Market Size of Vegan Supplements Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 9.30 Billion |
| Market Size (2029) | USD 16.20 Billion |
| CAGR (2024 - 2029) | 9.68 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Vegan Supplements Market Analysis
The Vegan Supplements Market size is estimated at USD 9.30 billion in 2024, and is expected to reach USD 16.20 billion by 2029, at a CAGR of 9.68% during the forecast period (2024-2029).
Concerns for animal welfare, environmental sustainability, and personal health are driving a growing shift towards plant-based and vegan diets. As vegetarian and vegan lifestyles gain traction, the demand for vegan-friendly supplements is surging. During the COVID-19 pandemic, the vegan community notably increased its consumption of vegan supplements, recognizing their health benefits, such as enhanced immune function. Moreover, with a heightened focus on health and dietary habits during the pandemic, the adoption of vegan supplements surged, propelling market growth. As per the World Animal Foundation's, there were more than 13.4 million, (4%) vegans in the United States in 2022
With the global rise in veganism, which eschews all animal products from meat to dairy, there's been a notable uptick in the demand for plant-based alternatives, especially supplements. For instance, 2023 data highlighted around 79 million global vegans, with nearly 707 thousand participants in "Veganuary," a campaign spearheaded by a British non-profit. This surge in veganism has, in turn, amplified the global demand for plant-based supplements. Key drivers of this market growth include the rising prevalence of lifestyle diseases, an aging population, and heightened consumer awareness of product benefits. Furthermore, ongoing product innovations and the widespread availability of vegan supplements, both online and offline, bolster this market expansion. A case in point: In May 2024, Doctor's Best Inc. unveiled a new algae-derived, high-potency EPA and DHA Omega-3 vegan supplement. This innovative formula, derived from phytoplankton, offers a sustainable and clean alternative to traditional fish oil, supporting eye, brain, and heart health.
Vegan Supplements Industry Segmentation
Vegan Supplements are plant-sourced supplements that are consumed to reach the required dietary allowance. The global vegan supplements market (henceforth referred to as the market studied) is segmented by product type, form, distribution channel, and geography. By product type, the market is segmented into Vitamins, Minerals, proteins, Omega Supplements, and Other Vegan Supplements. Based on form, the market is segmented into Powder, Capsules, and Others. Based on the distribution channel, the market studied is segmented into Supermarkets/Hypermarkets, Pharmacies & Drug Stores, Online Retail Stores, and Other Distribution channels. It provides an analysis of emerging and established economies across the world, comprising North America, Europe, South America, Asia-Pacific, the Middle East, and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD billion).
| By Product Type | |
| Vitamins | |
| Minerals | |
| Protein | |
| Omega Supplement | |
| Other Vegan Supplements |
| By Form | |
| Powder | |
| Capsules | |
| Others |
| By Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Pharmacies & Drug Stores | |
| Online Retail Stores | |
| Other Distribution Channel |
| By Geography | |||||||||
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Vegan Supplements Market Size Summary
The vegan supplements market is experiencing significant growth, driven by increasing consumer awareness of health benefits and a rising inclination towards vegan and flexitarian diets. The COVID-19 pandemic has further accelerated this trend, as individuals sought to boost their immune systems and adopt healthier lifestyles. This shift has led to a surge in demand for vegan supplements, which are now widely available through both online and offline channels. The market is characterized by a diverse range of products, including vegan protein, iron, B12, and vitamin D supplements, catering to the nutritional needs of health-conscious consumers. The growing prevalence of lifestyle diseases and an aging population are also contributing to the market's expansion, as more people recognize the importance of dietary supplements in maintaining health.
The global vegan supplements market is competitive, with numerous players striving to enhance their market presence through product innovation and strategic partnerships. Companies like Holland & Barrett, Sylphar N.V., Swisse Wellness PTY LTD, and Garden of Life are leading the charge, offering a variety of vegan products to meet the demands of a health-conscious audience. The market's growth is further supported by the increasing popularity of plant-based diets, driven by ethical, environmental, and health considerations. As urbanization and disposable incomes rise, particularly in the Asia-Pacific region, the adoption of vegan supplements is expected to continue its upward trajectory. This dynamic market landscape is encouraging manufacturers to introduce new and innovative products, catering to the evolving preferences of consumers worldwide.
Vegan Supplements Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Rising concerns over animal welfare and environmental impact.
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1.1.2 Growing prevalence of lactose intolerance and allergies to animal-based products.
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1.2 Market Restraints
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1.2.1 Higher cost of production for vegan supplements compared to traditional ones.
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1.3 Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Vitamins
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2.1.2 Minerals
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2.1.3 Protein
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2.1.4 Omega Supplement
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2.1.5 Other Vegan Supplements
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2.2 By Form
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2.2.1 Powder
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2.2.2 Capsules
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2.2.3 Others
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2.3 By Distribution Channel
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2.3.1 Supermarkets/Hypermarkets
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2.3.2 Pharmacies & Drug Stores
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2.3.3 Online Retail Stores
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2.3.4 Other Distribution Channel
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2.4 By Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.1.4 Rest of North America
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2.4.2 Europe
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2.4.2.1 United Kingdom
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2.4.2.2 Germany
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2.4.2.3 Spain
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2.4.2.4 France
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2.4.2.5 Italy
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2.4.2.6 Russia
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2.4.2.7 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle East & Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 South Africa
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2.4.5.3 Rest of Middle East & Africa
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Vegan Supplements Market Size FAQs
How big is the Vegan Supplements Market?
The Vegan Supplements Market size is expected to reach USD 9.30 billion in 2024 and grow at a CAGR of 9.68% to reach USD 16.20 billion by 2029.
What is the current Vegan Supplements Market size?
In 2024, the Vegan Supplements Market size is expected to reach USD 9.30 billion.
