Market Trends of Vegan Supplements Industry
Plant-based protein supplements are gaining popularity
Driven by a global pivot towards healthier eating, plant-based protein supplements are outpacing traditional animal-derived options in popularity. Rich in essential nutrients such as fiber, antioxidants, vitamins, and minerals, plant proteins confer numerous health advantages. These benefits range from a reduced risk of chronic diseases and improved digestive health to a diminished likelihood of foodborne illnesses. Furthermore, plant proteins are characterized by their lower saturated fat and cholesterol content. In contrast, overindulgence in animal-derived proteins, supplements included, has been associated with serious health concerns like cancer, heart disease, and obesity, intensifying the allure of plant-based options. This trend is further magnified by the global uptick in veganism. For instance, in 2024, the UK reports around 2.5 million vegans, making up 4.7% of its adult population.
As consumers become more health-conscious, there's a notable surge in the demand for clean-label products, especially plant-based protein supplements. Today's consumers are not just buying products; they're delving into labels, seeking transparency in sourcing. This scrutiny aligns seamlessly with plant-based protein supplements derived from natural sources like peas, soy, and hemp. Acknowledging this trend, manufacturers are shifting towards clearer and more transparent labeling. For example, Possible has rolled out a new line of clean-label products, including their plant protein powder, with certifications like USDA organic, vegan, non-GMO, gluten-free, and devoid of artificial additives.
Asia-Pacific is the Fastest Growing Region
The mainstream rise of flexitarian consumers, coupled with a growing number of vegetarians and vegans, has propelled the growth of the plant-based sector. This shift is largely attributed to heightened health, ethical, and environmental concerns among consumers. A 2022 report by the UN FAO highlighted India's dominance in vegan diet consumption, boasting over 500 million vegetarians. Furthermore, flexitarian consumers play a pivotal role in driving the plant-based market's expansion.
In recent years, a surge in interest in sports and fitness has spurred demand for vegan supplements. This trend has prompted manufacturers to innovate and introduce new products. For example, United, an Indian company specializing in vegan supplements and sports nutrition, offers a range of products, from sublingual caffeine strips to beetroot extract, targeting endurance athletes. Concurrently, urbanization and rising disposable incomes in the Asia-Pacific have fostered a shift towards healthier lifestyles, amplifying the appeal of vegan supplements. Given the rising popularity of multivitamins among adults, the introduction of vegan multivitamins in the region is poised to further boost market growth during the forecast period.
