The global vegan supplements market size is expected to reach USD 22.11 billion by 2030, according to a new study by Polaris Market Research. The report “Vegan Supplements Market Share, Size, Trends, Industry Analysis Report, By Product (Vitamins, Minerals, Amino Acids, Botanical Supplements, and Others); By Form; By Distribution Channel; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market's growth is related to consumers becoming more aware of the benefits of plant-based foods in terms of nutrition, such as their high levels of amino acids and low sodium content. Customers' preferences for plant-based protein supplements have evolved due to things like lowering meat consumption for food safety, food allergies, ethical considerations, and developing a vegan culture to stop animal cruelty. The market is growing as a result of the rising demand for proteins that are environmentally friendly.
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In 2021, the United Kingdom will be the largest market in Europe. The European Union's efforts to harmony supplement rules have boosted the growth of the total dietary supplement sector, especially vegan supplements; divergent restrictions among member states are becoming more coordinated. Some businesses that provide vegan diets also have organic and natural products in their product lines, fueling the industry even more.
Utilizing appealing packaging techniques has raised customer awareness, which has in turn, encouraged the purchase of protein supplements. For instance, the vegan society filed 16,439 products in 2021 with the vegan trademark, a staggering quantity. More than 82% of product registrations have taken place over the last five years.
Due to the global COVID-19 epidemic, many countries have been placed under lockdown. As a result, there is a greater need for vegan diets, which has helped the vegan supplement market grow. More and more people are becoming aware of the health benefits of vegan dietary supplements. In order to meet consumer demand, many supplement manufacturers were additionally compelled to increase production as a result of the COVID-19 crisis. The global COVID-19 issue in 2020 has boosted demand for vegan supplements, which has helped the industry's growth from a manufacturing and sales perspective.
Vegan Supplements Market Report Highlights
Polaris Market Research has segmented the vegan supplements market report based on product, form, distribution channel, and region:
Vegan Supplements, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Vegan Supplements, Form Outlook (Revenue - USD Billion, 2018 - 2030)
Vegan Supplements, Distribution Channel Outlook (Revenue - USD Billion, 2018 - 2030)
Vegan Supplements, Regional Outlook (Revenue - USD Billion, 2018 - 2030)