Vegan Supplements Market (By Product Type: Minerals, Vitamins, Protein, Others; By Form: Capsules/Tablets, Powder, Others; By Distribution channel: Hypermarket/Supermarket, Specialty Stores, Pharmacies/Drug Stores, Online sales channel) - Global Industry Analysis, Market Size, Opportunities and Forecast 2020 - 2027

The global vegan supplement market is expected to grow at a CAGR of around 7.0% from 2020 to 2027 and expected to reach the market value of around US$ 13.5 Bn by 2027.

A healthy vegan diet rich in fruits and vegetables, whole grains, pulses like peas, beans, and lentils, nuts and seeds, and a source of vitamins B12 and D can provide everything you need for good health. According to a report released by VeganFriendly.org.uk, an increasing number of people in the UK (and around the world) are switching to a plant-based diet for a variety of reasons. Some nutrients are more likely to be required by vegans than others.

Market Drivers

Vegan supplements reduce the risk of chronic disease and low mortality among the ever growing population

According to the Physicians Committee for Responsible Medicine, vegans are less likely to develop chronic diseases than other dietary groups, according to a study funded by the NIH/National Cancer Institute. Researchers examined the diets of vegans, lacto-ovo-vegetarians, semi-vegetarians, pesco-vegetarians, and non-vegetarians, as well as several health biomarkers. In comparison to the other groups, the vegan group had the lowest risk for cancer, heart disease, and hypertension based on those biomarkers. Furthermore, the findings shed more light on the relationship between diet-related biomarkers and disease, and they lend support to vegan diets as a healthy approach to disease prevention. But apart from that, the researchers discovered that vegetarians (those with vegan, lacto-ovo-, pesco-, and semi-vegetarian diets) were 13% less likely to die from all causes combined than non vegetarians. Vegans, lacto-ovo–vegetarians, and pesco-vegetarians all had significantly lower death rates than non vegetarians. Vegetarians had a lower risk of death from cardiovascular disease, diabetes, and renal disorders such as kidney failure. In this study, there was no link found between diet and cancer deaths.

Vegan supplements plays a vital role for saving the economy too that fuel the growth of global market

Decades of research have revealed that the Mediterranean diet is possibly the healthiest in the world. It is high in plant-based foods such as fruits, vegetables, whole grains, legumes, and olive oil, and it emphasises fresh, colourful eating while avoiding heavily processed ingredients. Indeed, according to a study published in the Proceedings of the National Academy of Sciences (PNAS), continuing to follow mainstream, animal-based dietary trends rather than shifting to a balanced plant-based diet could cost the United States between US$197 Bn and US$289 Bn per year. According to the findings, the global economy could lose up to $1.6 trillion by 2050. Because of its high per-capita healthcare costs, the United States stands to save more than any other country by transitioning to a plant-based economy. According to the PNAS study, if Americans simply followed recommended guidelines for healthy eating, the US could save US$180 Bn in healthcare costs and US$250 Bn if it switched to a plant-based economy. According to one study conducted by the Plant Based Foods Association, economic activity in the plant-based foods industry in the United States alone amounts to approximately US$13.7 Bn in sales per year. The plant-based food industry is expected to generate US$13.3 Bn in tax revenue over the next ten years if current growth rates continue. Plant-based food sales in the United States are increasing by an average of 8% per year.

Market Segmentation

The global vegan supplements market is segmented based on product type, form, and distribution channel. By product type, the market is segregated as minerals, vitamins, proteins, and others. Based on form, the market is segmented as capsules/tablets, powder, and among others. Further, distribution channel is segmented as hypermarkets/supermarkets, specialty stores, pharmacies/drug stores, and online sales channel.

Vitamins account for the largest share of the global vegan supplements market by product type. Vitamin supplements are being prescribed to people of all ages for both preventive and curative purposes. Vegan vitamin supplements are thought to relieve stress.

Capsules/tablets account for a significant market share of the global vegan supplements market. The most common types of vegan supplements on the market are tablets, capsules, and soft gels. During the forecast period, this form is expected to account for a significant portion of the global market. These forms have a longer shelf life than other forms. Capsules, on the other hand, are a much preferred form because they are easier to swallow than tablets.

The specialty store is expected to have a reasonable market share in the coming years, based on distribution channel. The majority of vegan supplements are sold through store-based retailers, making the products accessible to the general public. This is one of the most important factors influencing the growth of the global vegan supplements market.

Regional Overview

North America dominates; Europe holds the second largest market share for the global vegan supplements market

North America has dominated the vegan supplements market in the past and is expected to do so again during the forecast period. Among the North American provinces, the United States is the most prominent country, dominating the global vegan supplement market. This is due to the country's growing number of health-conscious consumers. Rising consumer awareness about proper weight management, calorie reduction, and muscle strength improvement is expected to increase demand for nutrients such as vitamins, minerals, and enzymes in the country in the coming years. According to the Centers for Disease Control and Prevention, nearly 10% of Americans are nutritionally deficient. Furthermore, food allergies are on the rise, with 1 in 13 children in the United States affected, and a 50% increase in allergies such as lactose intolerance from 1997 to 2017. Such factors have shifted Americans' preference for vegan supplements in the country.

Europe, on the other hand, accounts for the second-largest share of the global vegan supplement market. Dietary supplements are viewed positively by Europeans as products that improve health and wellness. The purchase of such products is thus regarded as a preventive measure against health problems. The trend toward strict vegan diets, as well as a more lenient flexitarian approach and perception for dietary supplements, is likely to boost the vegan supplements market throughout the region. Western European countries such as the United Kingdom and Germany dominate regional growth; however, Eastern markets such as Norway, Sweden, and others have shown promising potential.

Competitive Landscape

The prominent players of the global vegan supplements market involve General Mills Inc., Garden of Life, Danone S.A., PepsiCo Inc., Blue Diamond Growers, NuGo Nutrition, Bhu Foods, and among others

Market Segmentation

Market By Product Type 

Minerals
Vitamins
Protein
Others

Market By Form

Capsules/Tablets
Powder
Others

Market By Distribution channel

Hypermarket/Supermarket
Specialty Stores
Pharmacies/Drug Stores
Online sales channel

Market By Geography

North America
•    U.S.
•    Canada

Europe
•    U.K.
•    Germany
•    France
•    Spain
•    Rest of Europe

Asia-Pacific
•    China
•    Japan
•    India
•    Australia
•    South Korea
•    Rest of Asia-Pacific

Latin America
•    Brazil 
•    Mexico
•    Rest of Latin America

Middle East & Africa
•    GCC
•    South Africa
•    Rest of Middle East & Africa