A recent study has found that the global vegan supplements market will see growth at 10.9% CAGR between 2020 and 2028, and values the market at over US$ 17 billion. Vegan supplements are considered as being safer and healthier, while ethical concerns over the use of animal ingredients are creating growth opportunities.
Sales of vegan supplements through online channels has picked up since early 2020, following the beginning of the coronavirus outbreak. On the other hand, sales from brick-and-mortar outlets have witnessed a moderate drop. Over the counter offerings are expected to witness higher demand with higher levels of health consciousness driving the demand for immunity-boosting offerings.
As governments set up favorable policies towards plant-based diets, the study’s authors predict:
- 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 will continue to grow
- Europe to maintain 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.
Key players
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.
