Vegan Supplements Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Market Report Covers Global Vegan Supplement Companies and is Segmented by Product Type (Vitamins, Minerals, Protein, Omega Supplements, and Other Vegan Supplements), form (Powder, Capsules, and Others), Distribution Channel (Supermarkets/Hypermarkets, Pharmacies & Drug Stores, Online Retail Stores, and Other Distribution Channel), and Geography (North America, Europe, Asia-Pacific, South America, and the Middle East and Africa). The market size and forecasts are provided in terms of value (USD million) for the above segments.

Vegan Supplements Market Size

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Vegan Supplements Market Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 6.70 %
Fastest Growing Market Asia-Pacific
Largest Market North America
Market Concentration Low

Major Players

Vegan Supplements Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Vegan Supplements Market Analysis

The Vegan supplements market is projected to register a CAGR of 6.7% during the forecast period, 2022-2027.

During the COVID-19 pandemic, the demand for vegan supplements had increased among the vegan population owing to its health benefits such as boosting immune function to fight against the virus. Additionally, consumers were increasingly inclined to lead a healthy lifestyle and improve their dietary habits during COVID-19 which in turn, raised the adoption of vegan supplements and propels the market growth. For instance, in 2020 the United States based Cymbiotika unveiled the launch of a vegan elderberry supplement to boost the immune function of consumers. Since the pandemic, social media marketing has been a major strategy that was adopted by various supplement manufacturers to impart awareness about their product offerings among the targeted customers.

In the short term, the trend toward strict vegan diets and the more lenient flexitarian approach and perception of dietary supplements are likely to boost the vegan supplements in the market.

Furthermore, the key factors augmenting the market growth are the increasing prevalence of lifestyle diseases, the rising aging population, and growing consumer awareness about the benefits of the products. Additionally, continuous development in product innovation and easy availability of vegan supplements on online and offline platforms is contributing to the market growth.

Vegan Supplements Market Trends

This section covers the major market trends shaping the Vegan Supplements Market according to our research experts:

Growing Penetration of Veganism

In the past few years, the trend of veganism or vegan diets has witnessed higher among global consumers supported by dietary, environmental, and ethical factors. According to the study on Vegetarianism in America published by Vegetarian Times Magazine in 2021, the veganism population in the United States is increasing rapidly with a record of 9.7 million people in the region following the vegetarian-based diet. Moreover, veganism is observed highly among health-conscious consumers due to the heightening of people's awareness regarding the consumption of plant-based food products. According to the American Dietetic Association study 2021, the consumer prefers a vegan diet as it is associated with lowering the risk of heart disease, type 2 diabetes, and obesity. Although veganism is one of the healthiest diets, the group of the population is deficient in a few nutrients that are essential for healthy growth. Thus, the increasing need for vegan supplements to support the deficiencies among vegans is expected to drive the growth of vegan supplements in the market.

Vegan supplements with optimized ingredient profiles for specific nutritional needs such as vegan protein supplements, vegan iron supplements, vegan B12 supplements, and vegan vitamin D supplements are gaining popularity among vegans and flexitarians as well. Thereby, the increasing number of veganism in associated with a health-conscious population has further promoted the sales of vegan supplements in the market.

Vegan Supplements Market: Veganism Rate among Young Adults in Europe (%), By Country, 2022

Asia-Pacific is the Fastest Growing Region

The growth in the plant-based sector has largely been driven by the mainstream emergence of flexitarian consumers and the increased number of vegetarians and vegans owing to the consumer's inclination toward health, ethical and environmental concerns. According to the UN FAO report, India is the leading country in the consumption of vegan diets which accounts for 500 million vegetarians in the country in 2020. Moreover, the significant growth in the plant-based market is driven by the flexitarian consumer. As a result, the demand for vegan supplements has been witnessed over the past few years, due to a surge in people's interest in sports and fitness. This, in turn, encourages the manufacturers to introduce new products in the market. For instance, in April 2021, United, Indian vegan supplements, and sports nutrition company launched a series of new products from sublingual caffeine strips to beetroot extract to improve the performance of endurance athletes. On the other hand, the growing urbanization and a rise in disposable income across the Asia-Pacific region have encouraged the adoption of a healthy lifestyle, making vegan supplements more desirable, which drives the market growth. Multivitamin supplements are gaining popularity among all adult consumers, thus the launch of vegan multivitamins in the region is expected to propel the growth of the market during the forecast period.

Vegan Supplements Market: Market Size (%), by Geography, Global, 2021

Vegan Supplements Industry Overview

The global vegan supplements market is competitive in nature owing to the presence of global and regional players. Major players in the market studied include Holland & Barrett, Sylphar N.V.(Nutravita Limited), Swisse Wellness PTY LTD, Garden of Life, Vital Nutrients, and Now Health Group, Inc. among others. companies are focusing on product innovations and mergers & acquisitions to develop their presence and increase market share across the globe. For instance, in 2020, Hollard & Barrett announced its partnership with Deliveroo, (the leading food delivery business in the United Kingdom) to offer a range of its most popular health products on the Deliveroo app and website.

Vegan Supplements Market Leaders

  1. Holland & Barrett, Inc.

  2. Sylphar N.V.(Nutravita Limited)

  3. Swisse Wellness PTY LTD

  4. Garden of Life

  5. Now Health Group, Inc.

*Disclaimer: Major Players sorted in no particular order

Vegan Supplements Market Concentration
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Vegan Supplements Market News

  • In August 2022, Vital Nutrients, a nutritional supplement company launched a vegan omega supplement sourced from algae that contain Specialized Pro-resolving Mediators (SPMF).
  • In February 2022, ZeoNutra, a part of Zeon Lifesciences unveiled the launch of 'SlimPlus', a vegan supplement powder that is formulated for weight management and waist slimming.
  • In August 2021, Fullife Healthcare together with parry Nutraceuticals launch new plant-based nutraceutical products including Vitamin B12 + B complex under the brand Fast&Up. The product is formulated in tablet form with zero preservatives and artificial colors.

Vegan Supplements Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Vitamins

      2. 5.1.2 Minerals

      3. 5.1.3 Protein

      4. 5.1.4 Omega Supplement

      5. 5.1.5 Other Vegan Supplements

    2. 5.2 By Form

      1. 5.2.1 Powder

      2. 5.2.2 Capsules

      3. 5.2.3 Others

    3. 5.3 By Distribution Channel

      1. 5.3.1 Supermarkets/Hypermarkets

      2. 5.3.2 Pharmacies & Drug Stores

      3. 5.3.3 Online Retail Stores

      4. 5.3.4 Other Distribution Channel

    4. 5.4 By Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

        4. 5.4.1.4 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 United Kingdom

        2. 5.4.2.2 Germany

        3. 5.4.2.3 Spain

        4. 5.4.2.4 France

        5. 5.4.2.5 Italy

        6. 5.4.2.6 Russia

        7. 5.4.2.7 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 Rest of Asia-Pacific

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle East & Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Holland & Barrett

      2. 6.3.2 Sylphar N.V. (Nutravita)

      3. 6.3.3 Swisse Wellness PTY LTD

      4. 6.3.4 Garden of Life

      5. 6.3.5 Now Health Group, Inc.

      6. 6.3.6 Herba Life Nutritions

      7. 6.3.7 Vital Nutrients

      8. 6.3.8 Vanatari International GmbH

      9. 6.3.9 Biosteel Sports Nutrition

      10. 6.3.10 Ora Organic

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID-19 ON THE MARKET

  9. 9. DISCLAIMER

**Subject to Availability
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Vegan Supplements Industry Segmentation

Vegan Supplements are plant-sourced supplements that are consumed to reach the required dietary allowance. The global vegan supplements market (henceforth referred to as the market studied) is segmented by product type, form, distribution channel, and geography. By product type, the market is segmented into Vitamins, Minerals, proteins, Omega Supplements, and Other Vegan Supplements. Based on form, the market is segmented into Powder, Capsules, and Others. Based on the distribution channel, the market studied is segmented into Supermarkets/Hypermarkets, Pharmacies & Drug Stores, Online Retail Stores, and Other Distribution Channel. It provides an analysis of emerging and established economies across the world, comprising North America, Europe, South America, Asia-Pacific, the Middle East, and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).

By Product Type
Vitamins
Minerals
Protein
Omega Supplement
Other Vegan Supplements
By Form
Powder
Capsules
Others
By Distribution Channel
Supermarkets/Hypermarkets
Pharmacies & Drug Stores
Online Retail Stores
Other Distribution Channel
By Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
Spain
France
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
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Vegan Supplements Market Research FAQs

The Vegan Supplements Market is projected to register a CAGR of 6.70% during the forecast period (2024-2029)

Holland & Barrett, Inc. , Sylphar N.V.(Nutravita Limited) , Swisse Wellness PTY LTD , Garden of Life and Now Health Group, Inc. are the major companies operating in the Vegan Supplements Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Vegan Supplements Market.

The report covers the Vegan Supplements Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vegan Supplements Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Vegan Supplements Industry Report

Statistics for the 2024 Vegan Supplements market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vegan Supplements analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Vegan Supplements Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)