Moreover, the US records the fastest Internet penetration due to technological advances. These factors of online stores will drive the US vegan supplements market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the vegan supplements market size in North America and actionable market insights on post COVID-19 impact on each segment.
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Vegan Supplements Market Scope in North America |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.75% |
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Market growth 2022-2026 |
$ 768.62 million |
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Market structure |
Concentrated |
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YoY growth (%) |
5.71 |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Aloha, Canopy Growth Corp., Danone SA, Deva Nutrition LLC, FORGE Supplements, Future Kind, Jarrow Formulas Inc., Kerry Group Plc, Kikkoman Corp., Lauras Original Boston Brownies Inc., Natrol LLC, Nestle SA, NOW Health Group Inc., NuGo Nutrition, PepsiCo Inc., Vital Amine Inc., Wonder Laboratories, and DuPont de Nemours Inc. |
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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 forecast period |
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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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Distribution Channel
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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