Vegan Supplement Market is Prospering Owing to the Rising Health Concerns all over the world
- September 25, 2021
- HEALTHCARE, NEWS
- Vegan Supplement Market, Vegan Supplement Market size
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The global Vegan Supplement Market is expected to exceed the market valuation of more than US$ xx million by 2027 expanding at a reasonable CAGR of xx% during the forecast period (2021-2027). The demand for Vegan Supplement is increasing on account of the rise in health concerns coupled with rising food-related disorders, consumers shift towards a healthier lifestyle and turning towards vegan diets
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The demand for Vegan supplements is increasing on account of the increase in the geriatric population coupled with rising lifestyle disorders, the rise in usage in sports nutrition drives the growth of the vegan supplements market. The rise in the production of plant-based proteins is also deriving market growth. Canada is the leading producer and exporter of several plant protein sources such as flaxseed, pumpkin seed, and cranberry which is growing the market growth in the region. Canada has become the largest producer and exporter of pulses, with the production of 4.6 million tons pulses in 2017.
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The rise of the COVID-19 has impacted every industry all over the world. A positive impact can be seen on the Vegan Supplement market because of the high demand for immunity-boosting product offerings and higher levels of health awareness.
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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.
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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.
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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.
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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. 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.
Global Vegan Supplement Market Segmentation
Market Insight, by Product Type
Market Insight, by Form
Market Insight, by Distribution Channel
- Specialty Stores
- Pharmacies/Drug Stores
- Online Sales Channel
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- BHU Foods
- Danone S.A.
- Jarrow Formulas, Inc.
- Kerry Group, PLC
- Kikkoman Corporation
- Nestle S.A.
- NuGo Nutrition
- PepsiCo, Inc.