North America Dominated the Vegan Supplements Market growing at a CAGR of 6.9% & Estimated to Reach $13,598.7 Million

WILMINGTON, NEW CASTLE, DELAWARE , UNITED STATES, December 5, 2023 /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,” 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 𝐬𝐩𝐨𝐫𝐭𝐬𝐩𝐞𝐫𝐬𝐨𝐧.

𝐂𝐥𝐢𝐜𝐤 𝐇𝐞𝐫𝐞 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐏𝐃𝐅 @ https://www.alliedmarketresearch.com/request-sample/11753

Top Key Players:

>Aloha
>Bhu Foods
>Danone S.A.
>Jarrow Formulas
>Kerry Group
>Kikkoman Corporation
>Nestle S.A.
>NuGo Nutrition
>Nutrazee
>PepsiCo

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. 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.

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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.

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.

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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.

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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%.

𝗕𝗿𝗼𝘄𝘀𝗲 𝗥𝗲𝗹𝗮𝘁𝗲𝗱 𝗥𝗲𝗽𝗼𝗿𝘁𝘀:-

𝗚𝗹𝗼𝗯𝗮𝗹 𝗣𝗹𝗮𝗻𝘁 𝗕𝗮𝘀𝗲𝗱 𝗣𝗿𝗼𝘁𝗲𝗶𝗻 𝗦𝘂𝗽𝗽𝗹𝗲𝗺𝗲𝗻𝘁 𝗠𝗮𝗿𝗸𝗲𝘁 𝘁𝗼 𝗥𝗲𝗮𝗰𝗵 $𝟳.𝟬𝟯 𝗕𝗶𝗹𝗹𝗶𝗼𝗻 𝗯𝘆 𝟮𝟬𝟮𝟲: 𝗔𝗠𝗥
https://www.globenewswire.com/news-release/2020/02/18/1986682/0/en/Global-Plant-Based-Protein-Supplement-Market-to-Reach-7-03-Billion-by-2026-AMR.html

𝗚𝗹𝗼𝗯𝗮𝗹 𝗖𝗲𝗱𝗮𝗿𝘄𝗼𝗼𝗱 𝗢𝗶𝗹 𝗠𝗮𝗿𝗸𝗲𝘁 𝘁𝗼 𝗚𝗲𝗻𝗲𝗿𝗮𝘁𝗲 $𝟱𝟴𝟳.𝟯 𝗠𝗶𝗹𝗹𝗶𝗼𝗻 𝗯𝘆 𝟮𝟬𝟯𝟬: 𝗔𝗹𝗹𝗶𝗲𝗱 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵
https://www.globenewswire.com/en/news-release/2022/04/12/2421106/0/en/Global-Cedarwood-Oil-Market-to-Generate-587-3-Million-by-2030-Allied-Market-Research.html

David Correa
Allied Analytics LLP
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