According to a comprehensive new report the vegan supplements market is expected to increase to $3.43 billion by 2026, and the market’s growth momentum will accelerate at a compound annual growth rate (CAGR) of 8.1%.
“One of the key factors driving growth in the vegan supplements market is the expanding global vegan population base”, states the Vegan Supplements Market Research Report. “With the rising awareness about the various health benefits of vegan diets, the number of people adopting vegan lifestyles is increasing across the world.”
This trend, which is expected to continue to drive the growing vegan supplements market (as well as the vegan food market), isn’t expected to stop anytime soon.
“It is estimated that the number of consumers opting for plant-based diets over animal-based diets is increasing, and the trend is more common among millennials”, states the report. This is in part due to the fact that “vegan diets provide more fibers, antioxidants, and beneficial plant compounds”, and they “help improve kidney function and lower blood sugar levels.”
The number of vegan consumers “is growing in countries such as the US and Canada”. The number of people adopting a vegan lifestyle “is growing in countries such as the UK, Germany, and France. ” The report points out that “There are more than three million vegans in the UK, and the number is expected to increase during the forecast period. Thus, the growing global vegan population will help in the growth of the global vegan supplements market during the forecast period.”
37% of the market’s growth will originate from Europe during the forecast period. Germany and the UK are the “key markets” for vegan supplements in Europe. “Market growth in this region will be faster than the growth of the market in the North American and MEA [Middle East and Africa] regions”, concludes the report.
Some of the market trends listed by the report including “The growing prominence of online shopping is a vegan supplements market trend that is expected to have a positive impact in the coming years”, and “E-commerce enables customers to access regional and global brands of vegan supplements.”
Despite all of the positive news coming from this report, the market isn’t without its challenges. Below are what the report identifies as the top ones:
Key Vegan Supplements Market Challenge
- The availability of counterfeit dietary supplements will be a major challenge for the vegan supplements market during the forecast period.
- Along with the increasing consumption of vegan supplements, there has been an equal increase in the presence of counterfeit products. These products are sold online to those who are unaware of fraudulence and buy these products as they are imported.
- The supplements are advertised with false claims of health benefits. These are made of sugar and powdered form of certain chemical substances.
- Counterfeit supplements are manufactured using low-cost non-standard materials. They are not tested or approved by regulatory authorities; therefore, they are unfit for human consumption.
- Regulatory authorities in many countries have identified several cases of counterfeit supplement manufacturing and sales and have banned the use of such products. Such factors are expected to hinder the growth of the global veg supplements market.
The full report can be found by clicking here (we will note that it is behind a paywall).