Demand for Global Vegan Supplements Market Size Projected to Reach USD 22.11 Billion by 2030

Vegan diets are gaining significant popularity these days due to their health benefits and environment-friendly nature. According to reports, the population of vegans in America increased from 0.4% to 3.5% in the last two years. Then, there are around 720,000 vegans in the UK. However, vegan products include not just vegan foods but also supplements that are produced without any animal byproducts.

Vegans don’t eat any red meat, poultry, game, fish, shellfish, or crustacean. Therefore, these supplements are obtained from plant-based sources. Vitamin B12, Omega-3 fatty acids, and Vitamin D3 are the common nutritional supplements for vegans. Growing popularity of veganism is the prominent factor driving the demand for the vegan supplements market.

Key Highlights of the Report

Market value data for each segment and sub-segment
Analysis by geography with consumption of the product/service in the region
Competitive landscape, which incorporates the extensive company profiles
The current as well as the future outlook of the industry with respect to recent developments
In-depth analysis of market perspectives through Porter’s five forces analysis
Dynamics scenario, along with growth opportunities market
Key strategic initiatives taken by major players

Growth Driving Factors

Rising vegan population to flourish the market growth

Plant-based foods are safer and healthier than animal-based products. The increasing consumers’ awareness of healthy products and food safety is fueling market growth. With rising animal welfare concerns, the sector for plant-based protein supplements is expanding. A surge in investment by manufacturers in novel protein sources is another factor expected to propel the vegan supplements market size. Also, the growing vegan population globally and rising demand for a diet high in proteins are expected to positively contribute to the vegan supplements industry growth.

Moreover, the continuous usage of vitamins among growing senior populations boosts market development. These supplements are linked to lower risk of heart disease, LDL, blood pressure, diabetes, and cancer, which positively influences the market growth. In addition, growing research and development activities and product innovations are expected to create lucrative opportunities in the vegan supplements market for the key players during the forecast period.

Segmental Analysis

Vitamins held the largest market share in 2021

Based on product vegan supplements market segmentation, the vitamins segment accounted for the highest revenue share in 2021. People on vegan diets consume vegan vitamins and supplements. Vegan supplements are getting attention these days due to the significant advantages offered by them over synthetic or animal-based supplements. Vegan vitamins and supplements are also gaining high demand from the food and beverage industry. Growing health and wellness consciousness among consumers has led to increasing demand for vitamin-based food products that provide additional health benefits. This is one of the major factors fueling the segment’s growth.

Capsule supplements segment is anticipated to dominate the market

In terms of form, capsule supplements are projected to witness the major vegan supplements market share. Capsule supplements are very popular because they are convenient to administer. Ease of production and cost-effectiveness are the two key factors supporting the rising expansion of capsule products. Increasing demand for vitamin supplements in the sports industry also drives the vegan supplements demand. Manufacturers of sports supplements are increasingly selling sports nutrition products in soft gel capsule form and oral dosage form across the world.

Vegan Supplements Market: Report Scope

Geographic Overview

Vegan supplements market demand in Europe is likely to generate the significant growth

Based on geography, Europe is expected to show significant growth owing to the increasing emphasis on preventative healthcare in the region. Guardian revealed that more than 500,000 people signed up for Veganuary in January 2021 to eat only plant-based foods for a month. The number was increased to 100,000 from January 2020. However, the campaign aims to hit 2 million supporters by the end of January 2022. Other factors, such as surging awareness about vegan diets along, growing consumer awareness about the intake of a nutritious diet, and rising concerns regarding weight management, are accelerating the market’s growth.

By Product Outlook