The Vegan Supplements Business

The vegan supplements business is a market that focuses on producing plant-based products to supplement a vegan diet. The market is driven by several factors, including the growing population of people who choose to go vegan. The increasing concern about health, the environment and animal welfare also drives the vegan supplement market.

The market for vegan supplements is expected to witness a significant growth over the next few years. It is projected to grow at a CAGR of 6.7% between 2022 and 2027. This is driven by the rising popularity of the vegan diet and the emergence of new and innovative products.

Vegan diets are known to lower the risk of cancer, heart disease and other lifestyle-related ailments, and these benefits are likely to continue boosting demand for vegan supplement products. A rise in awareness about the nutrient value of plants is also a driving force behind this industry.

Moreover, the flexitarian movement is another factor that will drive sales of vegan supplements over the forecast period. Many people opt for a flexitarian diet, which includes meat-free meals on occasion, and this is a trend that is increasing rapidly. It is estimated that there will be over a million flexitarians in the United States by 2022, which is an important market for vegan supplements manufacturers to target.

In addition, the shift toward a cleaner label is also contributing to this trend. Clean label and vegan dietary supplement brands are sourcing plant-based ingredients to develop formulas that meet the needs of their customers without sacrificing quality or integrity.

These companies are investing in manufacturing facilities and research and development teams to keep up with the growing vegan diet market. This strategy is allowing them to take advantage of the growing demand for vegan-friendly ingredients and expand their product lines in the United States, according to data from the Nutrition Business Journal.

The global vegan supplement market is expected to expand over the next few years, according to FMI. It predicts that demand for botanical ingredient sources will continue to increase as consumers respond to clean label trends and that online retail distribution channels will gain traction.

Capsules are the most popular form of vegan supplements, owing to their convenience, ease of administration and cost-effectiveness. They are available in multiple forms and are easily absorbed by the body. The growing popularity of sports nutrition and the increased expenditure capacities of consumers are some other key factors that are expected to propel this market.

Besides this, the availability of protein-rich vegan supplements in powder form is also expected to drive the market growth. This is because powders are highly soluble, easy to store, and less bulky than liquid forms of vegan supplements. Moreover, they are available in flavors like vanilla, chocolate, and berry.

Among the major regions, North America is projected to dominate the vegan supplements market in the near future, owing to the increasing vegan and vegetarian population and a shifting consumer preference for a healthy diet. In fact, in January 2021, over 500,000 people signed up for Veganuary, which is an annual celebration of the plant-based diet movement. The campaign is aimed at encouraging people to eat more plant-based foods and is expected to reach two million by 2022.