Vegan Vitamins and Supplements Market Scope
Vegan supplements are product containing essential nutrients like vitamins, minerals, amino acids & proteins, and blends that support physiological state. they assist enhance bodily functions by adding to the nutrition derived from the regular diet. vegetarian Supplements are ascorbic acid, Vitamin D, and Omega three, iron. varied edges are related to vegetarian Vitamins and Supplements like higher bio-availability, lower toxicity rates, further cofactors, and co-nutrients.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Largest Market | North America,Europe |
Unit | Value (USD Million) |
Key Companies Profiled | Jarrow Formulas (United States), Solgar Inc. (United States), Deva Nutrition LLC (United States), Natrol (United States), NOW Foods (United States), Garden of Life LLC (United States), Pure Encapsulations (United States), HTC Health (United Kingdom), Ora Organic (United States) and PharmaCare (United Kingdom) |
CAGR | 11.3% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Several companies are operating in the market to provide customers with the better offers with various features & unique offerings. The market is a partially fragmented market with the presence of several market players and local players. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Vegan Vitamins and Supplements market throughout the predicted period.
Jarrow Formulas (United States), Solgar Inc. (United States), Deva Nutrition LLC (United States), Natrol (United States), NOW Foods (United States), Garden of Life LLC (United States), Pure Encapsulations (United States), HTC Health (United Kingdom), Ora Organic (United States) and PharmaCare (United Kingdom) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Vegan Vitamins and Supplements market by Type and Region with country level break-up.
On the basis of geography, the market of Vegan Vitamins and Supplements has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Singapore, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Spain, Rest of Europe), MEA (Saudi Arabia, Turkey, Israel, United Arab Emirates, South Africa, Rest of Africa), North America (United States, Canada, Mexico). North America,Europe region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In 2020, New Mountain Capital, LLC acquired of Natrol, a leading vitamins, minerals and supplements brand to combine it with recently acquired Jarrow Formulas. This acquisition will expand the product portfolio for vital human health areas including sleep, mood & stress, brain health, beauty, and immunity.
In 2021, Naturopathica, a brand by PharmaCare Europe, launched a new vegan and sustainable vitamin brand, Vegan Life. The new range of plant-based supplements packaging made from compostable and plastic-free materials helps in probiotics, bone health and heart health segments.
Stringent Government Regulations Regarding Travel Bans on United Kingdom Flights across different Parts of the World Due to COVID-19 has impacted the Asia pacific food and beverage Sector Severely and also it has led to a Negative Impact on the Demand for Vegan Vitamins and Supplements in the Asia Pacific
Influencing Trend:
Clean Label Food Packaging and Premium Packaging
Market Growth Drivers:
Rise in Demand for the Vegan Diet population and Preference Towards Vegan Diet and Rise in Demand for Food Supplements
Challenges:
Less Awareness About Vitamins and Supplements
Restraints:
Increasing Awareness Regarding Side-Effects and Stringent Government Regulations may Hamper the Market Growth
Opportunities:
Rise in Consumption of Functional Foods in Fitness Industry
Key Target Audience
Vegan Vitamins and Supplements Manufacturer, Distributor/Supplier, Raw Material Manufacturer, Distributor/Supplier, Research Institutes, End User Industry and Others