Market Size of Vegan Supplements Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
