Vegan Supplements Global Market Report 2024

The vegan supplements market size has grown strongly in recent years. It will grow from $9.66 billion in 2023 to $10.52 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth observed in the historical period can be attributed to several factors. These include the increasing awareness of health-related matters among consumers, a rise in the population adopting vegan lifestyles, growing ethical and environmental concerns influencing purchasing decisions, continuous product innovation within the vegan supplement industry, and endorsements by celebrities promoting the use of such products. These factors collectively contributed to the growth and popularity of vegan supplements in the market.

The vegan supplements market size is expected to see strong growth in the next few years. It will grow to $14.86 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The anticipated growth in the forecast period is expected to be driven by several key factors. These include the sustained focus on health and wellness trends, the expansion of the middle-class population seeking healthier options, the widening of distribution channels for greater accessibility, increasing concerns about climate change impacting consumer choices, and the ongoing evolution of consumer preferences towards more conscientious consumption. Key trends projected for the forecast period encompass a growing demand for plant-based nutrition and supplements, a heightened emphasis on sustainable and eco-friendly practices throughout the supplement industry, ongoing innovations in ingredients and formulations to meet evolving consumer needs, a focus on offering clean label products with transparent and natural ingredients, and a shift towards personalization of products catering to individual preferences and requirements.

The growing popularity of veganism is anticipated to be a significant driver for the expansion of the vegan supplements market in the foreseeable future. Veganism, characterized by a plant-based diet that excludes animal products, is gaining traction, leading to an increased demand for vegan supplements. These supplements, including vitamins such as B12, D3, and folic acid, cater to the nutritional needs of individuals adhering to a vegan lifestyle. As of October 2023, the World Animal Foundation reported that 6% of Americans identified as vegan, and nearly one-third expressed interest in consuming more vegan meals. The sales of plant-based meals also witnessed a notable increase of 27% in 2021. This surge in veganism's popularity is a key factor driving the growth of the vegan supplements market.

The growing awareness of health and wellness is poised to be another driving force behind the expansion of the vegan supplement market. Health and wellness encompass a holistic approach to mental, social, and physical well-being, extending beyond the absence of illness or disease. Vegan supplements play a crucial role in supporting health and well-being, particularly for individuals following a plant-based diet. A well-planned vegan diet can provide essential nutrients, and supplements fill potential nutritional gaps. In January 2022, Mindbody, Inc. reported that more than half of Australians (52%) were dedicated to maintaining overall well-being to enhance their resistance to sickness and illness. This increased awareness of health and wellness is a significant factor fueling the growth of the vegan supplement market.

Product innovation stands out as a key trend gaining prominence in the vegan supplement market, with major businesses focusing on the development of innovative products to fortify their market positions. In August 2022, Vital Nutrients, a US-based nutraceutical development and marketing company, introduced Ultra Pure Vegan Omega SPM+. This revolutionary vegan algae omega composition is presented in a 40% smaller pill compared to standard fish oils, promoting better patient adherence. The unique plant-based composition of omega-3 fatty acids includes therapeutically significant quantities of active SPMs, making it up to five times more efficient in treating inflammatory conditions than omega-3s alone. The supplement also contains 390 mg of DHA, contributing to immune system support, heart health, and promoting healthy cognitive performance and nervous system function.

Major companies in the vegan supplements market are embracing a strategic partnership approach, aiming to launch the first vegan and animal-free chocolate. Strategic partnerships involve leveraging each other's strengths and resources to achieve mutual benefits and success. In June 2022, Mars, Inc., a US-based manufacturer of vegan chocolates and confectionery, announced a partnership with Perfect Day Inc. to introduce CO2COA, the company's first environmentally friendly and animal-free chocolate innovation, in the United States. CO2COA reflects Mars' commitment to sustainability with its Rainforest Alliance-certified chocolate and efforts to reduce greenhouse gas emissions (CO2) in product sourcing. This collaboration highlights Mars' dedication to providing consumers with a delightful, green, vegan, and lactose-free chocolate experience. Perfect Day, Inc., a US-based food technology company, plays a crucial role in this partnership, showcasing how Mars collaborates with technological entrepreneurs to deliver innovative solutions to consumers.

In August 2021, Nestlé Health Science SA, a Switzerland-based company specializing in vegan supplements, successfully acquired Bountiful Company core brands for an undisclosed amount. This strategic acquisition has resulted in the expansion of Nestlé Health Science SA's portfolio, offering a more extensive range of trusted products and diverse methods to enhance the health of clients globally. The transaction strategically positions Nestlé Health Science as the market leader in vitamins, minerals, herbals, and supplements (VMHS) across various channels, including mass retail, specialty retail, e-commerce, and direct-to-consumer in the United States. Furthermore, the acquisition adds new products and sales channels to Nestlé Health Science's global presence. Bountiful Company, the acquired entity, is a US-based company renowned for its vegan supplement brands.

Major companies operating in the vegan supplements market report are Aloha Inc., Amway Corp., Deva Nutrition LLC, DuPont Inc., HTC Health Ltd., Jarrow Formulas Inc., Nestlé S.A., Nutrazee, PepsiCo Inc., Kerry Group plc, Danone S.A., Bhu Foods, Vitamin Energy LLC, Solgar Inc., NOW Foods Pvt. Ltd., Natrol LLC, Garden of Life LLC, Pure Encapsulations LLC, Orgenetics Inc., Ora Organic Inc., Nutrazee Inc., Eversea, Blue Diamond Growers Inc., Aloha Technology Private Limited, NuGo Nutrition LLC, One Brands LLC, G&G Vitamins Ltd., Glanbia plc, Herbalife Nutrition Ltd..

North America was the largest region in the vegan supplements market in 2023. The regions covered in the vegan supplements market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the vegan supplements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of vegan supplement products include minerals, vitamins, protein, and various other nutrients. Minerals encompass a group of naturally occurring inorganic substances with specific chemical compositions and crystal structures, such as quartz or feldspar. These supplements are available in diverse forms such as powder, liquid, capsules, bars, and more, and they are distributed through various channels including hypermarkets, supermarkets, convenience stores, drug stores, pharmacies, health and wellness stores, online retail platforms, and other outlets.

The vegan supplements market research report is one of a series of new reports that provides vegan supplements market statistics, including vegan supplements industry global market size, regional shares, competitors with a vegan supplements market share, detailed vegan supplements market segments, market trends and opportunities, and any further data you may need to thrive in the vegan supplements industry. The vegan supplements market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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