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Vegan Supplements Global Market Analysis, Trends, Growth, Research And Forecast 2033
Vegan Supplements Global Market
The vegan supplements market size is expected to see strong growth in the next few years. It will grow to $14.86 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to continued health and wellness trend, growing middle-class population, expansion of distribution channels, climate change concerns, evolving consumer preferences. Major trends in the forecast period include growing demand for plant-based nutrition, sustainable and eco-friendly practices, innovation in ingredients and formulations, focus on clean label products, personalization of products.
Market Overview -
Vegan supplements are animal-by-product-free supplements that contain no ingredients from animals. They are sourced from natural sources, and plant-based supplements are more unlikely to cause allergies and negative effects.
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Growing Popularity Of Veganism Fuels Expansion In The Vegan Supplements Market
The rising popularity of veganism is expected to propel the growth of the vegan supplements market going forward. Veganism is a diet that solely consists of plant-based meals and avoids the consumption and use of animal products. Veganism's growing popularity is bolstering the vegan supplement business, as vegans use supplements for vitamins such as vitamin B12, vitamin D3, and folic acid. For instance, in October 2023, according to the World Animal Foundation, a US-based website that advocates for animal rights, ethical pet ownership, and compassionate awareness, 6% of Americans identified as vegan. Nearly a third of Americans would want to eat more vegan meals. In 2021, sales of plant-based meals climbed by 27%. Therefore, the rising popularity of veganism is driving the vegan supplements market.
Competitive Landscape -
Major companies operating in the vegan supplements market report are Aloha Inc., Amway Corp., Deva Nutrition LLC, DuPont Inc., HTC Health Ltd., Jarrow Formulas Inc., Nestlé S.A., Nutrazee, PepsiCo Inc., Kerry Group plc, Danone S.A., Bhu Foods, Vitamin Energy LLC, Solgar Inc., NOW Foods Pvt. Ltd., Natrol LLC, Garden of Life LLC, Pure Encapsulations LLC, Orgenetics Inc., Ora Organic Inc., Nutrazee Inc., Eversea, Blue Diamond Growers Inc., Aloha Technology Private Limited, NuGo Nutrition LLC, One Brands LLC, G&G Vitamins Ltd., Glanbia plc, Herbalife Nutrition Ltd. .
Vital Nutrients Introduces Ultra Pure Vegan Omega Spm+ Redefining Vegan Supplement Market
Product innovation is the key trend gaining popularity in the vegan supplement market. Major businesses operating in the vegan supplement market are focused on developing innovative products to strengthen their position in the market. For instance, in August 2022, Vital Nutrients, a US-based company that develops and markets nutraceuticals, launched Ultra Pure Vegan Omega SPM+. Ultra Pure Vegan Omega SPM+ is a revolutionary vegan algae omega composition in a 40% smaller pill than standard fish oils for better patient adherence. The initial and exclusive plant-based composition of omega-3 fatty acids with therapeutically significant quantities of active SPMs may aid in treating inflammatory conditions up to five times more efficiently than omega-3s alone. The supplement also includes 390 mg of DHA, which helps maintain good immune system reactions and heart health. It also promotes healthy cognitive performance and nervous system function.
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Key Segments -
The vegan supplements market covered in this report is segmented -
1) By Product Type: Minerals, Vitamins, Protein, Other Products
2) By Form: Powder, Liquid, Capsules, Bars, Other Forms
3) By Distribution Channel: Hypermarket Or Supermarket, Convenience Stores, Drug Stores And Pharmacies, Health And Wellness Stores, Online Retailing, Other Distribution Channels
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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