The Global Vegan Food market size was valued at $19.7 billion in 2020 and is expected to reach $36.3 billion by 2030, registering a CAGR of 6.4 % from 2020 to 2030.
Market Overview:
Vegan foods are those that come from plant-based sources and frequently don’t contain dairy or meat. Meat replacements are goods that resemble actual meat in terms of flavour, appearance, and texture but are healthier. These products are being utilised more frequently as substitutes for conventional meat and meat-based foods. They frequently include soy, wheat, and other ingredients. Tofu, which is regularly used in place of pig, chicken, cow, and other meats, is the most popular meat alternative. Similar to this, foods and beverages created without dairy are made with components including almond, soy, rice, coconut, and others. There is a lot of consumption of dairy alternatives such milk, ice cream, cheese, and butter.
Drivers:
Innovative food packaging is becoming more widely used for vegan food products, which is assisting in the market’s expansion. The vegan food sector is concerned about the environment. For items without meat, there is an increase in demand for environmentally friendly food packaging. Additionally, there has been a significant change in product labelling, and now many makers of vegan food products have carbon labels. The market reality is being driven by the rising demand for items that do not include animal cruelty. Consumers all across the world are learning about animal cruelty. They are therefore implementing diets and lifestyles that lessen animal cruelty. The negative impacts of animal abuse on the environment are also known to people.
Innovative food packaging is becoming more widely used for vegan food products, which is assisting in the market’s expansion. The vegan food sector is concerned about the environment. For items without meat, there is an increase in demand for environmentally friendly food packaging. Additionally, there has been a significant change in product labelling, and now many makers of vegan food products have carbon labels. The market reality is being driven by the rising demand for items that do not include animal cruelty. Consumers all across the world are learning about animal cruelty. They are therefore implementing diets and lifestyles that lessen animal cruelty. The negative impacts of animal abuse on the environment are also known to people.
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Global Vegan Food Market- Segmentation
The global vegan food market is segmented based on product type and distribution channel.
Based on product type, the market is segmented into,
• Dairy Alternatives
• Meat Substitutes
• Egg Alternative
• Vegan Bakery
• Confectionery
• Plant-Based Snacks
• Others
Based on the distribution channel, the market is being segmented into,
• Supermarkets/Hypermarkets
• Convenience Stores
• Specialty Stores
• Online
• Others
Global Vegan Food Market – Key Market players
Danone S.A, The Archer Daniels Midland Company, Daiya Foods Inc., Ripple Foods Inc., Impossible Foods Inc., Eat Just, Inc., Beyond Meat, Inc., Amy’s Kitchen, Tofutti Brands Inc., Earth’s Own Food Company Inc., and others are the major players that are boosting the growth of the market during the forecast period.
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Restraints:
There is a substantial expense involved in making vegan food products. New plant-based substitutes are introduced to the market by a number of producers, but their costs are disproportionately greater than those of food products made from animals. When it comes to taste and texture, these plant-based food products are likewise less appealing. These plant-based foods differ greatly from their animal-based counterparts, which tends to slow down or stop consumer uptake.
Global Vegan Food Market- Growth Factors
The growing awareness about the consumption of the vegan food and the health benefits associated with these foods is estimated to boost the growth of the market during the forecast period. Apart from this, the spreading awareness about the non-consumption of the non-vegetarian food in order to save the lives of the animals is also making people to switch to the vegan form of food consumption. Also, the spreading of the awareness regarding the consumption of vegan foods by various celebrities all over the world is also estimated to boost the growth of the market during the forecast period. However, the higher cost of these vegan foods makes it difficult for the people of all segments to consume it and this factor is estimated to hamper the growth of the market during the forecast period.
Key Benefits for Stakeholders:
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global vegan food market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter’s five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the vegan food industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.
