vegan supplements market size reached US$ 6.97 Billion in 2021. By 2027, It will reach US$ 10.88 Billion, exhibiting a CAGR of 7.50% during 2022-2027.
SHERIDAN, NEW YORK, USA, February 23, 2023 /
EINPresswire.com/ -- According to the latest report by IMARC Group, titled, “Vegan Supplements Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027″, The global
vegan supplements market size reached a value of US$ 6.97 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 10.88 Billion by 2027, exhibiting a CAGR of 7.50% during 2022-2027.
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Veganism represents a practice that refrains from the use of animal by-products, such as eggs, milk, or meat. Vegan supplements refer to additional nutrients that are emanated from plant-based sources to fulfill the nutritional needs of the human body. Generally consumed by the vegan population, they are rich in calcium, vitamins B12 and D, iron, zinc, iodine, omega-3 fatty acids, and proteins. Vegan supplements are commonly available in capsules, gummies, powders, pills, tablets, and liquid forms. Compared to non-vegan components, they exhibit a smaller carbon footprint and are more environmentally sustainable while delivering the same quality and dosage of underlying nutrients. In addition, vegan supplements improve cognitive abilities, provide better athletic performance, ensure the intake of proper nutrients, manage weight, and boost immunity.
Vegan Supplements Market Trends
The expanding vegan population, owing to health concerns, environmental impact, animal welfare, the increasing instances of various chronic diseases, and the shifting consumer inclination toward a healthier lifestyle, is among the primary factors driving the vegan supplements market. Besides this, continuous product innovations in several flavor profiles, such as vanilla, chocolate, berry, and others, are further augmenting the market growth. Moreover, the rising awareness toward the associated benefits of vegan supplements and the escalating demand for clean label, energy-rich offerings are also catalyzing the global market.
Apart from this, the extensive application of this component in sports nutrition as a good source of dietary fiber to minimize the risk of inflammation and improve cholesterol levels, blood viscosity, and arterial flexibility is acting as another significant growth-inducing factor. Furthermore, the elevating requirement for this powder with enhanced shelf life, the inflating expenditure capacities of consumers, and the easy product availability across e-commerce platforms are expected to bolster the vegan supplements market in the coming years.
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Competitive Landscape:
The competitive landscape of the vegan supplements market has been studied in the report with the detailed profiles of the key players operating in the market.
Aloha Inc., Amway Corp., Deva Nutrition LLC, DuPont de Nemours Inc., Eversea Inc., HTC Health, Jarrow Formulas Inc., Nestlé S.A., NOW Foods, Nutrazee, Ora Organic and PepsiCo Inc.
The report has segmented the vegan supplements market on the based on product type, form and distribution channel.
Breakup by Product Type:
Protein
Minerals
Vitamins
Others
Breakup by Form:
Powder
Capsules/Tablets
Others
Breakup by Distribution Channel:
Pharmacies/Drug Stores
Supermarkets and Hypermarkets
Specialty Stores
Breakup by Region:
North America:(United States, Canada
Asia-Pacific:(China, Japan, India, South Korea, Australia, Indonesia,Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia,Others)
Latin America;(Brazil,Mexico, Others)
Middle East and Africa
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Key Highlights of The Report:
Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
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