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

Report Description

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.

 Number of Food Allergies Among U.S. Adults, By Food Type

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. According to Nielsen, 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.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Vegan Supplement market were the three major steps undertaken to create and analyze the adoption of Vegan Supplement for the different applications across major Distribution Channels such as Hypermarket/Supermarket, Specialty Stores, Pharmacies/Drug Stores, and Online Sales Channel.  Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Vegan Supplement sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to.

Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

The detailed secondary study was conducted to obtain the historical market size of the Vegan Supplement through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Vegan Supplement market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are Product Type, Form, Distribution Channel, and Region. Further country-level analyses were conducted to evaluate the overall adoption of Vegan supplements in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Vegan Supplement. Further, we conducted factor analysis using dependent and independent variables such as the increase in the geriatric population coupled with rising lifestyle disorders.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Vegan Supplement Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of Vegan Supplement across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Vegan Supplement market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Vegan Supplement market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Product Type, Form, Distribution Channel, and Region of the Vegan Supplement market.

Main Objective of the Vegan Supplement market Study

The current & future market trends of Vegan supplements were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Vegan Supplement in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of Product Type, Form, Distribution Channel, and Region
• Define and analysis of the regulatory framework for the Vegan Supplement industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Vegan Supplement market for the major region
• Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and the Rest of the World
• Company profiles of the Vegan Supplement market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry