Vegan Supplement Market: Current Analysis and Forecast (2021-2027)

Global vegan supplement market generated revenue of ~US$ 6.8 billion in 2020 and is expected to witness CAGR growth of around 6.5% during the forecast period 2021-2027. Due to the rise in health concerns coupled with rising food-related disorders, consumers are shifting towards a healthier lifestyle and turning towards vegan diets. Moreover, the rise in usage in sports nutrition drives the growth of the vegan supplements market. As per the National Institute of Allergy and Infectious Diseases, most food allergies occur due to eggs, milk, fish, and red meat. The Vegan Supplement market is driven by the shifting of consumers towards meat substitutes made of vegan protein, due to mounting incidents of animal protein allergies. According to Food Allergy Research & Education, approximately 32 million people in the United States are suffering from food allergies. Furthermore, as per the United States Centers for Disease Control and Prevention, 12.2 million people suffer from a food allergy, out of which two-thirds of food allergies are due to the egg. Nowadays, Pea protein is integrated into several egg-based products, like pasta, cakes, vermicelli, and cookies for the reduction of rising incidents of food allergies.
Insights Presented in the Report
“Amongst Product Type, Protein segment holds the major share.”
Based on Product Type, the market is fragmented into Minerals, Vitamins, Proteins, and Others. The Proteins segment dominated the market in 2020 owing to its several benefits in digestion and cardiovascular health improvement, and the elimination of antibiotics and hormones from the diet. However, the Mineral segment is expected to grow at lucrative during the forecasted period due to several health benefits such as DNA production, detoxification, cellular function, and production of glutathione along with its role in blood pressure regulation. As per the Plant Proteins. co, more than 500,000 participants signed up for Veganuary’s 2021 challenge, a 25% increase from 2020.
“Amongst Form, Capsules/Tablets segment holds the major share.”
Based on Form, the market is fragmented into Capsules/Tablets, Powder, and Others. The Capsules/Tablets segment dominated the market in 2020 owing to ease in swallowing, ease to carry, and economical. However, the Powder form is expected to grow at lucrative during the forecasted period owing to easy production, cost-benefits to consumers. Moreover, the vegan supplements in powder form are 100% vegan, dairy-free, soy-free, which is mainly used as a meal replacement. In February 2021, InnovoPro developed a Chickpea Concentrate, CP-PRO 70, which is a part of new vegan athletes' ready-to-drink formula.
“Amongst Distribution Channel, Pharmacies/Drug Stores segment is anticipated to grow at the highest CAGR during the analyzed period.”
Based on Distribution Channel, the market is fragmented into Hypermarket/Supermarket, Specialty Stores, Pharmacies/Drug Stores, and Online Sales channels. The Pharmacies/Drug Stores segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to the personalized services, ease of availability, and professional guidance.
“North America signifies one of the largest markets and Europe is expected to be the fastest-growing markets of Vegan Supplement market.”
For a better understanding of the market adoption of Vegan Supplement, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Vegan Supplement market on account of the rising health consciousness. Plant protein foods contribute 65% of the per capita supply of protein on a worldwide basis and 32% in the North American region. Mixtures of plant proteins can serve as a complete and well-balanced source of amino acids for meeting human physiological requirements. As per top research firm, 55% of U.S. households state “high protein” is an important attribute considered when buying food. A huge lactose intolerant population further drives the demand for alternate dairy substitutes, such as soy protein. According to the National Digestive Diseases Information Clearinghouse, some 30 million to 50 million Americans are lactose intolerant, including up to 75% of African Americans and American Indians and 90% of Asian Americans. Some of the major players operating in the market include Aloha, BHU Foods, Danone S.A., Jarrow Formulas, Inc., Kerry Group, PLC, Kikkoman Corporation, Nestle S.A., NuGo Nutrition, Nutrazee, and PepsiCo, Inc. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
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