Statisticians expect the massive expansion of the worldwide vegan supplement industry in the period between 2021 and 2028. Namely, according to Allied Market Research’s report, the industry generated $6.3 billion in 2019 and is expected to double the revenue to $13.59 billion by 2028, registering a 6.9% CAGR.
Their data cover all types of products (minerals, vitamins, proteins, etc.) in all available forms and distribution channels (hypermarkets, stores, online sales channels, etc.).
The increased knowledge about vegan supplements and the health advantages they provide, including their use in sports nutrition, encouraged the spectacular growth. However, the prevalence of counterfeit dietary products and an unclear regulatory environment are hindering the market expansion.
On the other hand, there are fresh new prospects and untapped potential for growth in developing countries.
The outbreak of the COVID-19 pandemic made people more health-conscious and more aware of the importance of building a strong immune system. Therefore, it led to the increasing demand for health industry products, as well as vegan supplements and foods.
Although the lock-up and supply chain interruptions obstructed vegan supplement production in the past year, market players attempted to expand production to satisfy demand growth. However, their activities continued in the post-lockout period, with governments providing relaxation measures to ensure continuity.
Protein products dominated the global vegan supplements scene in 2019, accounting for over two-fifths of the market. They’re expected to maintain the leading position throughout the forecast period. This is because vegan proteins can improve digestive and cardiovascular health and eliminate additional hormones and antibiotics from the diet.
Additionally, the growing demand for an active and healthy lifestyle drives the growth of the vegan supplements industry. Since minerals offer many health advantages, they’re expected to register the highest CAGR of 9.6% in the forecast period. Some of the benefits they offer are improved cellular function, DNA production, detoxification, glutathione synthesis, blood pressure regulation, and improved heart health.
North America held the largest proportion of the global vegan supplements market share in 2019 and, according to the predictions, will stay in the lead until 2027. This is because of the increase in the vegan population, their buying power, and demands for an improved lifestyle.
Finally, experts expect Asia-Pacific’s vegan supplements market to register the fastest growth with a 9.9% CAGR. The reason behind it is a rise in urbanization, an increased number of middle-class customers, and a growing preference for convenience-oriented lifestyles.