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We expect the global vegan food market to exhibit a CAGR of 10.14% during 2022-2027.
The growing consumer concerns towards cruelty against animals for producing food items, represent one of the key factors driving the global vegan food market.
Sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of vegan food products.
Based on the product, the global vegan food market can be bifurcated into dairy alternatives, meat substitutes and others. Currently, meat substitutes hold the majority of the total market share.
Based on the source, the global vegan food market has been divided into almond, soy, oats, wheat, and others. Among these, soy represents the largest segment.
Based on the distribution channel, the global vegan food market can be segmented into supermarkets and hypermarkets, convenience stores, specialty stores, online stores, and others. Currently, supermarkets and hypermarkets exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
Some of the major players in the global vegan food market include 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.
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