According to the latest report by IMARC Group, titled “Vegan Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global vegan food market size reached US$ 15.6 Billion in 2019. Vegan food consists of a variety of whole grains, as well as fruits and vegetables. They are derived or processed from plant-based sources and are also used as substitutes for regular meat and meat products. Vegan food products are rich sources of vitamins B1, C and E, folic acid, magnesium and iron while being low in cholesterol and saturated fats. On account of their high nutritional value, various celebrities and athletes are promoting the consumption of vegan products to maintain a healthy lifestyle.
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 recent coronavirus pandemic (COVID-19) has significantly boosted the demand for vegan and plant-based foods. This trend can be attributed to concerns among consumers regarding the link between meat consumption and the spread of the disease, as well as the growing awareness regarding the numerous health benefits of a plant-based diet. Vegan food helps lower body weight and body mass index (BMI), lose weight, and reduce the risk of type 2 diabetes, cancer, Alzheimer’s and heart diseases. Additionally, many non-government organizations (NGOs) are working toward promoting farm animal welfare and spreading awareness regarding the nutritional benefits of an animal-free diet. This has resulted in the growing awareness among consumers regarding animal health and prevention of cruelty against animals and encouraged them to shift toward plant-based food products, providing a positive impact on the market. As a result, leading companies are manufacturing a wide variety of vegan food products to attract a broader consumer base. For instance, Danone S.A. has launched ice cream that is 100% plant-based and made of different ingredients such as soy, hazelnut, coconut and almond. Looking forward, the market value is projected to reach US$ 25.3 Billion by 2025, expanding at a CAGR of around 8% during 2020-2025.
- 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.
- Region-wise, 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, with some of the key players being 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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