New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vegan Supplements Global Market Report 2023" - https://www.reportlinker.com/p06466450/?utm_source=GNW
, NOW Foods, Natrol LLC, Garden of Life, Pure Encapsulations LLC, Orgenetics Inc., and Ora Organic.
The global vegan supplements market is expected to grow from $8.87 billion in 2022 to $9.66 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The vegan supplements market is expected to reach $13.49 billion in 2027 at a CAGR of 8.7%.
The vegan supplement market consists of sales of vitamin B12, omega-3 fatty acids, and vitamin D3 derived from plants and algae.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Vegan supplements are animal-by-product-free supplements that contain no ingredients from animals. They are sourced from natural sources, and plant-based supplements are more unlikely to cause allergies and negative effects.
North America was the largest region in the vegan supplements market in 2022. The regions covered in vegan supplement report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of vegan supplement products are minerals, vitamins, protein, and others.Minerals refer to any of a group of naturally occurring substances that typically consists of inorganic substances with distinct chemical compositions and crystal structures, like quartz or feldspar.
The various forms included are powder, liquid, capsules, bars, and others, which are sold through several distribution channels, such as hypermarkets or supermarkets, convenience stores, drug stores and pharmacies, health and wellness stores, online retailing, and others.
The rising popularity of veganism is expected to propel the growth of the vegan supplements market going forward.Veganism is a diet that solely consists of plant-based meals and avoids the consumption and use of animal products.
Veganism’s growing popularity is bolstering the vegan supplement business, as vegans use supplements for vitamins such as vitamin B12, vitamin D3, and folic acid.For instance, in August 2020, according to the European Vegetarian Union, a Switzerland-based non-profit, non-governmental organization, vegan food sales in Germany climbed by 37% in the first quarter of 2020 compared to the same period in 2019.
Sales of vegan food in the US increased by 90% over the previous year during the pandemic’s peak stock-buying period. Therefore, the rising popularity of veganism is driving the vegan supplements market.
Product innovation is the key trend gaining popularity in the vegan supplement market.Major businesses operating in the vegan supplement market are focused on developing innovative products to strengthen their position in the market.
For instance, in August 2022, Vital Nutrients, a US-based company that develops and markets nutraceuticals, launched Ultra Pure Vegan Omega SPM+.Ultra Pure Vegan Omega SPM+ is a revolutionary vegan algae omega composition in a 40% smaller pill than standard fish oils for better patient adherence.
The initial and exclusive plant-based composition of omega-3 fatty acids with therapeutically significant quantities of active SPMs may aid in treating inflammatory conditions up to five times more efficiently than omega-3s alone.The supplement also includes 390 mg of DHA, which helps maintain good immune system reactions and heart health.
It also promotes healthy cognitive performance and nervous system function.
In December 2020, USP Group, a US-based pharmaceutical and food supplement company, acquired a majority stake in Vanatari International GmbH for an undisclosed amount.Through the acquisition, USP Group’s position in the rapidly expanding wellness sector and the company’s dedication to self-care, while speeding up the current organization’s sophisticated digital capabilities, are enhanced.
Vanatari International GmbH is a Germany-based producer of vegan supplements and related products.
The countries covered in the vegan supplements market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
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. This 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.
Read the full report: https://www.reportlinker.com/p06466450/?utm_source=GNW
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