The global Vegan Supplements Market is expected to reach a valuation of USD 4,830.2 Million by the end of 2022. It is set to accelerate with a CAGR of 11.3% during the forecast period from 2022 to 2032.
According to a new report by FMI, the global dairy and meat industries are currently experiencing unexpected levels of disruption and competition owing to the rise of feasible plant-based alternatives in a variety of categories.
Plant-based alternative products are no longer relegated to a niche market with limited shelf space. Companies across the globe are nowadays deeply interested in acquiring and developing new products and brands that will cater to the growing demand for plant-based products.
Surging awareness of Veganuary, as well as the ongoing development of new plant-based products by major brands and retailers to expand their shelves and labels would also spur sales of vegan supplements in the next ten years.
Many restaurants, casual dining establishments, and fast food chains are nowadays providing meat-free sections on their menus, as the popularity of a flexitarian and vegan diet grows. The growing popularity of vegan and flexitarian diets would thus bolster sales of vegan supplements in the forecast period.
Moreover, direct-to-consumer (D2C) models have grown in terms of popularity in the food & beverage sector, thereby allowing manufacturers to gain valuable insights into consumer behavior.
They are also striving to adopt a more customized approach to branding strategy and differentiation. When executed correctly, this model would allow for higher margins across the globe.
Expansion of the direct-to-consumer business strategy is further set to be aided by increasing online shopping and social media use. It would therefore enable firms, especially startups, to reach a large market at a low cost while bypassing the need to route products through traditional wholesale and retail operators.
The growing popularity of the direct-to-consumer approach is set to thus drive the expansion of the vegan supplements market in the evaluation period.
| Attributes | Key Insights |
|---|---|
| Global Vegan Supplements Market Estimated Size (2022E) | USD 4,830.2 Million |
| Projected Market Valuation (2032F) | USD 14,089.6 Million |
| Value-based CAGR (2022 to 2032) | 11.3% |
| Collective Value Share: Top 3 Countries | 34.5% |
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For a long time, the global food and beverage industry has been relatively stable, with little variation in key product categories sold through various retail and food service channels. Recent industry changes demonstrate the rise of plant-based alternatives, which has caused disruption.
In many regions, a substantial number of startup companies are launching exciting and new vegan supplements into the market to meet the need of a growing consumer base and high demand for innovative products & flavors.
As a result, there is a growing demand for vegan supplements from consumers, which has historically grown at a lucrative rate of around 10.3%.
For many consumers, the flexitarian diet is an achievable dietary change. Consumers follow a free-from diet with occasional meat consumption in a flexitarian diet, which is more feasible for consumers than going completely vegetarian or vegan.
The number of flexitarians is growing rapidly, thereby driving up the demand for vegan supplements. Many food giants are also supporting the growth of all meat substitute products, which is fueling this trend.
Manufacturers are thus developing dairy-free products with meat-like taste and texture attributes by using advanced food technology. Thus, the market is anticipated to be worth USD 4,830.3 Million by 2022 and grow at a CAGR of 11.3% in the forecast period.
Rising Prevalence of Obesity in India, China, and Brazil to Propel the Demand for Vegan Supplements by 2032
The increasing shift of consumers towards a healthy lifestyle and the rising adoption of vegan or vegetarian diets are expected to aid sales. High preference for animal welfare, growing environmental concerns, and various health benefits of adopting a vegan diet are some of the other crucial factors that would aid growth.
Furthermore, the high prevalence of obesity, especially in developing countries such as India, China, and Brazil is anticipated to push sales of vegan supplements to reduce one’s overall weight.
As per a study published by the Journal of the American Heart Association, age-standardized rates of overall and abdominal obesity between 2014 to 2018 in China were 16.0% (15.9% to 16.1%) and 36.6% (36.5% to 36.8%) in men and 14.4% (95% CI, 14.3% to 14.4%) and 32.7% (32.6% to 32.8%) in women.
These numbers are projected to surge in the next ten years, thereby pushing sales of vegan supplements.
Principal Consultant
Demand for Vegan Protein Powder to Surge in the USA Amid Rising Prevalence of Lactose Intolerance
According to an FMI consumer survey, approximately 40% of consumers in the USA bought vegan products because they believe that these products are nutritious, 30% purchased items because they thought about trying them, and 25% because someone in their family suffers from lactose intolerance. Plant-based substitutes have a lower market share than the product.
However, the market for plant-based foods has grown substantially in recent years. Plant-based food and beverage businesses continue to thrive in the country. Retail sales of plant-based food items in the USA climbed by 11.8% in 2020, according to the Plant-based Foods Association (PBFA). Hence, increased plant-based food retail sales are projected to fuel the expansion across the USA
Inclination towards a Sustainable Lifestyle in Germany to Augment Sales of Vegan Collagen Powder
According to a study conducted by FMI, the vegan population is concentrated in Germany. The number has more than doubled from 1.3 million in 2016 to 2.6 million in 2020. Nearly 75% of German households would want to see more vegetarian goods at supermarkets and less than two-thirds buy such items on purpose.
Products obtained from plant-based protein ingredients are nowadays widely available in Germany. There are numerous reasons for the trending movement toward a more sustainable lifestyle and diet choices, ranging from health concerns to sustainability and environmental concerns.
One of the most common consumer expectations is that products made with alternative protein sources mimic the taste and texture of their traditional dairy and meat counterparts. Thus, the growing vegan population in Germany is likely to drive the market by 2032.
Need for Preventive Healthcare Practices to Boost Sales of Plant Protein Powder in India
The need for vegan supplements in India is being pushed by the trend of preventive healthcare practices, as well as vitamin deficiency, which is usually noted due to a lack of appropriate consumption. Retailers and manufacturers are both starting to offer free access to well-being tools that build a customized vitamin list based on a user's individual needs and conditions.
The usage of vitamins appears to be growing with the increasing aging population. Vegan vitamins are a rapidly developing market, driven by rising discretionary spending and customers' desire to improve their quality of life.
Furthermore, with the expanding vegan trend across India, customers' preferences for plant-based foods are evolving. Thus, the evolving customer preferences in India for plant-based foods are driving growth in the market.
High Demand for Packaged Food Products to Propel Sales of Vegetarian Protein Powder
According to FMI, the powder form of vegan supplements is set to account for a significant share of the global market.
However, pills, gummies, and bars are expected to witness a significant growth rate during the forecast period. Consumer preferences for packaged food products and ready-to-eat food products are increasing the demand for such products.
Increasing Aging Population to Look for Organic Plant-based Protein Powder Infused with Herbal Ingredients
On the basis of ingredients, vitamins & minerals are expected to dominate the global market, but herbals & botanical supplements are anticipated to witness a lucrative growth rate over the forecast period.
Consumers' increased awareness regarding the health benefits of consuming herbal supplements, mainly among the aging population, is one of the key drivers expected to fuel market expansion.
The rising number of female herbal supplement purchasers, as well as the increasing use of herbal goods by the younger population, would also propel the global market for herbal supplements.
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Various established industry players, particularly multinational branded vegan supplement manufacturers, have grown increasingly aware of the small disruptor brands developing into the plant-based market. They are attempting to both protect their market share and capitalize on the growing market.
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| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 4,830.2 Million |
| Projected Market Valuation (2032) | USD 14,089.6 Million |
| Value-based CAGR (2022 to 2032) | 11.3% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | Value (USD Million) |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, Singapore, Australia, New Zealand, GCC countries, North Africa, South Africa, others. |
| Key Segments Covered | Form, Ingredients, Health Needs, Customer Orientation, Sales Channel, and Region |
| Key Companies Profiled | General Mills Inc.; Garden of Life; Danone S.A.; PepsiCo Inc.; Blue Diamond Growers Inc; ALOHA; NuGo Nutrition; One Brands; BHU Foods; G&G Foods; Country Life LLC; Wonder Laboratories; Now Health Group Inc.; Jarrow Formulas; Kerry Group PLC; Nutritional Growth Solution; Others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Sales of vegan supplements are expected to reach nearly USD 4,803.6 Million by 2022.
The vegan supplements demand is anticipated to reach a valuation of USD 14,089.6 Million by the end of 2032.
The vegan supplements demand is expected to register an 11.3% CAGR between 2022 and 2032.
Europe is estimated to drive demand for vegan supplements during the forecast period of 2022 to 2032.
A few of the key players in the vegan supplements market are General Mills Inc., Garden of Life, Danone S.A., PepsiCo Inc., Blue Diamond Growers Inc, ALOHA, NuGo Nutrition, One Brands, BHU Foods, G&G Foods, Country Life LLC, Wonder Laboratories, Now Health Group Inc., Jarrow Formulas, Kerry Group PLC, Nutritional Growth Solution, and others.
1. Executive Summary | Vegan Supplements Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Form 5.1. Powder 5.2. Liquid 5.3. Capsules & Soft Gels 5.4. Tablet 5.5. Pills 5.6. Gummies 5.7. Bars 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Ingredient 6.1. Vitamins & Minerals 6.2. Amino Acids & Proteins 6.3. Herbals & Botanicals 6.4. Others 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Health Needs 7.1. Weight Loss 7.2. Sports Nutrition 7.3. General Well-being 7.4. Immune & Digestive Health 7.5. Bone & Joint Health 7.6. Heart Health 7.7. Other Specific Requirements 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Customer Orientation 8.1. Men 8.2. Women 8.3. Senior Citizen 8.4. Others (Kids & Toddlers) 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Sales Channel 9.1. Hypermarkets/Supermarkets 9.2. Pharmacies & Drug Stores 9.3. Convenience Stores 9.4. Departmental Stores 9.5. Online Retail Stores 9.6. Other Sales Channel 10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. East Asia 10.5. South Asia 10.6. Oceania 10.7. Middle East and Africa (MEA) 11. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. South Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 16. Oceania Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 17. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 18. Key Countries Market Analysis 19. Market Structure Analysis 20. Competition Analysis 20.1. General Mills Inc. 20.2. Garden of Life 20.3. Danone S.A. 20.4. PepsiCo Inc. 20.5. Blue Diamond Growers Inc. 20.6. ALOHA 20.7. NuGo Nutrition 20.8. One Brands 20.9. BHU Foods 20.10. G&G Foods 20.11. Country Life LLC 20.12. Wonder Laboratories 20.13. Now Health Group Inc. 20.14. Jarrow Formulas 20.15. Kerry Group PLC 20.16. Nutritional Growth Solution 20.17. Others 21. Assumptions & Acronyms Used 22. Research Methodology
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Vegan Supplements Market
