Vegans are increasingly embracing dietary supplements, and this trend has been a boon for the vegan supplements business. The popularity of vegan supplements is largely due to the positive impact they have on health, the environment and the treatment of animals. As a result, the demand for these products is expected to continue to rise exponentially over the next decade, providing ample opportunity for both private label and national brand supplement manufacturers.
The global market for vegan supplements is highly competitive and fragmented, with a number of established branded supplement manufacturers focusing on product development initiatives aimed at bolstering their portfolios and expanding into the plant-based space. In the face of this growing competition, smaller disruptor brands are gaining traction and leveraging consumer demand for clean label plant-based supplements, with many launching their own vegan lines of protein-rich products.
Several prevailing trends are influencing the vegan supplements market, including an increasing focus on wellness and the benefits of a high-protein diet, the need for a healthy lifestyle to avoid obesity and related diseases, and efforts towards sustainable food production management and ethical consideration in terms of sourcing animal-based ingredients. The growing base of vegans and vegetarians across the globe is also expected to drive growth in the market for these products.
Moreover, the growing popularity of fitness trends is boosting sales of dietary supplements. The need for protein-rich supplements in sports nutrition, especially after a workout is likely to boost demand. Additionally, the rising popularity of e-commerce platforms is allowing companies to offer their products directly to consumers, bypassing distributors and wholesalers and enabling them to lower costs and maximize profits.
In the vegan supplement industry, a direct-to-consumer strategy has been an effective way to reach consumers and build loyalty for a particular brand. Many manufacturers and suppliers are focusing on this strategy, with the use of a streamlined supply chain that eliminates intermediary costs. This is likely to increase the profitability of these vegan supplements in the long term.
The most popular form of vegan supplements is powder, followed by pills and gummies. The latter two categories are expected to account for a major share of the overall market during the forecast period. The popularity of these forms stems from their ability to provide a range of vitamins and nutrients that are needed by the body. The increasing prevalence of digestive problems, particularly irritable bowel syndrome, is also likely to propel the sales of these products. The report has also provided a breakup of the market based on the distribution channel, with pharmacies/drug stores being the largest segment. These establishments often carry a wide selection of well-known and trusted supplement brands, which makes them an easy choice for consumers looking to purchase vegan products. The other significant distribution channels include supermarkets and hypermarkets, specialty stores, and online stores. Online stores are likely to record the fastest growth in the market, as they make it convenient for customers to shop from the comfort of their homes and with no need to travel far to buy their products.