According to the latest report by IMARC Group, titled “Vegan Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global vegan food market size reached US$ 17 Billion in 2020. Vegan food refers to a variety of foods that are free from dairy or meat. These food products are commonly processed and derived from plant-based sources that are widely replacing regular dairy and meat products. They are generally similar in flavor, taste and texture but are much healthier than their conventional counterparts. They are rich in iron, magnesium, folic acid and vitamins B1, C and E. They are also characterized by a low concentration of cholesterol and saturated fats. As a result, they are extensively utilized in the preparation of numerous dishes.
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 Trends:
The global market is primarily driven by the growing health consciousness among the masses. With the increasing incidences of lifestyle diseases on the global level, numerous individuals are actively seeking healthier substitutes of regular food products to incorporate into their regular meals. This, coupled with the widespread awareness regarding the multiple health benefits associated with plant-based diets, is providing an impetus to the market growth. The market is further driven by the numerous initiatives undertaken by non-government organizations (NGOs) to promote awareness regarding the prevention of cruelty against animals and encourage the uptake of vegan food products. Moreover, several key players are now introducing premium-quality vegan food substitutes in the market that are available in diverse flavors and innovative packaging solutions. This, in confluence with the aggressive promotional activities conducted by vendors and the increasing number of celebrity and athlete endorsements, is creating a positive outlook for the market. Some of the other factors contributing to the market growth include rapid urbanization, inflating per capita income levels, the advent of ready-to-eat (RTE) vegan foods in the market and easy product availability through online and offline retail channels. On account of the aforementioned factors, the market is expected to grow at a CAGR of 11.4% during the forecast period (2021-2026).
- Based on the product, the market has been segmented into dairy alternatives (cheese, dessert, snacks and others); meat substitutes (tofu, textured vegetable protein, seitan, Quorn and others); and others. Meat substitutes currently represent the most popular type of vegan food available in the market.
- On the basis of the source, the market has been segregated into almond, soy, oats, wheat and others. At present, soy accounts for the majority of the total market share.
- The market has been analyzed on the basis of the distribution channel into supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others. Amongst these, supermarkets and hypermarkets account for the largest share in the industry.
- On the geographical front, Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others) exhibits a clear dominance in the market. Other major regions include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Latin America (Brazil, Mexico and others); and Middle East and Africa.
- The competitive landscape of the market has also been examined in the report with the detailed profiles of the key players. Some of these players include Amy's Kitchen, Inc., Beyond Meat, Inc., Daiya Foods, Inc., Danone S.A, Eden Foods, Inc., Plamil Foods Ltd., Archer Daniels Midland Company, Tofutti Brands, Inc., VBites Foods Limited and Vitasoy Australia Products Pty Ltd.
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