After seeing the rise in vegan supplements in the market, the researchers have seen the benefits and increase in the usage and consumption of sports nutrition products.
According to the report by Allied Market Research, the global vegan supplements industry generated over $6.30 billion in 2019 and is expected to reach over $13 billion by 2028.
Since the coronavirus has affected the world, people have become aware of their health and are improving their immunity. They are following vegan trends and also encouraging everyone to avoid animal products.
Distribution channels like supermarkets and online portals have sometimes suffered discontinuity for a short period during the lockdown. However, the supplies continued after the lockdown, and the government also offered relaxation to maintain continuity.
Based on the product type, the protein segment accounted for the highest share in 2019 and contributed more than 2/5ths of the global vegan supplements market. Furthermore, the minerals segment is speculated to manifest the highest CAGR of 9.6% from 2021 to 2028 while offering health benefits like cellular function and detoxification.
Based on the distribution channel, the drug stores held the market share in 2019, contributing 2/5ths of the global vegan supplements market, and maintained their share in terms of revenue during the forecast period. Also, the online channel segment is expected to witness the largest CAGR of 9.7% from 2021 to 2028.
North America to Retain its Position at the Top
According to the region, North America holds the largest market share in 2019 and contributed 2/5ths of the supplements market. Therefore, it is estimated to continue its lead position by 2027.
The vegan market includes the sale of vegan products and services for consumption purposes. Vegan products include food that doesn’t have animal products and animal-derived ingredients. An increase in environmental concern is driving the growth of the vegan market.
Vegetarian is not just a type of diet, but more of a lifestyle. It’s a healthier choice you make for the people, for the animals, and for a better planet