Vegan Food Market to Grow During the Forecast Period
The
growing trend towards health-conscious diets and the rising preference for
cruelty-free products are the leading factors driving the global Vegan Foods
market during the projected period.
According to TechSci Research report, “Vegan Food Market – Global
Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F”
The vegan food market has witnessed significant growth in the
last few decades owing to growing numbers of vegan eaters. For instance, in a
2021 global poll conducted by NSF (National Sanitation Foundation), 88% of food
industry professionals stated that they anticipate an increase in the demand
for plant-based products. According to 74% of respondents, plant-based diets are preferred by consumers because they lead better
lifestyles, and 60% claimed they do so for environmental reasons as these
animal ingredients are primarily used in traditional food production geared
toward meat eaters. Animal agriculture thus intensifies the greenhouse effect
and quickens climate change.
Moreover, the days of merely offering tofu options made from
plant proteins are passed because today's vegan market offers many more
possibilities than anyone could have anticipated 25 years ago. This is one of
the key elements driving the global vegan food market. Additionally, the
preference for gen Z, rising obesity issues, increasing needs, and awareness
about the negative influence of meat food are other reasons supporting the
growth of the market. Furthermore, consumers are offered to purchase from
various options thanks to the growing popularity of flexitarians.
But as more and more plant-based items hit the market, there
needs to be more shelf space in brick-and-mortar stores. This opens up a
massive possibility for businesses that want to sell directly to customers
online or through other e-commerce platforms. For instance, one of the top
plant-based meat producers, Beyond Meat, started its online store in August 2020
to sell to customers directly. Numerous new websites are being developed to
meet the demand due to the potential for plant-based items in e-commerce and
the importance of having a centralized location to buy vegan products. For
instance, Vejii, a USA-based e-commerce site, sells only vegan items through
partnerships with regional distributors and intends to use geolocation
techniques, where locally produced goods are made available to clients nearby
for easy shipping and distribution.
Browse over XX market data Figures
spread through 110 Pages and an in-depth TOC on the "Global VeganFood Market."
The Vegan Food Market is segmented based on the product type,
source, distribution channel, and region. The distribution channel segment is
divided into supermarkets/hypermarkets, specialty stores, convenience stores,
online, and others. The segment's growth is anticipated to be boosted by
several factors, including an increase in the variety of products, a preference
for a keto-friendly diet, a rise in environmental concern, and the penetration
of e-commerce platforms.
Among product types, the market is segregated into Dairy
Alternatives, Meat substitutes, Vegan Bakeries, Vegan Confectionery, Other
(including Egg alternatives, Plant-Based Snacks, etc.). Among these, the most
developed market for plant-based foods is plant-based dairy, which commands a
significant market share. Vegan milk accounts for about the maximum share
within the dairy alternatives category of the vegan market. The trend later
follows the sales of vegan yogurts followed by those of vegan cheeses and vegan
creamers. Rakuten's 2021 worldwide consumer survey revealed that 81% of
respondents had tried vegan milk, 48% had tried various dairy substitutes, 44%
had tried vegan meat substitutes, and 25% had tried a vegan egg substitute.
Therefore, the market is fueling a growing preference for vegan food worldwide.
Key market players in the Vegan Food
market include:
·
Danone
S.A.
·
Amy’s
Kitchen, Inc. (U.S.)
·
Archer
Daniels Midland Company
·
Beyond
Meat Inc. (U.S.)
·
The
Hain Celestial Group, Inc. (U.S.)
·
Earth’s
Own Food Company Inc. (Canada)
·
Daiya
Foods Inc.
·
Vitasoy
International Holdings Ltd.
·
VBIte
Food Ltd (U.K.)
·
Sun
Opta Inc.
Various domestic and international
companies that offer general food products are shifting their focus to cater to
the growing vegan food demand within the market. For instance, Hemp & Coco
M*lk and Hemp & Oat M*lk are two products that Gaia's Farming Co.
introduced in its milk substitute market category in February 2022. Additionally,
producers in the market have unveiled a variety of high-quality goods in a
range of flavors with eye-catching packaging options, which is anticipated to
support industry expansion throughout the forecast period.
Most of this development within the
vegan food market is fueled by well-known vegan meat and dairy firms like
Beyond Meat, Impossible Foods, and Oatly. Through their collaborations with
eateries, fast-food chains, and major food producers, vegan options are
becoming more widely available. Additionally, the partnerships are dispelling
myths about vegan food.
Download Sample Report
Customers can also request 10% free
customization on this report.
According to Google Trends, the United
Kingdom was where people searched the most about veganism in 2021, followed by
Germany and Austria. 36% of Brits support a vegan diet, and many have indicated
an interest in being vegan, according to a YouGov survey by the Guardian.
Additionally, there has been a decline in consumer meat consumption.
"To enhance the market growth,
various national and international companies are interested in this Vegan Foods
category. With the growing companies, the market is witnessing a stiff
competition range of products with the additional and innovative varieties
expected to grow significant popularity of this market in the forecasted
period.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Vegan Food Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028F
Segmented
By Product Type (Dairy Alternative, Meat
Substitute, Vegan Bakery, Vegan Confectionery, Others (include Egg Alternative,
Plant-Based Snacks etc.)), By Source (Wheat, Soy, Oats, Almond, Nuts, Others
(include Pulses, Quinoa, Brown & Wild Rice, etc.)), By Distribution Channel
(Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Online, Others
(include direct sales, Distributor sales, etc.)), By Region, Competition”, has evaluated the future growth potential of vegan foods
and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision-makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities present in vegan foods globally.
Contact
Mr. Ken Mathews
708 Third
Avenue,
Manhattan, NY,
New York – 10017
Tel:
+1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com/