USA, NY, New York City,
Global Vegan Supplements Market Forecast
The global Vegan supplements market Size is projected to be valued at USD 7.2 Billion by 2026 at a CAGR of 4.3% between 2020 and 2026. Vegan supplements come in several types, which include vitamins, minerals, amino acids and proteins, and blends. Vegan supplements enhance body functions by adding to the nutrition derived from the regular diet. They contain multiple nutrients. North America and Europe are witnessing a growing demand for vegan supplements.
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The key players in the market have been responsive to shifting consumer preferences and are focused on strategic acquisitions, product launches, and partnerships. For instance, in 2017, Jarrow Formulas announced the release of new vegan vitamin D3 products. All the factors are anticipated to create substantial growth opportunities for the global vegan supplements market Size.
Key Players of vegan supplements market Size
- Jarrow Formulas (US)
- Solgar Inc. (US)
- Deva Nutrition LLC (US)
- Natrol (US)
- NOW Foods (US)
- Garden of Life LLC (US)
- Pure Encapsulations (US)
- HTC Health (UK)
- Ora Organic (US)
High investment in R&D: Manufacturers invest in research & technology development and investigative activities to improve existing products and procedures and develop new products. For instance, Jarrow Formula’s is focusing on the R&D of new vegan vitamin products. Numerous research studies and analyses have been done in the field already. Research & development will lead to the formulation of new vegan supplement products with improved quality and functionality by including better formulation.
Non-Store-Based Distribution Channels Gaining Popularity Across the Globe: The non-store-based segment is projected to register a higher growth rate during the forecast period. Manufacturers of vegan supplements are inclined toward non-store-based distribution channels for the sale of their products. Companies are opting for online distribution platforms as they want to extend their consumer reach.
Regional Analysis of vegan supplements the Market
- North America: North America accounted for a major share of the global vegan supplements market Size during the forecast period. The growth of the market in this region is driven by increasing medical service costs across North America. The escalating medical service cost has resulted in a shift of consumers towards the adoption of healthy alternatives in the daily routine, and the consumption and the demand for vegan supplements have increased drastically.
- Europe: Europe dominated the global vegan supplements market Size in 2019 with the increase in ready-to-eat meals in the region. The increasing investment in research and development of new vegan supplements is also expected to support the growth of the European market. Rising awareness of the health benefits of vegan supplements in Europe is expected to drive their consumption among consumers.
- Asia-Pacific:
- Rest of the World3
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