The global vegan food market to exhibit strong growth during 2021-2026. 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 produced using vegetarian ingredients, such as almonds, soy, oats, wheat, tofu, rice, and coconuts, 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 rising incidences of chronic lifestyle diseases represent one of the primary factors boosting the sales of vegan foods as they help in maintaining the blood glucose levels and minimizing the risks of stroke, obesity, cholesterol and cancer. Besides this, various non-government organizations (NGOs) are spreading awareness regarding the nutritional benefits of an animal-free diet and promoting farm animal welfare. This, along with the increasing consciousness among individuals about animal health and cruelty against animals in the food industry, is positively influencing the sales of vegan food products worldwide. Moreover, market players are launching a variety of premium-quality vegan food items in numerous flavors and attractive packaging solutions to attract a wider consumer base and expand their product portfolio. Other factors, such as the availability of ready-to-eat (RTE) and packaged vegan products, coupled with extensive promotional activities by celebrities and athletes encouraging their consumption to maintain a healthy lifestyle, are projected to drive the market further. Looking forward, the global vegan food market is expected to grow at a CAGR of 11.4% during the forecast period (2021-2026).
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global vegan food market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on product, service, distribution channel, and region.
Breakup by Product:
Meat substitutes currently represent the most popular type of vegan food around the world. This can be attributed to the introduction of a wide array of flavored meat substitutes by manufacturers across the globe.
Breakup by Source:
At present, soy accounts for the majority of the overall market share as it is a rich source of proteins, vitamins and minerals.
Breakup by Distribution Channel:
At present, the majority of vegan food is distributed through supermarkets and hypermarkets as these stores offer a wide variety of products from different brands under one roof.
Region-wise, Europe exhibits a clear dominance in the market due to the growing demand for lactose-intolerant and healthy food products across the region.
The competitive landscape of the market is characterized by the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players are 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, and Vitasoy Australia Products Pty Ltd.
Key Questions Answered in This Report:
The global vegan food market was worth US$ 15.6 Billion in 2019.
As per the IMARC Group estimates, the global vegan food market will reach a value of US$ 25.3 Billion by 2025.
The global vegan food market is primarily driven by from plant-based sources and are commonly consumed as a substitute for regular meat and meat-based products.
Leading vegan food manufacturers are Amy's Kitchen, Beyond Meat, Daiya, Danone S.A, Eden Foods, Plamil Foods, The Archer Daniels Midland Company, Tofutti Brands, VBites Foods, Vitasoy, etc.
At present, supermarkets and hypermarkets dominate the market. Vegan food market prefer these stores as they offer access to a wide variety of brands and product.
The vegan food market is anticipated to exhibit a CAGR of 8% during 2020-2025.
The market has been analyzed on the basis of the product type into dairy alternatives, meat substitutes and others.
On the basis of the pricing type, the market has been figured into mass and premium products.
Based on the source type, the market has been divided into almond, soy, oats, wheat, and others.
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