Vegan Supplements Market to Witness a CAGR of Around 11%
According to latest research by Fact.MR, vegan supplements is likely to witness exponential growth during 2021-2031. Demand for vegan supplements will witness steady recovery in short-term, with sanguine growth outlook in the long-run. Increasing awareness regarding importance of healthy diet will mean limited opportunities in near future, however, consumption of vegan supplements by fitness enthusiast working out and following their diet regularly will provide momentum.
What is Driving Demand for Vegan Supplements?
The plant-based revolution is not merely driven by the growing chunk of vegetarian or vegan consumers. In fact, this count of consumers remains small, whilst the bloom in number of consumers following flexitarian lifestyle is driving the overall vegan supplements market, throughout the globe. Flexitarians are increasingly adding vegan products to their shopping kart, to reduce their consumption of animal-based food products over ethical concerns.
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Evolving demand for more organic, safer and healthier alternatives to animal-based products continues to drive the demand for vegan supplements in day to day dietary. Aesthetic and bodybuilding applications remains to be a lucrative avenue for vegan supplements manufacturers.
Apart from being an essential macronutrient for tissue repair, and enzymes and hormone production, the use of vegan supplements are widely evident to aid weight loss, maintain body proteins and vitamins level, and help people strengthen their muscles. Vegan supplements are being increasingly sought-after to reduce the risk of cancer, coronary disease, diabetes and other lifestyle-based ailments accompanied with the consumption of meat products.
Applications in Sports Nutrition Likely to Augment Vegan Supplements Sales
While some industries faced sluggishness, protein and supplement industry showed a tremendous growth owing to rising consumer awareness on animal cruelty, growing number of fitness centers, and desire to lead active and healthy lifestyles amid COVID-19 pandemic. Vegan supplements manufacturers are likely to witness sustained opportunities in near future as increasing fitness and immunity remains the key focus area for end-users.
Vegan supplement are extensively used in sports nutrition industry as they have an optimized ingredient offerings for more particular nutritional needs such as vegan vitamin supplements and vegan iron supplements, making it popular among flexitarians and traditional vegans. Also, vegan supplements minimizes the risk of coronary plaques and inflammation (evident in cyclists and runners), while improving cholesterol, arterial flexibility, and blood viscosity.
Although lockdown and shelter-at-home guidelines have meant restricted sporting activities, sales are likely to improve over the course of the assessment period owing to the surge in vegan population, and increase in number of online wellness clubs.
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US and Canada Vegan Supplements Market Outlook
Past records has shown that North America remains a fertile ground for protein and supplement industry owing to the large population of fitness enthusiasts. However, vegan population in US accounts between 3-4% of the total population residing in the country, whilst the growing flexitarian population is expected to fuel the overall market for vegan supplements in near future.
Demand for vegan supplements in US and Canada will be led by sports nutrition industry. With the advent of COVID-19 pandemic, most of the Canadians have turned into flexitarians. And within Canada, British Columbia accounts for the largest number of vegan consumers. Although veganism is said to be one of the healthiest diets, the group of vegans found to have a deficit of certain nutrients. With the increasing need for vegan supplements to support the deficiency, the market for vegan supplements is likely to propel in North America.
Europe Demand Outlook for Vegan Supplements
European countries have been severely impacted by the COVID-19 crisis and resulted in a decline of economic activities. However, regular usage of vitamins and supplements by growing geriatric population, and growing discretionary spending continues to drive demand for vegan supplements.
Despite the COVID-19 challenges, most European countries have maintained a steady healthcare and fitness expenditure in 2020. In Europe, around 1% of consumers claims to be vegan while near about 3% are vegetarian. Yet the vegan supplements market is trending heavily in Europe with growing consumer emphasis on improving their quality of life. Also the harmonization of regulations, governing supplements undertaken by the European Union is likely to open doors for European vegan supplement manufacturers.
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Who are the Key Manufacturers and Suppliers of Vegan Supplements?
Some of the leading manufacturers and suppliers of vegan supplements include
- Nutrazee Inc.
- VMLOX
- Eversea
- Garden of Life
- Danone S.A.
- Blue Diamond Growers Inc.
- ALOHA
- NuGo Nutrition
- BHU Foods
- One Brands
- G&G Vitamins
- Glanbia Plc
- Herbalife Nutrition
- Holland & Barrett Retail Limited
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