(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The "Vegan Supplements Global market Report 2023" report has been added to ResearchAndMarkets's offering.
The global vegan supplements market is expected to grow from $8.87 billion in 2022 to $9.66 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The vegan supplements market is expected to reach $13.49 billion in 2027 at a CAGR of 8.7%. The growing popularity of veganism is expected to drive the expansion of the vegan supplements market in the coming years. Veganism is a dietary choice that exclusively relies on plant-based meals while abstaining from animal products. The increasing adoption of veganism is fueling the demand for vegan supplements, particularly for vitamins such as vitamin B12, vitamin D3, and folic acid.
For instance, in August 2020, the European Vegetarian Union, a Switzerland-based non-profit organization, reported a 37% increase in vegan food sales in Germany during the first quarter of 2020 compared to the same period in 2019. Similarly, the United States witnessed a 90% surge in sales of vegan food during the peak of the pandemic stock-buying period. These trends highlight the rising popularity of veganism and its positive impact on the vegan supplements market.
Vegan supplements primarily include minerals, vitamins, proteins, and other nutritional products. Minerals encompass naturally occurring inorganic substances with distinct chemical compositions and crystal structures, such as quartz or feldspar.
These supplements are available in various forms, including powders, liquids, capsules, bars, and more, and are distributed through multiple channels, including hypermarkets or supermarkets, convenience stores, drug stores and pharmacies, health and wellness stores, online retail platforms, and others.
Product innovation is a prominent trend in the vegan supplement market. Major players in the market are actively engaged in developing innovative products to enhance their market positions. For instance, in August 2022, Vital Nutrients, a US-based nutraceutical company, introduced "Ultra Pure Vegan Omega SPM+."
Ultra Pure Vegan Omega SPM+ is a groundbreaking vegan algae-based omega composition that comes in a 40% smaller pill size compared to standard fish oils, which improves patient adherence. It features an exclusive plant-based combination of omega-3 fatty acids with therapeutically significant levels of active SPMs (Specialized Pro-Resolving Mediators) that may enhance the treatment of inflammatory conditions up to five times more effectively than omega-3s alone.
The supplement also contains 390 mg of DHA, which supports immune system responses, heart health, cognitive function, and nervous system function.
The vegan supplement market encompasses the sale of vitamin B12, omega-3 fatty acids, and vitamin D3 derived from plant and algae sources. The values presented in this market represent the factory gate values, which include the value of goods sold by manufacturers or creators of the goods to other entities (including downstream manufacturers, wholesalers, distributors, retailers) or directly to end customers. These values also encompass related services provided by the creators of these goods.
North America was the largest region in the vegan supplements market in 2022. The regions covered in vegan supplement report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the vegan supplements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Major players in the vegan supplements market are
Aloha Inc. Amway Corp. Deva Nutrition LLC DuPont HTC Health Jarrow Formulas Inc. Nestle S.A. Nutrazee PepsiCo Kerry Group PLC Danone S.A. Bhu Foods Vitamin Energy Solgar Inc. NOW Foods Natrol LLC Garden of Life Pure Encapsulations LLC Orgenetics Inc. Ora Organic
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 275 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $9.66 billion |
| Forecasted Market Value (USD) by 2027 | $13.49 billion |
| Compound Annual Growth Rate | 8.7% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Vegan Supplements Market Characteristics
3. Vegan Supplements Market Trends And Strategies
4. Vegan Supplements Market - Macro Economic Scenario
4.1. COVID-19 Impact On Vegan Supplements Market
4.2. Ukraine-Russia War Impact On Vegan Supplements Market
4.3. Impact Of High Inflation On Vegan Supplements Market
5. Vegan Supplements Market Size And Growth
5.1. Global Vegan Supplements Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Vegan Supplements Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Vegan Supplements Market Segmentation
6.1. Global Vegan Supplements Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Minerals Vitamins Protein Other Products
6.2. Global Vegan Supplements Market, Segmentation By Form, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Powder Liquid Capsules Bars Other Forms
6.3. Global Vegan Supplements Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Hypermarket Or Supermarket Convenience Stores Drug Stores And Pharmacies Health And Wellness Stores Online Retailing Other Distribution Channels
7. Vegan Supplements Market Regional And Country Analysis
7.1. Global Vegan Supplements Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Vegan Supplements Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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Global Vegan Supplements Market
Global Vegan Supplements Market Global Vegan Supplements Market Tags Health and Wellness Nutraceutical nutraceuticals Omega 3 Fatty Acid Plant Based Supplement Vegan Supplement Vegan Supplements
MENAFN17102023004107003653ID1107253795
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