A recent study by Future Market Insights has forecasted a 10.9% CAGR between 2020 and 2028 for the global vegan supplements, supported by a growing base of vegan and vegetarian consumers.
Plant-based diets reduce the risks of cancers, coronary disease, diabetes and other lifestyle-based ailments. Also, efforts towards sustainable food production management and ethical consideration in terms of sourcing animal-based ingredients are likely to bolster demand for plant-based product offerings.
As governments set up favourable policies towards plant-based diets, FMI suggests prospects for the vegan supplements market will only increase. It predicts a surge in demand for botanical ingredient sources in response to clean label trends, and that online retail distribution channels will gain traction as individuals look to reduce risk. It also suggests Europe will maintain its position as the most lucrative market for these supplements, and that vegan supplements in capsule form will see continued growth.
An FMI analyst said: “Varied advantages associated with vegan supplements including lower toxicity, superior bioavailability, and natural smell & flavour is expected to bolster the vegan supplements market through the forecast period”.
Sales of vegan supplements through online channels has picked up since early 2020, following the outbreak of the coronavirus outbreak, while brick-and-mortar outlets have witnessed a moderate drop. OTC offerings are expected to witness higher demand with higher levels of health consciousness driving the demand for immunity-boosting offerings, the analysis suggests.
Increasing adoption of plant-based diets, which will contribute to long term growth in the post pandemic era. Revenue from the vegan supplements market is expected to continue growing as lockdown restrictions are eased, with growing sales coming from sports nutrition applications.
The vegan supplements market is largely competitive and fragmented. Key market players are reportedly focusing on product development and launch strategies aimed towards bolstering product portfolios and geographical expansion.
