Press release
Vegan Supplements Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Vegan Supplements Market Size
The escalating traction of veganism is anticipated to boost the expansion of the vegan supplements market in the future. A vegan diet includes exclusively plant-based foods and shuns the intake and utilization of animal-based products. The expanding appeal of veganism is enhancing the growth of the vegan supplement sector, with vegans taking supplements for nutrients like vitamin B12, vitamin D3, and folic acid. For example, a study by Finder.com LLC, an American personal finance comparison site, revealed that the number of vegans escalated to 2.5 million in early 2024, up from 1.1 million in 2023. Hence, the surging acceptance of veganism is fuelling the growth of the vegan supplements market.
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What Is the projected market size and growth rate for the vegan supplements market?
In recent times, the vegan supplements market has seen robust growth. The market's size is set to expand from $10.52 billion in 2024 to $11.44 billion in 2025, registering a compound annual growth rate (CAGR) of 8.8%. Factors contributing to growth during the historical period include heightened health consciousness, a growing vegan demographic, ethical and environmental factors, product innovation, and celebrity influence.
Anticipated to observe robust growth in the coming years, the vegan supplements market is projected to reach a size of $16.41 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.5%. This projected growth during the forecast period can be linked to the persistent health and wellness movement, the expansion of the middle class, diversifying distribution networks, concerns related to climate change, and continuous shifts in consumer preferences. Notable trends during this period include the increasing preference for plant-based nutrition, a conscious shift towards sustainable and eco-friendly practices, innovative changes in ingredients and formulations, the emphasis on clean label products, and the rising trend of product personalization.
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What new trends are reshaping the vegan supplements market and its opportunities?
The trend of product innovation is becoming increasingly prominent in the vegan supplement market. Key players within this industry are putting their efforts towards the creation of novel items, in order to solidify their market standing. For instance, August 2022 saw the introduction of Ultra Pure Vegan Omega SPM+ by Vital Nutrients, a company based in the US that specializes in the formulation and distribution of nutraceuticals. This revolutionary vegan product, composed of algae omega, comes in a pill that's 40% smaller than traditional fish oil capsules, facilitating better patient compliance. Its foundation is the first-ever, unique plant-derived omega-3 fatty acids mixed with therapeutically significant amounts of active SPMs, potentially providing five times more efficiency in treating inflammation than omega-3s on their own. Additionally, the supplement contains 390 mg of DHA, contributing to a robust immune response, cardiovascular wellbeing, and enhanced cognitive and nervous system functionality.
What major market segments define the scope and growth of the vegan supplements market?
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: Hyper market Or Super market, Convenience Stores, Drug Stores And Pharmacies, Health And Wellness Stores, Online Retailing, Other Distribution Channels
Subsegments:
1) By Minerals: Calcium, Iron, Magnesium, Zinc, Potassium
2) By Vitamins: Vitamin B12, Vitamin D, Vitamin C, Vitamin E, Multivitamins
3) By Protein: Pea Protein, Rice Protein, Hemp Protein, Soy Protein, Other Plant-Based Protein Sources
4) By Other Products: Omega-3 Fatty Acids, Probiotics, Herbal Supplements, Amino Acids
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Which region dominates the vegan supplements market?
North America was the largest region in the vegan supplements market in 2024. The regions covered in the vegan supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Which key market leaders are driving the vegan supplements industry growth?
Major companies operating in the vegan supplements market include Aloha Inc., Amway Corp., Deva Nutrition LLC, DuPont Inc., HTC Health Ltd., Jarrow Formulas Inc., Nestlé S.A., Nutrazee, 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., Aloha Technology Private Limited, NuGo Nutrition LLC, One Brands LLC, G&G Vitamins Ltd., Glanbia plc, Herbalife Nutrition Ltd.
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What Is Covered In The Vegan Supplements Global Market Report?
• Market Size Forecast: Examine the vegan supplements market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the vegan supplements market for a structured understanding.
• Key Players Overview: Analyze major players in the vegan supplements market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the vegan supplements market.
• Segment Contributions: Evaluate how different segments drive overall growth in the vegan supplements market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the vegan supplements market.
• Industry Challenges: Identify potential risks and obstacles affecting the vegan supplements market.
• Competitive Landscape: Review strategic developments in the vegan supplements market, including expansions, agreements, and new product launches.
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