Vegan Supplements Market Scenario, Strategies, Growth Factors and Industry Forecast
The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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Increase in awareness regarding vegan supplement products and their associated benefits and rise in usage in sports nutrition drive the growth of the global vegan supplements market. However, presence of counterfeit dietary products and challenging regulatory environment hinder the market growth. On the other hand, untapped potential in developing countries and the trend of mergers and acquisitions present new opportunities in the coming years.
The outbreak of the pandemic gave way to rise in demand for vegan supplements among individuals, since people have become more health-conscious than ever before in order to boost their immunity.
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However, manufacturing facilities of vegan supplements were hampered across the world, owing to supply chain disruptions. Whatsoever, the market players have been trying to escalate the production to cater to the rising demand.
The global vegan supplements market is analyzed across product type, form, distribution channel, and region. By product type, the protein segment contributed to more than two-fifths of the total market share in 2019, and is anticipated to dominate during the forecast period. The minerals segment, on the other hand, is projected to cite the fastest CAGR of 9.6% from 2021 to 2028.
By distribution channel, the pharmacies/drug stores segment generated nearly two-fifths of the total market revenue in 2019, and is expected to retain its dominance by 2028. At the same time, the online sales channel segment would cite the fastest CAGR of 9.7% from 2021 to 2028.
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By region, North America held the major share in 2019, garnering more than two-fifths of the global vegan supplements market. Simultaneously, the market across Asia-Pacific would cite the fastest CAGR of 9.9% during the forecast period. The other regions studied in the report include LAMEA and Europe.
The key market players analyzed in the global vegan supplements market report include Bhu Foods, Danone S.A., Aloha, Inc., PepsiCo, Inc., Kerry Group, PLC, Jarrow Formulas, Kikkoman Corporation, Nestle S.A., NuGo Nutrition, and Nutrazee. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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