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Forecasts: the vegan market in the world

Vegan market forecasts

Posted by CapsCanada on 11-Jan-2023 4:44:52 PM

Currently, the vegan food market is valued at $19 billion. It is expected to grow to $36.3 billion by 2030, registering a CAGR of 6.4% from 2020 to 2030, according to a study conducted by Allied Market Search.

 

The increase in the demand for vegan foods began before the COVID-19 pandemic. Everything related to vegetarian diets was increasing rapidly. In addition, environmental issues such as sustainability and animal ethics led to an increase in this form of consumption.

 

According to a study by Mordor Intelligence on North America's growth of vegan food consumption, about 33% of people and approximately 4% of millennials in North America are vegan. 

 

Although veganism is considered a healthy lifestyle, some important nutrients end up in deficiency for our bodies, making supplements. 

 

When most people think of going vegan or vegetarian, perhaps their consumption of medicines and supplements is not the first thing that comes to mind. However, many medications contain animal-derived excipients, making it difficult for most people to completely avoid animal products in their diets.

 

Products of animal origin in medicines

 

On many occasions, it is complex to know which medicines may be free of animal derivates. To confirm the suitability of a product for use by someone who wants to avoid consuming animal products, it is essential to check the information by contacting the manufacturer directly, n alternative that can be tedious for the consumer.

 

The vegan supplement market 

 

High levels of health awareness among consumers and an increasing number of vegans remain key drivers. 

 

Vegan supplements are widely regarded as safer and healthier than animal-based alternatives. In addition, ethical concerns about the use of animal ingredients are creating growth opportunities. The global vegan supplement market is currently valued at more than $17 billion.

 

On the pharmaceutical side, it is expected that in the next five years a large number of patients will expect a vegan option when buying or consuming medications, as the average age of vegans is relatively low and the effect on medication will not be evident until they get older.

 

What are vegan capsules?

 

Vegan supplements are available in the form of powders, liquids, capsules, and bars, among others. Vegan capsules drive the highest demand between vegan supplement forms which includes powders, liquids, gels, and bars among others. 

 

Capsule supplements can be attributed to the benefits in terms of dosing and other features that make it an appealing choice for consumers.

 

In the pharmaceutical and nutraceutical market, there are two main capsule options that are used as an option for vegans, both of these capsules are natural. The first is the hydroxypropyl methylcellulose HMPC capsule and the second is pullulan, extracted from tapioca root.

 

- HMPC -Extracted from vegetable cellulose that is considered natural. It is tasteless and colorless and has become a popular choice among Americans.

- Pullulan - It is extracted from the tapioca root and is also considered a natural, starch-free capsule. It is a water-soluble fiber material that is being used in food and pharmaceutical products.

K-Caps: Natural Colorants

K-CAPS® HPMC Capsules a Natural Choice

 

CapsCanada K-CAPS® is the preferred brand of two-piece herbal capsules among leading supplement manufacturers and pharmaceutical companies in more than 60 countries.

 

K-CAPS® vegetarian capsules provide consumers with a natural alternative to animal-based capsules. Free of preservatives, allergens, and starches, they offer a wide range of formulations, including those that are liquid, hygroscopic, or moisture-sensitive.

 

Its main characteristics are

 

  • A 100% plant-based alternative.
  • Non-GMO, Kosher and Halal certified.
  • Ideal for vegans or people with dietary restrictions based on religion.
  • They can withstand high temperatures and humidity conditions, protecting their content from all kinds of fluctuations; this makes them ideal for hygroscopic formulations.

 

References

 

Mordor Intelligence (2021) North America Vegan Supplements Market https://www.mordorintelligence.com/industry-reports/north-america-vegan-supplements-market 

 

Allied market Research (April,2022) Vegan Food Market By Product Type and Distribution Channel https://www.alliedmarketresearch.com/vegan-food-market

 Future Market Insights (December,2022) Vegan Supplements Market https://www.futuremarketinsights.com/reports/vegan-supplements-market 

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Topics: Market Trends