India Vegan Vitamins and Supplements Market Size Zooming More Than 4X to Reach USD 4.31 Billion by 2029

Published | 01 June 2023

India vegan vitamins and supplements market is experiencing a significant expansion, driven by increasing awareness of the health benefits associated with plant-based diets, a growing population of individuals adopting vegan lifestyles, and the availability of a wider range of vegan products.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India vegan vitamins and supplements market size at USD 1.07 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India vegan vitamins and supplements market size to grow at a CAGR of 12.54% reaching a value of USD 4.31 billion by 2029. The demand for vegan vitamins and supplements in the Indian market is on the rise, primarily propelled by a growing emphasis on health and well-being, heightened awareness about animal welfare, and the increasing popularity of veganism as a lifestyle choice. The surge in demand for vegan vitamins and supplements is further supported by the availability of a wide array of vegan products, encompassing vitamins, minerals, protein powders, and other dietary supplements, which cater to the unique requirements of individuals following plant-based diets.

Opportunity: Expansion of Vegan Food Industry in India

The expansion of the vegan food industry in India presents a significant growth opportunity for the vegan vitamins and supplements market across the country. As more individuals adopt vegan and plant-based diets, there is a growing demand for vegan-friendly nutritional supplements to ensure optimal nutrient intake. The increasing popularity of vegan food choices creates a natural synergy with vegan vitamins and supplements. Consumers who choose plant-based diets are often mindful of their overall health and wellness and may seek out complementary products to support their nutritional needs. The expansion of the vegan food industry also contributes to the overall awareness and acceptance of veganism and plant-based lifestyles in India. As the vegan movement gains momentum, it creates a favorable environment for the growth of related sectors, including the vegan vitamins and supplements market.

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Segmental Information

India Vegan Vitamins and Supplements Market - By Distribution Channel

By distribution channel, the India vitamins and supplements market is divided into store-based retail, specialty stores, online retail, and supermarkets and hypermarkets segments. The online retail segment in India has witnessed remarkable growth in recent years, and this trend extends to the vegan vitamins and supplements market as well. The online retail market in India has been expanding rapidly, driven by deepening internet penetration, growing smartphone usage, and digital payment adoption. Online platforms provide a vast array of vegan vitamins and supplements from both domestic and international brands.

Impact of COVID-19 on India Vegan Vitamins and Supplements Market

People were looking for ways to strengthen their immune systems and maintain their health during the early stages of the pandemic, which resulted in an increase in demand for health and wellness items, including vegan vitamins and supplements. This caused a brief increase in the price of vegan supplements in India. However, as the pandemic persisted and the crisis' economic effects became apparent, some consumers might have started to be more frugal with their purchasing, which could have led to a minor fall in the demand for vegan supplements. In addition, the pandemic's effects on the supply chain, such as travel restrictions and lockdowns, may have delayed the delivery of raw materials and completed goods, resulting in shortages of supplies and price changes.

Competitive Landscape

The India vegan vitamins and supplements market is fragmented, with numerous players serving the market. The key players dominating the India Vegan Vitamins and Supplements market include VegLife, Dupont, DEVA, NOW Foods, Natrol, Solgar Inc, Vitacost, HTC Health, Orgenetics, and Ora Organic. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.

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The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Vegan Vitamins and Supplements Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Vegan Vitamins and Supplements Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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