LOS ANGELES, June 22, 2021 (GLOBE NEWSWIRE) -- The Global Vegan Supplements Market is expected to grow at a CAGR of around 7.0% from 2020 to 2027 and reach the market value of over US$ 13.5 Bn by 2027.
North America dominates the vegan supplements market; Europe holds the second largest market share
During the forecast period, North America accounted for a sizable portion of the global vegan supplements market. The increasing cost of medical services in North America is driving the market growth in this region. The rising cost of medical services has prompted a shift in consumer behavior toward the incorporation of healthy alternatives into daily routines, and the consumption and demand for vegan supplements has increased dramatically.
Europe, on the other hand, has historically dominated the vegan supplement market and is expected to do so again during the forecast period. With an increase in ready-to-eat meals in the region, Europe dominated the global vegan supplements market in 2019. Increased investment in research and development of new vegan supplements is also expected to help the European market grow. Rising consumer awareness of the health benefits of vegan supplements is expected to drive their consumption in Europe.
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Asia Pacific has the highest CAGR for the vegan supplement market. The presence of countries such as India, China, Australia, New Zealand, and others in the Asia-Pacific region provides lucrative growth opportunities for operating players. The adoption of a western lifestyle, population growth, and an increase in consumer disposable income all contribute to the growth of the vegan supplements market. Furthermore, increased awareness of vegan supplement products and their associated benefits has aided market growth. The developing region provides market participants with potential growth opportunities for launching innovative meat substitute products.
Market Drivers
The growing consumer preference for a vegan diet is a major factor driving the global vegan supplements market's expansion. Furthermore, the rising prevalence of lactose intolerance is boosting market growth. Consumers are increasingly turning to vegan supplements as they become more aware of the importance of health and wellness. Vegan supplement marketing on social media, as well as innovative marketing strategies employed by vegan supplement manufacturers, are creating an opportunistic market for players in the global vegan supplements market. Vegan supplement manufacturers' strategic sales plans include the use of online channels for marketing and distribution, as well as product promotions at exhibitions and other platforms. The key players' product launches are supporting the growth of vegan supplements among consumers.
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COVID-19 impact on the vegan supplements market
The COVID-19 outbreak has turned people's lives upside down. It has a different impact across industries. The COVID-19 outbreak has thrown the economy into a tailspin in every sector. The pandemic has compelled countries all over the world to impose a state of emergency. The COVID-19 outbreak has resulted in a surge in demand for vegan supplements all over the world. Consumer demand for vegan supplement products is increasing as consumers become more aware of their health benefits.
Segmental Overview
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.
Some of the leading competitors are General Mills Inc., Garden of Life, Danone S.A., PepsiCo Inc., Blue Diamond Growers, NuGo Nutrition, Bhu Foods, and among others
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Some of the key observations regarding the vegan supplements market include:
- In February 2021, Garden of Life, announced a new product launching namely, "Garden of Life Baby liquid". From digestion to immune health, to healthy brain development – Garden of Life Baby liquid supplements are Certified USDA Organic, Non-GMO Project Verified, vegan and gluten-free products developed to help parents keep their newest family members happy and healthy.
- In September 2017, NuGo Nutrition announced a new product launching namely, "NuGo Protein Cookies". The newly launched product is the first and only gluten-free, vegan pea protein cookie. NuGo is the first major protein bar brand to launch protein cookies. The deliciously baked cookies have a short list of clean, Non-GMO ingredients that pack 16 grams of protein in every package.
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