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Vegan Supplements Market Size, Share Analysis, Top Players, And Forecast To 2033
Vegan Supplements Market Size
As per the report, the vegan supplements market size has grown strongly in recent years. It will grow from $9.66 billion in 2023 to $10.52 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. 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%.
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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.
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.
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
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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. .
Contents of the report:
1. Executive Summary
2. Vegan Supplements Market Report Structure
3. Vegan Supplements Market Trends And Strategies
4. Vegan Supplements Market - Macro Economic Scenario
5. Vegan Supplements Market Size And Growth
…..
27. Vegan Supplements Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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