Research Nester published a report titled “Vegan Supplements Market: Global Demand Analysis & Opportunity Outlook 2028″ which delivers a detailed overview of the vegan supplements market in terms of market segmentation by type, by distribution channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.
Going vegan opens up a whole new world of tasty foods and flavors making it a thriving industry in the market. Following a whole food plant-based diet is one of the healthiest diet choices. It might reduce the risk of several diseases and health conditions, including type 2 diabetes, heart disease, and certain kinds of cancer.
PETA (People for the Ethical Treatment of Animals), suggests that animal products are often high in artery-clogging cholesterol and the ingesting animal protein has been linked to some types of cancer.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
The vegan supplements market is anticipated to notice an attainable high CAGR during the forecast period, i.e., 2020-2028. The market is segmented by type, distribution channel, and region. Among product types, the protein segment is projected to dominate the market share during the forecast period owing to numerous health benefits of protein which encourages manufacturers and market players to enter the vegan protein market. Among distribution channels, the supermarkets/hypermarkets segment held the leading share on account of superior accessibility to products, a wide assortment of products allows consumers to compare between the options, and physical display of products allows customers to examine the details of the product.
Regionally, the vegan supplements market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America is projected to hold the largest market share followed by Europe owing to the greater prevalence of veganism in the regions, better accessibility to vegan supplements via e-commerce as well, increase in diseases such as obesity, growing population against animal cruelty, and increasing health awareness.
Consumers are progressively shifting their inclination from industrial-scale processed food to health-promoting food products.
The Asia-Pacific region is expected to grow at a significant pace led by developing economies on account of surging demand for vegan health supplements as people are opting for a vegan lifestyle, prevalence of vegetarian population in countries such as India, and social media helps in promoting veganism, which, in result, drives the global vegan supplements market.
Veganism boosts the consumption of vegan supplements
On account of the rise in the number of vegan populations, significant growth in obesity rates, and a surge in alertness among people for health and fitness, rising animal cruelty, rising cases of glutamic disorders and growing lactose-intolerant consumers, the overall market growth is expected to rise significantly over the forecast period.
Additionally, extensive campaigns for promoting a vegan diet via media platforms, an increase in disposable incomes in developing economies, and growing numbers of supermarkets/hypermarkets have contributed towards the market growth significantly.
However, the availability of cheaper substitutes, lower awareness rate in developing economies, and costly vegan supplements in the market might hamper the overall market growth in the long run.
This report also provides the existing competitive scenario of some of the key players of the vegan supplements market which includes company profiling of Future Kind, Holland & Barrett Retail Limited, GO Healthy New Zealand Ltd., Deva Nutrition LLC, Ora Organic, Nordic Naturals, Sequel Natural Ltd., Hormel Foods Corporation (NYSE: HRL), OZiva, Garden of Life.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the vegan supplements market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
