Analysis of Vegan Supplements Market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
According to latest research by Fact.MR, vegan supplements is likely to witness exponential growth during 2021-2031. Demand for vegan supplements will witness steady recovery in short-term, with sanguine growth outlook in the long-run. Increasing awareness regarding importance of healthy diet will mean limited opportunities in near future, however, consumption of vegan supplements by fitness enthusiast working out and following their diet regularly will provide momentum.
The plant-based revolution is not merely driven by the growing chunk of vegetarian or vegan consumers. In fact, this count of consumers remains small, whilst the bloom in number of consumers following flexitarian lifestyle is driving the overall vegan supplements market, throughout the globe. Flexitarians are increasingly adding vegan products to their shopping kart, to reduce their consumption of animal-based food products over ethical concerns.
Evolving demand for more organic, safer and healthier alternatives to animal-based products continues to drive the demand for vegan supplements in day to day dietary. Aesthetic and bodybuilding applications remains to be a lucrative avenue for vegan supplements manufacturers.
Apart from being an essential macronutrient for tissue repair, and enzymes and hormone production, the use of vegan supplements are widely evident to aid weight loss, maintain body proteins and vitamins level, and help people strengthen their muscles. Vegan supplements are being increasingly sought-after to reduce the risk of cancer, coronary disease, diabetes, and other lifestyle-based ailments accompanied by the consumption of meat products.
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While some industries faced sluggishness, protein and supplement industry showed a tremendous growth owing to rising consumer awareness on animal cruelty, the growing number of fitness centers, and desire to lead active and healthy lifestyles amid COVID-19 pandemic. Vegan supplements manufacturers are likely to witness sustained opportunities in near future as increasing fitness and immunity remains the key focus area for end-users.
Vegan supplements are extensively used in sports nutrition industry as they have optimized ingredient offerings for more particular nutritional needs such as vegan protein supplements and vegan iron supplements, making them popular among flexitarians and traditional vegans. Also, vegan supplements minimizes the risk of coronary plaques and inflammation (evident in cyclists and runners), while improving cholesterol, arterial flexibility, and blood viscosity.
Although lockdown and shelter-at-home guidelines have meant restricted sporting activities, sales are likely to improve over the course of the assessment period owing to the surge in vegan population, and the increase in number of online wellness clubs.
Past records has shown that North America remains a fertile ground for protein and supplement industry owing to the large population of fitness enthusiasts. However, vegan population in US accounts between 3-4% of the total population residing in the country, whilst the growing flexitarian population is expected to fuel the overall market for vegan supplements in near future.
Demand for vegan supplements in US and Canada will be led by sports nutrition industry. With the advent of COVID-19 pandemic, most of the Canadians have turned into flexitarians. And within Canada, British Columbia accounts for the largest number of vegan consumers.
Although veganism is said to be one of the healthiest diets, the group of vegans found to have a deficit of certain nutrients. With the increasing need for vegan supplements to support the deficiency, the market for vegan supplements is likely to propel in North America.
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European countries have been severely impacted by the COVID-19 crisis and resulted in a decline of economic activities. However, regular usage of vitamins and supplements by growing geriatric population, and growing discretionary spending continues to drive demand for vegan supplements.
Despite the COVID-19 challenges, most European countries have maintained a steady healthcare and fitness expenditure in 2020. In Europe, around 1% of consumers claims to be vegan while near about 3% are vegetarian. Yet the vegan supplements market is trending heavily in Europe with growing consumer emphasis on improving their quality of life. Also the harmonization of regulations, governing supplements undertaken by the European Union is likely to open doors for European vegan supplement manufacturers.
Some of the leading manufacturers and suppliers of vegan supplements include
Many leading manufacturers and suppliers have an e-commerce presence to supply vegan supplements directly to end-users by cutting down intermediary costs.
Increasing importance of plant-based nutrition, positive outlook for the sport nutrition industry and emerging fitness trends leading to high demand for protein-rich diet are some of the factors which are likely to create huge opportunities for market participants in vegan supplements market. Top players in vegan supplements market are primarily focusing to hold the market position through the expansion of product portfolios with new and innovative offerings.
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NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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The vegan supplements market is likely to capture a CAGR of 11% during the forecast period.
The vegan supplements market has potential growth with the rising organic food during the forecast period.
The North America holds most opportunities in the vegan supplements market during the forecast period.
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