The global vegan supplements business has experienced a rise in demand as consumers are increasingly aware of the benefits of vegan products over animal-based supplements. Increasing demand for plant-based foods is also contributing to the growth of the market. Additionally, the growth in the health and fitness sector is also driving the market for these products.
In addition to this, the rising number of flexitarians is also fueling the global vegan supplements market. They are becoming increasingly conscious of their food choices and are opting to reduce the consumption of animal-based products over ethical concerns.
Another factor that is driving the vegan supplement market is the increased focus on reducing environmental impact and improving sustainability of food production. This is expected to contribute significantly to the overall market growth in the next few years.
Moreover, the increasing popularity of protein-rich vegan foods and a growing demand for dietary proteins are also expected to drive the vegan supplement industry. However, the increasing presence of counterfeit dietary products and the challenging regulatory environment are hindering the market growth.
On the basis of product type, the global vegan supplements business is divided into vitamins and minerals, digestive health supplements, amino acids, probiotics, and omega-3 fatty acid supplements. Among these, the vitamin and mineral segment is expected to experience a significant growth rate during the forecast period. The protein supplement segment is also estimated to grow at a high CAGR during the forecast period, owing to the increasing demand for plant-based protein sources.
The market for vegan supplements is a highly competitive one, with a large number of domestic and multinational players competing for a share in the global market. These players have adopted various strategies to improve their product portfolio, expand their distribution channels and increase sales.
These strategies include mergers, acquisitions and partnerships as well as new product development. The increasing penetration of online retailing is expected to be a key trend that will impact the vegan supplement market in the near future.
A major growth driver in the global vegan supplement market is the burgeoning demand for meat substitutes, especially in developing nations where animal-based products are less available. This is due to a growing awareness of the importance of reducing the risk of diseases and promoting good health.
The demand for vegan protein supplements is also increasing as a result of the growing popularity of flexitarian lifestyles and the increased use of quinoa, hemp seeds, rice, soy, and other legumes. This trend is likely to continue, and the demand for these supplements will grow at a rapid pace in the coming years.
The global vegan supplements business is estimated to be valued at US$ 870 million by 2022. The market is predicted to grow at a CAGR of 10.9% during the forecast period, with rising awareness and increasing demand for plant-based products boosting the demand for these products. In addition to this, the increase in the aging population and rising discretionary spending are other factors expected to drive the vegan supplement market during the forecast period.