The vegan supplements business is growing at a rapid pace globally. According to a recent study conducted by Future Market Insights (FMI), the global vegan supplements market is expected to reach a value of $4,830.2 million by 2022. The rise of vegan supplements is driven by the burgeoning base of vegan and vegetarian consumers across various regions. Consumers who choose to follow a plant-based diet are less likely to suffer from lifestyle-based ailments such as cardiovascular diseases, diabetes, cancers, and others. The global vegan supplements industry is also bolstered by the growing efforts towards sustainable food production management and ethical consideration in terms of sourcing animal-based ingredients.
The global vegan supplements market is classified on the basis of product type, form, and nature. The market is also segmented by distribution channel and geography. The major players operating in the vegan supplements industry are focusing on the development of new products and mergers & acquisitions to expand their presence in the global market.
A slew of factors is projected to propel the growth of the global vegan supplements business, including a rising number of vegans and flexitarians, expanding research in novel protein sources, and an overall positive outlook for the sports nutrition sector. Additionally, the rising focus on nutrient-rich foods and efforts to reduce calorie consumption by consumers are also expected to boost the market.
Vegan proteins are increasingly popular among the fitness and health-conscious population as they provide the same level of protein as their animal-derived counterparts without sacrificing taste and texture. This trend is anticipated to continue in the foreseeable future, with a number of leading manufacturers introducing plant-based products and increasing their offerings in the vegan protein market.
RIBUS, for example, offers a line of vegan excipients that allows dietary supplement manufacturers to bind their products using non-animal derived materials like guar gum, gum Arabic, agave fiber, and rice starch. Its products can also be used as a replacement for pregelatinized starch in tablet and capsule manufacturing.
With the popularity of a meat-free diet rising in many parts of the world, restaurants and casual dining establishments are starting to offer vegan options on their menus, which is predicted to further drive demand for vegan supplements in the coming years.
Many of the leading participants in the vegan supplements business are focusing on expanding their direct-to-consumer sales channels to cut down on intermediary costs and reach a wider customer base. They are also focusing on partnerships with food delivery services to help them increase their reach and sales. This strategy has become especially prominent in the UK, where Holland & Barrett and Deliveroo are working together to allow customers to order their favorite vegan supplements directly from the stores’ websites and apps. This has allowed them to grow their market share by offering more convenient access to vegan supplements and reducing the cost of sales. It’s a strategy that has proven successful for several other supplement brands as well.