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Asia-Pacific Vegan Supplements Market Forecast 2021-2028

KEY FINDINGS

The Asia-Pacific vegan supplements market is set to record a CAGR of 8.64% during the forecast period, 2021-2028. The growing preference for healthy plant-based diets and expanding retail market propel market growth.

MARKET INSIGHTS

India, Singapore, Thailand, Japan, China, Indonesia, South Korea, Australia & New Zealand, and Rest of Asia-Pacific are evaluated for the Asia-Pacific vegan supplements market growth analysis. Japan is witnessing major cultural and demographic transformations. The dietary supplements market growth is driven by the increasing elderly population and rising disposable income. In addition, there is potential for more product launches with health benefits at low costs. Also, the recently launched food with functional claims entails less stringent norms, which provide growth opportunities for dietary supplements. Moreover, the presence of pharmaceutical manufacturers, technological innovations by companies, and easy product access contribute to the market growth of dietary supplements. These factors further facilitate the growth of the vegan supplements market.

Countries like South Korea have huge potential for vegan supplements, with the vegan industry surging in the last ten years and a fifth of the population minimizing their meat consumption. Also, as per a 2021 Consumer Survey, 35% of the population is inclined to opt for plant-based seafood or meat alternatives and another 39% for plant-based dairy or egg alternatives. Further, the dietary supplements market is in its developing stages. At the same time, the country introduced new regulations for functional health foods in January 2020. This entails adherence to GMP (Good Manufacturing Practices) by manufacturers, further boosting the demand for functional foods.

COMPETITIVE INSIGHTS

DuPont Inc, Archer Daniels Midland Company, Amway, GNC Holdings, etc., are among the eminent firms in the market.

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Asia-Pacific Vegan Supplements Market Forecast 2021-2028
Published By :Inkwood Research
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