Global Vegan Supplements Market size is projected to be valued at USD 7.2 Billion by 2027 at a CAGR of 4.3% between 2020 and 2027. Vegan supplements come in several types, which include vitamins, minerals, amino acids and proteins, and blends. Vegan supplements enhance body functions by adding to the nutrition derived from the regular diet. They contain multiple nutrients. North America and Europe are witnessing a growing demand for vegan supplements.
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The key players in the market have been responsive to shifting consumer preferences and are focused on strategic acquisitions, product launches, and partnerships. For instance, in 2020, Jarrow Formulas announced the release of new vegan vitamin D3 products. All the factors are anticipated to create substantial growth opportunities for the global vegan supplements market.
JARROW Formulas (US), SOLGAR Inc. (US), Deva Nutrition LLC (US), NATROL (US), NOW Foods (US), Garden of Life LLC (US), Pure Encapsulations (US), HTC Health (UK) and Ora Organic (US)
Growth Opportunities in the Market
High investment in R&D: Vegan Supplements Market Manufacturers invest in research & technology development and investigative activities to improve existing products and procedures and develop new products. For instance, Jarrow Formula’s is focusing on the R&D of new vegan vitamin products. Numerous research studies and analyses have been done in the field already. Research & development will lead to the formulation of new vegan supplement products with improved quality and functionality by including better formulation.
Non-Store-Based Distribution Channels Gaining Popularity Across the Globe: The non-store-based segment is projected to register a higher growth rate during the forecast period. Manufacturers of vegan supplements are inclined toward non-store-based distribution channels for the sale of their products. Companies are opting for online distribution platforms as they want to extend their consumer reach.
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