Vegan Supplements Market Gains Impetus from Environmental and Ethical Considerations in Nutraceuticals Sector: FMI
A recent study by an ESOMAR certified global market research and consulting firm opines, global vegan supplements market is set to growth at 10.9% CAGR between 2020 and 2028, supported by a growing base of vegan and vegetarian consumers. The rise of the conscientious consumer has led to new opportunities for vegan supplement market players.
Plant-based diets reduce the risks of cancers, coronary disease, diabetes and other lifestyle-based ailments. Also, efforts towards sustainable food production management and ethical consideration in terms of sourcing animal-based ingredients are likely to bolster demand for plant-based product offerings.
As governments set up favorable policies towards plant-based diets, FMI opines bullish prospects for the vegan supplements market.
• Surge in demand for botanical ingredient sources owing to clean label trends
• Online retail distribution channels to gain traction as people look to minimize risks
• Demand for vegan supplements in capsule form continues to grow
• Europe maintains its position as the most lucrative market globally
“Varied advantages associated with vegan supplements including lower toxicity, superior bioavailability, and natural smell & flavor is expected to bolster the vegan supplements market through the forecast period,” says an FMI analyst.
COVID-19 Impact Analysis
Sales of vegan supplements through online channels has picked up since early 2020, following the outbreak of the coronavirus outbreak. On the other hand, sales from brick-and-mortar outlets have witnessed a moderate drop. OTC offerings are expected to witness higher demand with higher levels of health consciousness driving the demand for immunity-boosting offerings.
This trend is also contributing to increasing adoption of plant-based diets, which will contribute to long term growth in the post pandemic era. Revenue from the vegan supplements market is expected to continue growing as lockdown restrictions are eased, with growing sales coming out of sports nutrition applications.
Who is Winning?
The vegan supplements market is largely competitive and fragmented. Key market players are increasingly focused on product development and launch strategies aimed towards bolstering product portfolios and geographical expansion.
Market leaders include General Mills Inc., Garden of Life, Danone S.A., PepsiCo Inc., Blue Diamond Growers Inc., ALOHA, NuGo Nutrition, One Brands, BHU Foods, and G&G Foods among others.
FitLivings in December 2020 introduced its Okinawa Flat Belly Tonic, which is a non-GMO, vegan friendly, powder-based supplement for consumers in the United States.
HealthyCell a leading dietary supplement company has entered into a partnership with KeHE for the distribution of its Vegan Essentials range of products, which comprises a proprietary gel delivery system.
These insights are based on a report on Vegan Supplements Market by Future Market Insights