The global vegan supplements market is set to experience impressive growth, riding the wave of veganism’s rising popularity. In 2022, the market was valued at $8.87 billion, and experts predict it will surge to $9.66 billion in 2023, with a remarkable Compound Annual Growth Rate (CAGR) of 8.9%. The momentum is expected to persist, propelling the vegan supplements market to reach a substantial $13.49 billion by 2027, with a CAGR of 8.7%.
Veganism, a diet that exclusively relies on plant-based meals while shunning animal products, is at the heart of this thriving market. The growing adoption of veganism is driving the demand for vegan supplements, particularly for essential vitamins such as B12, D3, and folic acid.
In August 2020, the European Vegetarian Union reported a 37% increase in vegan food sales in Germany during the first quarter of the year compared to the same period in 2019. Likewise, the United States saw a remarkable 90% surge in vegan food sales during the peak of the pandemic stock-buying period. These statistics underscore the mounting popularity of veganism and its substantial impact on the vegan supplements market.
Vegan supplements encompass a range of products, including minerals, vitamins, proteins, and other nutritional offerings. These supplements are available in various forms such as powders, liquids, capsules, and bars, and are accessible through diverse channels including hypermarkets, supermarkets, convenience stores, drug stores, health and wellness shops, online retail platforms, and more.
A prominent trend in the vegan supplement market is product innovation. Key industry players are consistently striving to develop innovative products to enhance their market presence. For instance, in August 2022, Vital Nutrients, a US-based nutraceutical company, unveiled “Ultra Pure Vegan Omega SPM+.”
This groundbreaking vegan supplement is an algae-based omega composition that boasts a 40% smaller pill size compared to standard fish oils, improving patient adherence. It features a unique plant-based blend of omega-3 fatty acids with therapeutically significant levels of active SPMs (Specialized Pro-Resolving Mediators), which are believed to enhance the treatment of inflammatory conditions up to five times more effectively than omega-3s alone. The supplement also contains 390 mg of DHA, which supports immune system responses, heart health, cognitive function, and nervous system function.
The vegan supplement market encompasses the sale of vitamin B12, omega-3 fatty acids, and vitamin D3 derived from plant and algae sources. These market values reflect the factory gate values, encompassing the sale of goods from manufacturers to various entities and related services.
In 2022, North America emerged as the largest region in the vegan supplements market. This vibrant market spans across regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
As the world embraces the benefits of a plant-based lifestyle, the vegan supplements market is on an upward trajectory, with innovation and consumer demand at the forefront of its evolution. With impressive growth projections, this market is undoubtedly one to watch in the coming years.
