Vegan supplements market to grow

According to a Vegan Supplements Market report by Future Market Insights, the global vegan supplements market is set to grow at a 10.9% CAGR between 2020 and 2028, supported by a growing base of vegan and vegetarian consumers. Conscientious consumers as well as reports that plant-based diets reduce the risks of cancers, coronary disease, diabetes and other lifestyle-based ailments, have led to new opportunities for vegan supplement market players. The efforts toward sustainable food production management and ethical consideration in terms of sourcing animal-based ingredients also are likely to bolster demand for plant-based product offerings.

As governments set up favorable policies toward plant-based diets, FMI sees prospects for the vegan supplements market. Some key takeaways from the report include a surge in demand for botanical ingredient sources due to clean label trends; online retail distribution channels to gain traction as people look to minimize risks; demand for vegan supplements in capsule form continues to grow; and Europe maintains its position as the most lucrative market globally.

Other report findings indicate that sales of vegan supplements through online channels has picked up since early 2020, following the coronavirus outbreak. Conversely, sales from brick-and-mortar outlets have witnessed a moderate drop. The report finds that market leaders include General Mills Inc., Garden of Life, Danone S.A., PepsiCo Inc., Blue Diamond Growers Inc., ALOHA, NuGo Nutrition, One Brands, BHU Foods and G&G Foods.

SOURCE: Ibotta

Ibotta releases pandemic shopping trends

Shopping trends and consumer behavior changed during the pandemic, to be sure. Ibotta, the cash-back app that helps people save money with their everyday purchases, shared the following data on what products people bought more of at the beginning of the pandemic.

Based on purchase data, Ibotta was able to compare what people bought in 2019 against what they bought in the first half of 2020, and here are the results for items in the food and beverage segment:

Spirits: +33%

Bakery items: +17%

Meat, poultry and
seafood: +16%

Condiments, sauces and
seasonings: +1 5%

Deli products: +15%

Canned goods and
soup: +13%

Wine: +12%

Frozen foods: +12%

Health and wellness
products: +10%

Beverages: +9%

Dairy: +9%

Snacks, cookies and
chips: +7%

Produce: + 6%

Candy: +4%

For comparison sake, Ibotta’s data reveals that apparel shows stark declines in purchase behavior nationwide with a 37% decline, which validates an understanding of how the pandemic has impacted spending habits, especially on food and beverage items.