In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
April 30, 2020: Hormel Food Corporation, a global food company, announced the launch of its virtual summer internship program to accommodate 60 college interns who were promised, showing their commitment in this gloomy period of COVID-19 pandemic.
March 15, 2019: Garden of Life, an USDA certified leader in health supplements expanded its Dr. Formulated brand product range by launching a first clean and simple line of ketogenic products to makes the popular science-based keto diet and lifestyle, both delicious and convenient to follow.
A progressively popular lifestyle, veganism implicates abstaining from eating any animal-based products or by-products, such as meat, dairy, and eggs. It’s a thriving trend going global owing to numerous health benefits to environmental sustainability claims. A vegan diet majorly focuses on fruits, vegetables, nuts, and whole grains. The lack of animal-based products in daily diet possess a decrease in saturated and trans fat, leading to a reduced risk of health-related problems but a vegan diet plan is low in some nutrients, such as vitamin B-12, primarily present in animal products, iron, protein, omega 3 fatty acids, present in fish, fish oils, and microalgae, calcium, vitamin D3, vitamin K2, zinc, and iodine.
This has given a rise to the vegan supplements market which is flourishing on account of the growing need for these nutritional supplements in their dietary lifestyle.
The vegan supplements market is expected to observe an attainable high CAGR during the forecast period, i.e., 2020-2028. The market is segmented by type, distribution channel, and region. Among product type, the protein segment is expected to hold the largest market share during the forecast period. The segment growth is predominantly attributed to the high demand for protein among vegan consumers owing to the remarkable health benefits of protein such as weight loss, muscle strength, satiety, and others. Protein is one of the most important nutrients required for good health. Vegan protein is derived from plants, hence, also known as plant-based proteins. Some of the sources from where vegan protein can be found ar oats, green peas, lentils, leafy greens & vegetables, and quinoa. The vegan protein is going to experience high growth in the foreseeable future which has led to a large number of market participants entering the vegan protein market.
Among distribution channel segmentation, supermarkets/hypermarkets segment held the largest share owing to better accessibility of products and a wide variety of products allows customers to compare and decide for the best. The online segment is expected to grow at a fast pace on account of ease it provides to the customers while shopping especially during this period of social distancing practices owing to the grievous outbreak of the COVID 19 pandemic. CLICK TO DOWNLOAD SAMPLE REPORT
The robust inclination of individuals towards vegan dietary patterns that have established deep roots in the developed markets of the western nations are is one of the major contributors to the vegan supplements market. Consumers are shifting to veganism owing to growing awareness about animal cruelty, and increasing incidences of lifestyle disorders such as obesity and other dreadful diseases.
Additionally, increasing distress concerning glutamic disorders and lactose intolerance among the consumers, an increase in per capita consumption in emerging economies, an increase of supermarkets and hypermarkets, and growing information on social platforms about benefits of vegan lifestyle have led to the increased prominence of the vegan supplements offered in the market.
Vegan products are quite costly and there are cheaper substitutes available in the market. There is still a lack of awareness in developing nations, these factors might act as a growth restraints for the global vegan supplements market growth in the forecast period.
Our in-depth analysis of the vegan supplements market includes the following segments:
Geographically, the vegan supplements market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The North American region held the major share of the global vegan supplements market, followed by Europe. The significant growth in both regions is attributed to rising awareness about the health benefits of going vegan, the popularity of veganism since long back, availability of various health supplements, and growing campaigns against animal cruelty.
The Asia-Pacific is estimated to grow at the fastest pace led by developing economies, throughout the forecast period. Impelling demand for healthy products is expected to be the main element driving the market in this region. India is projected to observe significant progress in this category owing to a large number of vegetarian population and people shifting to veganism. The growing urbanization in South America and Asia-Pacific generates a further room for growth due to the variation in demographics and high disposable income.
The vegan supplements market is further classified based on region as follows: