According to the latest report by IMARC Group, titled “Vegan Food Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” the global vegan food market is expected to exhibit a CAGR of 10.14% during 2022-2027.
Vegan food refers to various food products processed from plant-based sources, such as soy, oats, wheat, almonds, tofu, rice, and coconuts. It is free from animal-derived ingredients, including eggs, milk, gelatin and honey, and is widely consumed as an alternative to dairy, meat, and meat-based products. it is rich in iron, magnesium, folic acid, and vitamins B1, C, and E and contains low amounts of cholesterol and saturated fats Moreover, vegan food is rapidly gaining traction among health-conscious consumers as it has a similar taste, texture, and flavor and is much healthier than its traditional counterparts.
Global Vegan Food Market Trends:
The rising health consciousness among consumers and the shifting preferences toward plant-based diets represent the primary factors driving the market growth. This can be attributed to the increasing incidences of chronic and lifestyle diseases, such as cancer, obesity, diabetes, and cardiovascular disorders, that have encouraged individuals to opt for healthier substitutes. In addition, several non-governmental organizations (NGOs) are taking favorable initiatives to promote the uptake of vegan food products and prevent cruelty against animals. Apart from this, the growing awareness about animal health and welfare has augmented the product demand.
Furthermore, the leading manufacturers are launching premium quality ready-to-eat (RTE) and packaged vegan products in exotic flavors, including vanilla, strawberry, and blueberry, to cater to the diversified tastes and nutritional requirements of vegan consumers. Besides this, the widespread adoption of innovative packaging solutions and aggressive promotional activities by key players, such as athlete and celebrity endorsements, is positively increasing product sales. Other factors, including the availability of vegan-friendly menus in restaurants and fast-food outlets, expanding lactose intolerant population, rapid urbanization, easy product availability through online and offline retail channels, and elevating income levels, are also providing a positive thrust to the market growth.
Key Players Included in Global Vegan Food Market Research Report:
- Amy’s Kitchen, Inc.
- Beyond Meat, Inc.
- Daiya Foods, Inc.
- Danone SA
- Eden Foods, Inc.
- Plamil Foods Ltd.
- Archer Daniels Midland Company
- Tofutti Brands, Inc.
- VBites Foods Limited
- Vitasoy Australia Products Pty Ltd
Also, Read Full Blog: Top 10 Vegan Food Companies Worldwide
COVID-19 Impact Overview:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Vegan Food Market 2022-2027 Analysis and Segmentation:
Breakup by Product:
- Dairy Alternatives
- Meat Substitutes
- Texturized Vegetable Protein (TVP)
Breakup by Source:
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- The Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
TOC for the Vegan Food Market Research Report:
- Scope and Methodology
- Executive Summary
- Global Vegan Food Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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