The global vegan food market was worth US$ 15.6 Billion in 2019. 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 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 the primary factor 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, IMARC Group expects the market to reach a value of US$ 25.3 Billion by 2025, exhibiting a CAGR of around 8% during 2020-2025.
A significant increase in the sales of vegan food has been witnessed in several countries on account of the coronavirus diseases (COVID-19) pandemic. This can be attributed to the changing consumer perceptions toward the safety of animal-based meat products, along with the temporary closure of various meat processing plants. Apart from this, some of the leading players are launching premium-quality vegan food items in different flavors and attractive packaging solutions to expand their existing market share. Other factors anticipated to fuel the industry growth include the availability of ready-to-eat (RTE) and packaged products, inflating income levels and extensive promotional campaigns by celebrities.
At present, the market is witnessing healthy growth as numerous non-government organizations (NGOs) are focusing on the promotion of farm animal welfare and spreading awareness about the nutritional benefits of an animal-free diet. Moreover, due to the increasing prevalence of chronic diseases, there is a rise in the consumption of low-fat vegan products as they help maintain the blood glucose levels and reduce the risks of obesity, stroke, cholesterol and cancer.
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 2020-2025. Our report has categorized the market based on region, type, service, organization size, and verticle.
Breakup by Product:
At present, soy accounts for the majority of the overall market share as it is a rich source of proteins, vitamins and minerals. They contain omega-3 fatty acids and essential polyunsaturated fats.
The market manufacturers have introduced a number of excellence food products in quality flavours with good looking packaging solutions. Such products contribute to segment growth like cheese hold the largest share in dairy alternatives.
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 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.
Breakup by Region:
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 vegan food manufacturers operating in the market 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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