The market is experiencing significant growth due to the large number of consumers who tend to become vegans, vegetarians for personal health and environmental concerns
PORTLAND, OR, UNITED STATES, Aug 9, 2021 /EINPresswire.com/ – According to a new report released by Allied Market Research, “Vegan Dietary Supplements Market By Product Type, Shape, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021â 2028, “the global vegan dietary supplement market was estimated at $ 6,309.1 million in 2019 and is projected to reach $ 13,598.7 million by 2028 athletes, which is why it is consumed by many athletes. Various high-profile athletes, such as former heavyweight boxing champion David Haye and tennis world champion Venus Williams, have recently witnessed the introduction of vegan dietary supplements. In addition, many athletes and bodybuilders switch to vegan food supplements, as this effectively increases fitness. Trainers, athletes, fitness enthusiasts, and trainers focus on meeting nutritional needs as diet helps with proper exercise and recovery. In addition, the growing awareness of young athletes about the benefits of vegan dietary supplements is driving market growth.
Various large multinational companies are being acquired and merged with small companies to expand the production line, customer base and product portfolio. In 2018, for example, PepsiCo, Inc. announced the acquisition of Health Warrior, Inc., a U.S. nutrition company that makes vegan dietary supplements. The transaction is expected to further enhance the company’s nutritional product portfolio and provide consumers with additional product purchase options. In addition, Nestle SA has acquired the Garden of Life Company to expand its line of products in the vegan dietary supplement market. Additionally, increasing consumer interest in vegan nutritional supplements has encouraged companies to innovate their product or opt for mergers and acquisitions to get the maximum benefit from the current scenario.
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Hence, it is expected that this will drive the growth of the vegan dietary supplement market in the future. However, the increasing consumption of vegan dietary supplements has also led to counterfeit and counterfeit dietary supplements entering the market. In addition, counterfeiting refers to fake branding and the sale of unauthorized products and is a major challenge for real vegan supplement suppliers.
Counterfeit brands tend to be widespread in developing countries where customers are very price sensitive. Counterfeit brands are of poor quality and often lead to inconvenience and security issues that later lead to negative perceptions among customers. The online sales channel is one of the main platforms where counterfeit brand transactions can be easily hidden. Hence, the development of the counterfeit industry is expected to hamper the sale of the existing original brands of vegan dietary supplements in the market.
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The vegan dietary supplement industry is expected to benefit from consumers looking to lead healthier lifestyles and improve their eating habits during the COVID-19 pandemic. Consumers who believe that vegan supplements boost immunity and help them fight coronavirus disease. This is expected to drive vegan dietary supplement adoption, which in turn will fuel the growth of the vegan dietary supplement market.
In addition, the number of social media users is increasing due to increasing internet penetration. With this in mind, most of the major players in the market are planning to promote their products and services on these social media platforms like Instagram, Facebook, YouTube and others. Social media marketing is one of the major trends in vegan dietary supplements adopted by various companies and industries during the COVID-19 pandemic in order to increase awareness of their product offerings among target customers on social media channels.
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Main results of the study
By product type, the protein segment dominated the global market in 2019 and is expected to maintain its dominance for the vegan dietary supplement market during the forecast period.
Formally, the powder segment led the global market demand for vegan dietary supplements in 2019 and is expected to remain dominant throughout the forecast period.
In terms of sales channels, the pharmacies / drug markets segment dominated the world market in 2019 and is expected to maintain its dominance throughout the forecast period.
By region, North America had the highest market share for vegan dietary supplements in 2019 and is expected to grow with a CAGR of 5.3%.
Key players in vegan nutritional supplement analysis include Aloha, Bhu Foods, Danone SA, Jarrow Formulas, Inc., Kerry Group, PLC, Kikkoman Corporation, Nestle SA, NuGo Nutrition, Nutrazee, and PepsiCo, Inc.
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