Vegan Supplements Market Sees Significant Growth: Projected Expansion with a 6.9% CAGR from 2021 to 2028
Vegan Supplements Market
WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, April 25, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Vegan Supplements Market by Product Type, Form, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2028,” the global vegan supplements market size was valued at $6,309.1 million in 2019, and is projected to reach $13,598.7 million by 2028, registering a CAGR of 6.9% from 2021 to 2028. Vegan supplements products help improve endurance of the athletes owing to which it is consumed by many sports person. Various high-profile athletes, such as former world heavyweight champion boxer David Haye and ladies tennis champion Venus Williams have witnessed adopting vegan supplements in recent times.
𝐀𝐜𝐜𝐞𝐬𝐬 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲: https://www.alliedmarketresearch.com/request-sample/11753
Moreover, large number of athletes and bodybuilders are switching to a vegan supplements diet as it is effective for enhancing fitness. Coaches, athletes, fitness enthusiasts, and trainers focus on meeting nutritional needs as nutrition helps in proper training and recovery. In addition, surge in awareness among young athletes toward the benefits associated with vegan supplements drives the market growth.
The Major Players in the Vegan Supplements Market are:
➡️Aloha
➡️Bhu Foods
➡️Danone S.A.
➡️Jarrow Formulas, Inc.
➡️Kerry Group, PLC
➡️Kikkoman Corporation
➡️Nestle S.A.
➡️NuGo Nutrition
➡️Nutrazee
➡️PepsiCo, Inc.
Various big multinational companies are indulged in acquisition and merger with the small companies to increase the production line, customer base, and product portfolio. For instance, in 2018 PepsiCo, Inc. announced the acquisition of Health Warrior, Inc., a U.S. based nutritional company that makes vegan supplements products. The transaction is anticipated to further enhance the company’s nutritional product portfolio and offer consumer additional option for purchasing product. In addition, Nestle S.A. has acquired the Garden of Life Company to increase its product line in the vegan supplements market. Moreover, rise in interest of consumer toward vegan supplements products has encouraged companies to innovate their product or to opt for merger and acquisition to take the maximum benefit of current scenario.
𝐆𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝: https://www.alliedmarketresearch.com/request-for-customization/11753
Therefore, this is anticipated to propel the growth of the vegan supplements market in the future. However, the rise in the consumption of vegan supplements has simultaneously led to increase in the influx of fake and counterfeit supplements into the market. Moreover, counterfeiting refers to fake branding and sale of non-authorized products and signifies a great challenge for the real vendors of vegan supplements.
Counterfeit brands are usually prevalent in the developing economies where customers are highly price-sensitive. Counterfeit brands are of low quality, and often lead to inconvenience & safety issues that subsequently develop negative perceptions among customers. Online distribution channel is one of the major platforms where transaction of counterfeited brands can be easily concealed. Thus, development of the counterfeited industry is anticipated to hamper the sale of the existing original vegan supplement brands in the market.
𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞: https://www.alliedmarketresearch.com/connect-to-analyst/A11388
The vegan supplements industry is expected to benefit from consumers, who want to lead healthier lifestyles and improve their dietary habits during the COVID-19 pandemic. Consumers with the belief that vegan supplements boost immunity power and help them fight against coronavirus disease. This is anticipated to boost the adoption of vegan supplements, which, in turn, propels the vegan supplements market growth.
Moreover, there is an increase in the number of social media users owing to rise in internet penetration. Taking this into consideration, most of the key players in the market strategize on promoting their products and services on these social media platforms such as Instagram, Facebook, YouTube, and others. Social media marketing is one of the major vegan supplements trends adopted by various companies and industries during the COVID-19 pandemic on increasing awareness about their product offerings among target customers on social media channels.
𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/3575260022396c5aafd24a33f7f88d22
Key Findings of The Study
➡By product type, the protein segment dominated the global market in 2019, and is expected to retain its dominance throughout the vegan supplements market forecast period.
➡By form, the powder segment led the global vegan supplements market demand in 2019, and is expected to retain its dominance throughout the forecast period.
➡By distribution channel, the pharmacies/drug stores segment dominated the global market in 2019, and is expected to retain its dominance throughout the forecast period.
➡By region, North America accounted for highest vegan supplements market share in 2019, and is expected to grow at a CAGR of 5.3%.
📍𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
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🔹Protein Ingredients Market- https://www.einpresswire.com/article/706109115/protein-ingredients-market-size-share-trends-and-growth-forecast-to-reach-91-89-billion-by-2027
🔹Vertical Farming Crops Market- https://www.openpr.com/news/3474538/vertical-farming-crops-market-to-reach-1-3-billion-by-2027-with
🔹Feed Premix Market- https://www.openpr.com/news/3474541/feed-premix-market-soars-to-11-4-billion-by-2031-with-8-8-cagr
𝗔𝗯𝗼𝘂𝘁 𝗨𝘀
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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