Plant-Based Iron Supplements Market By Type (Ferrous Sulfate, Ferrous Gluconate, Ferric Citrate, Ferric Sulfate) By Application (Additional Supplements, Sports Nutrition, Medical Supplements)-Growth, Future Prospects & Competitive Analysis, 2016 – 2030

Key Highlights of the Report

The global plant-based iron supplements market is segmented by type, application, form, and region. Ferrous gluconate plant-based iron supplements are the most popular segment. Sports nutrition is the most commonly used form, whereas the tablet segment held the largest revenue, with Asia Pacific leading the market growth.

The global plant-based iron supplements market has several drivers, including the rising demand for plant-based goods and the increased knowledge of the health benefits of iron supplements, such as the decreased risk of heart disease, LDL, blood pressure, diabetes, and cancer. Other factors driving the market in the upcoming years include the creation of goods that are high in energy and the growing need for ingredients with clean labels. Additionally, during the anticipated timeframe, the market for plant-based iron supplements will rise as veganism gains popularity. However, the market also faces significant challenges, such as a lack of knowledge and widespread misunderstandings about new-age treatments for iron supplements.

Nonetheless, the global plant-based iron supplements market offers significant growth opportunities, including new growth prospects due to the myriad ethical issues surrounding the usage of animal components. Additionally, vegan supplements are thought to be safer and healthier than alternatives derived from animals.

Market Overview

The global plant-based iron supplements market has witnessed steady growth in recent years and is expected to continue growing at a CAGR of 4.80% between 2023 and 2030. The market was valued at USD 195.8 million in 2022 and is expected to reach USD 271.9 million in 2030.

What Are The Main Drivers Of The Global Plant-based iron supplements Market?

The global plant-based iron supplements market is influenced by a number of factors, such as the increasing demand for these products because they help ensure correct nutrient intake, manage weight, increase immunity, etc.

What Are The Major Challenges Faced By The Global Plant-based iron supplements Market?

The global plant-based iron supplements market also faces several challenges, including a lack of knowledge and widespread misunderstandings about new-age treatments for iron supplements.

What Are The Growth Opportunities In The Global Plant-based iron supplements Market?

The global plant-based iron supplements market offers significant growth opportunities, including new growth prospects due to the myriad ethical issues surrounding the usage of animal components. Additionally, vegan supplements are thought to be safer and healthier than alternatives derived from animals.

Executive Summary

Overview of the Global Plant-based iron supplements Market

The global plant-based iron supplements market has steadily grown in recent years, driven by the rising demand for these products because they help ensure correct nutrient intake, manage weight, increase immunity, etc. The market is characterized by various types, designs, and sizes, catering to diverse consumer preferences.

Market Definition

People who fully adhere to a vegetarian diet and ban the consumption of animal products in their diet are known as vegans. Vegan supplements are extra nutrients that people take to make up for nutritional deficiencies or maintain a healthy, balanced vegetarian or vegan diet. Red meat, poultry, game, fish, shellfish, and crustaceans are off-limits to vegetarians and vegans. Thus, these supplements are derived from plant-based sources. Among the often-used vegan supplements are vitamin C, vitamin D, omega-3 fatty acids, and iron.

Market Insights

• The global demand for plant-based iron supplements was valued at USD 195.8 Million in 2022 and is expected to reach USD 271.9 Million in 2030, growing at a CAGR of 4.80% between 2023 and 2030.
• Ferrous gluconate is the leading segment by type and held over 43% share in terms of value in 2022.
• The sports nutrition segment governs the global demand for plant-based iron supplements, holding a massive share of over 80% in 2022, and is expected to grow at a rapid CAGR.
• The capsules segment is expected to post the highest CAGR during the forecast period, while the tablet segment is the leading market share, with over 30% share in 2022.
• Asia Pacific is fueling the growth of the plant-based iron supplements industry with over one-third share in 2022, while North America and Europe collectively account for just under 50% share in 2022. Europe held over 22% share in 2022.
• Due to growing consumer knowledge of the consumption of a nutritious diet, the use of sports nutrition supplements, shifting consumer trends towards a vegetarian diet, and rising worries about weight management. At the same time, a lack of knowledge and widespread misunderstandings about new-age treatments about iron supplements is the main restraints.
• There will be new growth prospects due to the myriad ethical issues surrounding the usage of animal components. Additionally, vegan supplements are thought to be safer and healthier than alternatives derived from animals.

Segmentation by Type

• Ferrous gluconate is the leading segment by type and held over 43% share in terms of value in 2022.

Segmentation by Application

• The sports nutrition segment governs the demand for plant-based iron supplements in the world, holding a massive share of over 80% in 2022, and is also expected to grow at a rapid CAGR.
• The medical supplements segment contributes the rest to the demand for plant-based iron supplements.

Segmentation by Form

• The capsules segment is expected to post the highest CAGR during the forecast period.
• The tablet segment is the leading market share, with over 30% share in 2022.

Segmentation by Region

• Asia Pacific is fueling the growth of the plant-based iron supplements industry with over one-third share in 2022.
• North America and Europe collectively account for just under 50% share in 2022, with Europe holding over 22% share in the same year.
• The rest of the World, including Latin America, The Middle East, and Africa, contributes the remainder to the demand for plant-based iron supplements.

The increasing demand for plant-based iron supplements due to the increase in demand for these products because they help ensure correct nutrient intake, manage weight, increase immunity, etc. However, the market is restrained by a lack of knowledge and widespread misunderstandings about new-age treatments concerning iron supplements.

The United States is one of the largest markets for plant-based iron supplements in North America, with a significant share of the market. In the USA, the use of plant-based iron supplements is growing. This is because more people are learning about the many health benefits of iron and are looking into alternative sources of this essential vitamin. The need for natural and organic products, the rise in anemia and iron deficiency, and the acceptance of vegan diets are just a few factors driving the growth of the US plant-based iron supplement market. As more individuals become aware of the value of iron for a balanced diet, there will certainly be a rise in demand for plant-based iron supplements in the USA. Plant-based iron supplement producers in the nation may encounter new business opportunities.

China is also a major market for plant-based iron supplements in the Asia Pacific region, with a significant market share. China's enormous population and growing consumer knowledge of the health advantages of plant-based iron supplements are anticipated to fuel the market for these goods to expand significantly. Effective marketing and advertising efforts must be used to target Chinese consumers by key players. They will also need to build a robust distribution network to reach Chinese consumers.

The increasing demand for plant-based iron supplements due to the increase in demand for these products because they help ensure correct nutrient intake, manage weight, increase immunity, etc.

While the plant-based iron supplements market is growing, it faces challenges from a lack of knowledge and widespread misunderstandings about new-age treatments for iron supplements. Manufacturers are innovating and forming partnerships to stay competitive.

The Health Benefits Offered By the Plant-Based Iron Supplyments

The demand for plant-based iron supplements is expected to increase over the next ten years as more individuals become aware of the advantages of a plant-based diet. Iron is a necessary mineral for the body to function properly and transport oxygen throughout the body. However, many people do not consume enough iron through diet, which can result in weakness, exhaustion, and other health issues. Because of this, plant-based iron supplements are becoming increasingly popular, especially in developing nations. For those who consume a vegan or vegetarian diet, plant-based iron supplements are an excellent method to increase their iron intake. On the market, there are numerous varieties of plant-based iron supplements.

Sales of plant-based iron tablets will increase due to the rising prevalence of anemia in the USA.

The usage of plant-based iron supplements is expanding in the USA. This is a result of both an increase in the number of people looking for alternate sources of this crucial vitamin and an increased knowledge of the many health benefits of iron.

Numerous variables, such as the rising incidence of anemia and iron deficiency, the need for natural and organic products, and the popularity of vegan diets, are responsible for this growth. The demand for plant-based iron supplements in the USA is projected to increase as more individuals become aware of the value of iron in their diets. Manufacturers in the nation will have new opportunities. As a result, create cutting-edge products to satisfy the escalating demand.

Undesirable Taste could impede market expansion

Significant changes in the sensory parameter, or flavor profiles, of plant-based proteins are required to make the finished product more pleasant and acceptable. Products made from plants generally give unpleasant flavors and tastes when added to a product. Even though formulating with functional ingredients satisfies customer needs for individualized health and wellness, consumers choose these goods mainly based on flavor and taste. The difficulties in making plant-based proteins more palatable impediments to the market's expansion.

Rising Veganism

Growing awareness of the benefits of eating a plant-based diet for health, a rise in the proportion of vegetarians and vegans, and the easy availability of more accessible, reasonably priced plant-based iron supplements. As more people understand the benefits of a plant-based diet for their health. The increased number of vegetarians and vegans also contributes to the demand for these products. Additionally, plant-based iron supplements are now easier to find and more affordable, which is anticipated to create new development opportunities for international companies looking to enter the nation's plant-based iron supplements industry.

A holistic lifestyle approach will change the market for plant-based protein supplements.

Due to increased awareness of environmental sustainability and animal compassion, consumers are switching to plant-based diets. Consumer perceptions are changing, and more people now believe that products made from plants are healthier and safer than those made from animals, driving the market's growth for plant-based protein supplements. Because of the growing number of vegans and vegetarians, manufacturers have been compelled to create novel plant protein sources. Along with the rise in the prevalence of lactose intolerance, plant protein sales have also increased. Plant-based protein supplements are expected to become more popular as consumers' interest in natural, organic, and clean-label products grows.

Competitive Landscape

Key Players

The global plant-based iron supplements market is highly competitive, with the presence of several key players. Some of the major players in the market and their market share are as follows:

• Vitacost
• NOW Foods
• Garden of Life
• Nature’s Way
• Himalaya Herbal Healthcare
• FoodScience Corporation
• Healthspan
• Nature’s Bounty
• Life Extension
• Dabur India
• Emami
• GlaxoSmithKline Consumer Healthcare
• IPCA Laboratories
• Zandu Pharmaceutical Works
• MegaFood
• New Chapter
• Rainbow Light
• Solgar
• Source Naturals
• Swanson Health Products

These companies focus on product innovation, expanding their forms, and mergers and acquisitions to stay ahead in the market.

The major players in the global plant-based iron supplements market constantly strive to stay ahead by introducing new products and innovations.

Australia's Wellnex Life and Nestle intend to develop new iron-related products in May 2022 to increase bioavailability. New slow-release iron gummies from Wellnex Life were presented; they can lessen gastric problems. On the other hand, Nestle released Nestle BUNYAD Iron+ for kids in Pakistan. It is a dairy powder beverage fortified with iron from a distinctive source.

A vegan omega supplement derived from algae and including Specialised Pro-resolving Mediators (SPMF) was introduced by Vital Nutrients, a firm that produces nutritional supplements, in August 2022.

The debut of 'SlimPlus,' a vegan supplement powder designed for weight control and waist slimming, was announced by ZeoNutra, a division of Zeon Lifesciences, in February 2022.

Summary of Key Findings

• The rising demand for these products, because they help ensure correct nutrient intake, manage weight, increase immunity, etc, is driving market growth.
• Market segmented by type, application, form, and region.
• Ferrous gluconate plant-based iron supplements are the most popular
• Sports nutrition is most commonly used for applications
• Tablet holds the largest revenue share.
• Asia Pacific is leading market growth; the market is highly competitive with key players including Vitacost, NOW Foods, Garden of Life, Nature’s Way, Himalaya Herbal Healthcare, FoodScience Corporation, Healthspan, Nature’s Bounty, and Life Extension. Dabur India, Emami, GlaxoSmithKline Consumer Healthcare, IPCA Laboratories, Zandu Pharmaceutical Works, MegaFood, New Chapter, Rainbow Light, Solgar, Source Naturals, Swanson Health Products.

Future Outlook

• Positive outlook for the global plant-based iron supplements market with significant growth potential in the Asia Pacific region
• There will be new growth prospects due to the myriad ethical issues surrounding the usage of animal components. Additionally, vegan supplements are thought to be safer and healthier than alternatives derived from animals to drive growth.
• Challenges include a lack of knowledge and widespread misunderstandings about new-age treatments concerning iron supplements.
• Key players to focus on product innovation, expanding market reach and maintaining competitive pricing to stay ahead in the market.

Segmentation

• By Type
  • Ferrous Sulfate
  • Ferrous Gluconate
  • Ferric Citrate
  • Ferric Sulfate
• By Application
  • Additional Supplements
  • Sports Nutrition
  • Medical Supplements
• By Form
  • Tablet
  • Liquid
  • Capsules
  • Syrup
• By Region
• North America
  • The US.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • The U.K.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa