North America's vegan supplements market is projected to grow at a CAGR of 6.5% during the forecast period.
- As a vegan diet is low in some nutrients, such as vitamin B-12, calcium, and iron, that are primarily present in animal products, supplements become an important part of their diet. In addition, dietary supplements are preferred by the paradigm shift toward preventive health management practices amid rising healthcare costs and the increasing burden of lifestyle diseases. Such factors are thus driving the demand for vegan supplements in the region.
- In the segmentation font by type, proteins, vitamins, and minerals based dietary supplements dominate the North American market because of their multiple applications such as nutritional supplements for patients suffering from heart diseases, orthopedic problems, for infants and child nutrition, and are an important part of sports nutrition.
Key Market Trends
Rising Demand for Veganism in the Region
- Approximately 4% of the millennials in North America are vegans. Also, according to a study consumers around the North American countries are highly inclining toward plant-based diets, with around 33% of Canadians having turned into flexitarians. And within Canada, British Columbia accounts for the largest number of vegan consumers, followed by Ontario, and Quebec.
- Though veganism is considered as one of the healthiest diets, the group of population is deficient in a few of the nutrients that are important in our body. This increases the need for vegan supplements to support the deficiencies that are commonly found among the vegans, thereby eventually resulting in propelling the growth of the vegan supplements market.
United States to Hold the Major Share in the Market
- By geography, the United States is expected to have the highest contribution in the North American market owing to the rising number of health-conscious consumers in the country. Rising consumer awareness regarding proper weight management, calorie reduction, and improvement of muscular strength is likely to boost the demand for nutrients such as vitamins, minerals, and enzymes in the country, over the years ahead.
- Nearly 10 percent of Americans have a nutritional deficiency, according to a report by the Centers for Disease Control and Prevention. In addition, food allergies have been on the rise, as 1 in 13 children are affected within the United States, and a 50% increase in allergies, such as lactose-intolerance from 1997-2017. Such factors have shifted the preference for vegan supplements among the Americans in the country.
The North America vegan supplements market is competitive in nature having a large number of domestic and multinational players competing for market share. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Key players dominating the regional market include Country Life, LLC, Wonder Laboratories, Garden of Life, Solgar Inc., and NOW Health Group, Inc.among others.
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Table of Contents
1.2 Study Assumptions
1.3 Scope of the Study
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1.3 Omega Supplements
5.1.4 Other Vegan Supplements
5.2 By Distribution Channel
5.2.1 Pharmacies & Drug Stores
5.2.2 Supermarkets & Hypermarkets
5.2.3 Online Channels
5.2.5 Convenience Food
5.3 By Country
5.3.1 United States
5.3.4 Rest of North America
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Country Life, LLC
6.4.2 Wonder Laboratories
6.4.3 Garden of Life
6.4.4 Solgar Inc.
6.4.5 NOW Health Group, Inc.
6.4.6 Biosteel Sports Nutrition Inc.
6.4.7 Future Kind
6.4.8 Ora Organic
6.4.9 FORGE Supplements
A selection of companies mentioned in this report includes:
- Country Life, LLC
- Wonder Laboratories
- Garden of Life
- Solgar Inc.
- NOW Health Group, Inc.
- Biosteel Sports Nutrition Inc.
- Future Kind
- Ora Organic
- FORGE Supplements