The global vegan food market is currently witnessing strong growth. Vegan food consists of various products that are derived or processed from plant-based sources and are commonly consumed as a substitute for regular meat and meat-based products. They are majorly produced using vegetarian ingredients, such as almond, soy, oats, wheat, tofu, rice and coconut and lack animal-derived products, including milk, eggs, honey and gelatin. A balanced diet with vegan food products is a rich source of vitamins B1, C and E, folic acid, magnesium and iron while being low in cholesterol and saturated fats.
The increasing prevalence of chronic and lifestyle diseases is one of the key factors driving the growth of the market. Low-fat vegan products aid in maintaining the blood glucose levels and minimizing the risks of obesity, stroke, cholesterol and cancer. Furthermore, increasing consciousness among the consumers regarding animal health and prevention of cruelty against animals in the food industry is also providing a boost to the market growth. Various non-government organizations (NGOs) are working toward promoting farm animal welfare and spreading awareness regarding the nutritional benefits of an animal-free diet. Additionally, manufacturers are launching a variety of premium-quality vegan food items in numerous flavors and attractive packaging solutions, which is gaining immense popularity among consumers across the globe. Other factors, including the availability of ready to eat and packaged vegan products, increasing expenditure capacities of the consumers and extensive promotional activities by celebrities and athletes to encourage the consumption of vegan products to maintain a healthy lifestyle, are projected to drive the market further. Looking forward, IMARC Group expects the market to register a CAGR of around 8% during 2020-2025.
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The competitive landscape of the industry has also been examined with some of the being Amy's Kitchen, Beyond Meat, Daiya, Danone S.A, Eden Foods Inc., Plamil Foods Ltd., The Archer Daniels Midland Company, Tofutti Brands Inc., VBites Foods Limited, Vitasoy, etc.
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