Market Research Future (MRFR) presumes that the vegan supplements market will be worth around USD 13598.7 Million by 2028. MRFR further projects the market size to soar at a rate of 6.9% from 2020 to 2028.
Top Boosters and Key Challenges:
All over the world, consumers are swiftly shifting their focus towards a healthier lifestyle, resulting in a higher prevalence of vegetarian or vegan diets. High preference for vegan diets can also be accredited to rising focus on personal health, animal welfare, and environmental concerns worldwide. With the significant rise in the worldwide transition rate from vegetarians to veganism to movements like Veganuary, the global market is touted to witness substantial growth in the coming years.
The Asia Pacific market will present attractive opportunities to the global firms in the next several years, on account of the fast-emerging countries such as Australia, India, New Zealand, China, and others. The rapid increase in the adoption of the western culture and lifestyle, booming population, and the notable rise in consumers’ disposable incomes would have a tremendous effect on the Vegan Supplements Market Analysis. The escalating knowledge among consumers about the various health advantages of vegan supplements will also elevate the market position in the region.
Various types of vegan supplements available in the market include minerals, blends, amino acids & proteins, vitamins and more. Vitamins is bound to be the top segment in the years to come and will remain in the lead between 2020 and 2027, given their huge demand among consumers of every age group, and their extensive use in preventive as well as curative healthcare. Vegan vitamin supplements are known for their stress relieving properties and are therefore, popular among consumers who lead a hectic and stressful lifestyle.
Form-based major segments listed in the MRFR research study are powders, tablets, capsules & soft gels, gummies and others. Tablets, capsules & soft gels are some of the most sought-after vegan supplements in the global industry and therefore, form the biggest segment. These forms are more preferred in comparison to other forms, given their higher shelf life. On the other hand, capsule form is easier to swallow and as a result, note higher demand than tablets.
Key distribution channels covered are non-store-based as well as store-based. Store-based channels sell majority of the vegan supplements, with specialty stores, and supermarkets and hypermarkets identified as some of the most popular segments. The supermarkets and hypermarkets segment is in the lead and is presumed to continue being the dominant category throughout the given period.
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Geographically, the global market for vegan supplements can be divided into Europe, Latin America, Asia Pacific (APAC), Middle East & Africa (MEA) and North America.
Europe could emerge as a highly attractive market by 2027. The vegan supplements market size in the region is quite substantial and is boosted by the rising number of consumers growing health conscious and opting for healthier and more nutritious food products. The vegan population in the region is enormous in line with the rising preference for organic and natural items, which fosters the market growth as well.
The Asia Pacific market is on the way to garner a high valuation by the end of the conjectured period. Thanks to the burgeoning middle-income populace in conjunction with the surge in the consumers’ purchasing capacity, coupled with mounting focus on health, the APAC market should continue to thrive all through the analysis period. From a competitive standpoint, the regional market is growing intense with a mounting number of manufacturers striving to capitalize on the emerging trends of health consciousness and veganism among people, to capture a higher position.
Deva Nutrition LLC (US), Natrol (US), HTC Health (UK), Garden of Life LLC (US), Pure Encapsulations (US), Solgar Inc. (US), Ora Organic (US), NOW Foods (US), Jarrow Formulas (US) are the biggest vegan supplement manufacturers in the worldwide market.
HUM Nutrition, a well-known wellness brand, introduces FAN CLUB, a clinically-reviewed estrogen-free, vegan supplement that supports women throughout perimenopause as well as menopause. FAN CLUB contains Siberian rhubarb root, grape seed extract, and probiotics that help bring down the effect of 11 symptoms of menopause and perimenopause, including vaginal dryness, hot flashes + night sweats, mood swings, fatigue, restlessness, irritability, heart racing, sleeplessness, bladder problems, joint and muscle discomfort, along with low sex drive.
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